Major economies shrink amid COVID-19 pandemic
PARIS, France (AP) — A global development agency said the world’s 20 major industrialised nations have seen their economies shrink in an unprecedented manner between April and June amid the COVID-19 pandemic.
The Paris-based Organization for Economic Cooperation and Development said Monday that the gross domestic product dropped by a record 6.9 per cent in the second quarter of this year in the G-20 area.
This organisation noted that is “significantly larger” than the 1.6 per cent fall recorded in the first quarter of 2009 at the height of the financial crisis.
Between April and June this year, the GDP most dramatically fell by 25.2 per cent in India, by 20.4 per cent in the UK and by 17.1 per cent in Mexico. It plunged by 9.1 per cent in the United States.
The OECD said that China was the only G-20 country recording growth (11.5 per cent) in that period. The organisation said that reflects “the earlier onset of the pandemic in this country and subsequent recovery.”
