China’s GDP growth this quarter will be 0%, according to top economist Ed Hyman

Edward ‘Ed’ Hyman, chairman of Evercore Partners Inc.

Christopher Goodney | Bloomberg | Getty Images

Evercore ISI Chairman Ed Hyman said he sees no economic growth in China in the first quarter due to the deadly coronavirus.

The market pullback Friday “is still a worry about the virus,” Hyman said on CNBC’s “Squawk on the Street.” “Out team has GDP growth at zero for the first quarter … China is really slowing and that’s worrying people for sure.”

Hyman said the fast-spreading virus will not have much of an impact on the U.S. economy.

“We are so solid,” Hyman said. “It’s not the virus, it’s the trade that matters. People are not going out. They are not shopping, and that’s what’s hurting particularly China.”

Fears about the coronavirus disrupting the global economy roiled the financial markets last week, with the Dow Jones Industrial Average dropping more than 700 points. Stocks rebounded this week, but the lingering concerns about the epidemic weighed on the market again Friday.

China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths.

This is breaking news. please check back for updates.

The post China’s GDP growth this quarter will be 0%, according to top economist Ed Hyman appeared first on USNewsRank.