Reuters: Reopened factories in China laying off workers due to cancelled orders

www.reuters.com/article/us-health-coronavirus-china-manufacturin/chinas-factories-reopen-only-to-fire-workers-as-virus-shreds-global-trade-idUSKBN21D0IG

“The unprecedented shutdown of normal economic activity across Europe, the U.S. and a growing number of emerging markets is certain to cause a dramatic contraction in Chinese exports, probably in the range of a 20-45% year-on-year drop in the second quarter,” said Thomas Gatley, senior analyst at research firm Gavekal Dragonomics.

Economists had initially anticipated a V-shaped recovery for China’s economy, similar to that seen after SARS epidemic in 2003. But analysts have since slashed their forecasts to levels not seen since the Cultural Revolution ended in 1976.