G7 leaders vow to unite in battle against virus

THE leaders of the G7 group of leading industrialised nations yesterday vowed to use the ‘full powers of our governments’ to combat the coronavirus outbreak and lay the ground for economic recovery.

Following a conference call, the leaders of the UK, US, Germany, France, Italy, Canada and Japan committed to coordinating on measures to protect public health and restore global confidence.

In a joint statement, they said: ‘By acting together, we will work to resolve the health and economic risks caused by the Covid-19 pandemic and set the stage for a strong recovery of strong, sustainable economic growth and prosperity.’

The move came after figures showed that China’s factory production plunged at the fastest rate in 30 years as the coronavirus outbreak caused mass disruption in the world’s second-largest economy.

Industrial output in China – where the novel coronavirus originated at the end of last year – was 13.5pc lower in January and February than a year earlier, much more than the 3pc analysts were expecting and the weakest reading since Reuters records began in 1990.

Retail sales in the country fell for the first time on record, according to data from the country’s National Bureau of Statistics, adding to fears that the pandemic may have halved China’s economic growth in the first quarter of this year.

The growth of the country’s middle class has typically led to rising shopping levels, but retail sales plummeted 20.5pc year-on-year.