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The steep contraction in Chinese activity in Q1 will have caused the global economy to shrink sharply over this period. The big question now is whether the inevitable global GDP contraction in Q2 will be bigger or smaller than in Q1. Because of the degree to which the positive impulse in China will be swamped by weakness elsewhere.Economies such as South Korea which have largely avoided severe lockdowns, concerns about the spread of the virus still seem to be hitting sentiment hard, which suggests worse is yet to come.