Analysts expect GDP to be down sharply compared with the previous year

The Chinese economy is forecast to have crashed to its worst performance for six decades in landmark data to be released this week, which will provide a crucial gauge of the financial impact of the coronavirus pandemic on the global system.

Analysts expect China’s first-quarter GDP to show a drop of nearly 10% compared with the previous three months, and 6% down on a year earlier.

David Owen of investment bank Jefferies said the GDP figure would be a “huge point of reference for European markets”, which have been gyrating amid uncertainty about the extent of the damage caused by shutdowns to contain the virus, and the extent of the recovery. A global slowdown has also led to a collapse in the oil price, exacerbated