China GDP will be 0% this quarter as coronavirus rages, says Wall Street chief economist

• GDP growth will be flat this quarter in China as the country battles falling consumption as a result of coronavirus, Evercore ISI Chairman Ed Hyman said on CNBC.
• The US will see its economy little impacted, he said.
• Visit Business Insider's homepage for more stories.

Coronavirus will wipe out Chinese growth this quarter, according to Evercore ISI Chairman Ed Hyman.

"China is really slowing and that's worrying people for sure," Hyman said in an interview on CNBC, adding that Evercore projects 0% growth in gross domestic product for the first quarter of the year.

That's a dire answer to a central question that has gripped markets during the outbreak - how coronavirus will impact China and the other economies it spreads to. Hyman's comments come amid reports that the Chinese government may cut its 2020 growth forecast as a result of the virus. JPMorgan slashed its forecast for Chinese growth last week. China grew its GDP by 6.4% in the first quarter of 2019.

But not all countries that have had cases of coronavirus need worry, according to Hyman: "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 in China."

It's also what will save the US economy from seeing a meaningful economic impact from the virus, he said.

The coronavirus that originated in China has killed 636 and infected 31,161, according to China's National Health Commission.