China's economy seen growing slowest since 1990 due to virus

The outbreak of the coronavirus and China's efforts to stop the spread mean the economy will grow slower this quarter than first thought, with the median forecast now for growth to be the slowest in 30 years.

China's gross domestic product will grow 4% in the first quarter, according to the median of 18 forecasts from Jan. 31 or later. That's down from 5.9% in the last survey on Jan. 22 and the lowest level since 1990. Full-year economic growth is forecast to be about 5.5%, also down from 5.9% last month.

Nomura Holdings, Goldman Sachs Group, UBS Group and Macquarie Group. are among those cutting their growth forecast for both the first quarter and the full year, while others expect material shocks to GDP.

The lowest forecast is from Standard Chartered who expect the economy to grow 2.8% this quarter from a year ago, and to contract 1.5% from the fourth quarter.