On Sunday, economists at Goldman Sachs said they now expected the American economy, the world’s largest, would record zero growth in the first quarter, and would shrink in the second quarter.

Even with monetary and fiscal stimulus measures, “these shutdowns and rising public anxiety about the virus are likely to lead to a sharp deterioration in economic activity in the rest of March and throughout April,” Goldman’s economists wrote in a research note.

New data shows the costs of China’s stalled economy.

China posted record drops in retail sales, manufacturing activity and investment in the first two months of the year, official data released on Monday morning in Beijing confirmed, after coronavirus containment efforts brought the world’s No. 2 economy to a halt.

Economic statistics for January and February had been expected to show a decline. But the data released on Monday was even worse than many economists had anticipated.

The Chinese economy was running fairly strongly up until the lockdown of Wuhan on Jan. 23. Then activity nose-dived, more than offsetting that three-and-a-half weeks.

“The epidemic has had a relatively big impact on current economic operations,” said Mao Shengyong, director general of the department of comprehensive statistics at the National Bureau of Statistics.

Zhu Chaoping, a global markets strategist in the Shanghai office of J.P. Morgan, said that the willingness of China’s statisticians to acknowledge steep declines in January and February made it increasingly likely that China would report an actual shrinkage of its economy in the first quarter of 2 or 3 percent and possibly more. “They have let us know the real situation,” he said.