STOCK MARKET BSE NSE

Japan to United States: These leading economies are facing record slumps due to coronavirus

The only exception is China, where the coronavirus originated, which largely halted the spread of the virus and reopen factories, thus avoiding a recession.

Published: 17th August 2020 02:43 PM  |   Last Updated: 17th August 2020 02:43 PM   |  A+A-

Pedestrians pass by a closed branch of Vision Express in Kensington, London, Wednesday, Aug. 12, 2020.

Pedestrians pass by a closed branch of Vision Express in Kensington, London, Wednesday, Aug. 12, 2020. (Photo | AP)

By AFP

PARIS: The coronavirus pandemic pushed most of the world's major economies into unprecedented contractions in the second quarter, except for China which escaped a recession.

Here are second-quarter changes in gross domestic product (GDP) compared to the previous quarter for the world's top economies. Unless stated otherwise, the figures are from the national statistics institutes.

Japan

Japan announced in mid-May that it was already in recession -- two consecutive quarters of contraction -- when first-quarter GDP slid by 0.6 percent after a 1.9 percent drop in the final quarter of 2019. 

On Monday the world's number three economy recorded a further slump of 7.8 percent in the April-June quarter, its worst on record, as the coronavirus deepens the country's long-running economic woes.

Britain

The UK suffered the worst recession in Europe in the first two quarters of the year, also recording the continent's highest number of coronavirus deaths. GDP fell 20.4 percent in the second quarter after a 2.2 percent drop in the first.

Germany

Europe's top economy was hit less hard by the coronavirus than its neighbours, but still saw its GDP fall by 10.1 percent in the second quarter after a decline of 2 percent in the first. 

Germany's previous record for a quarterly GDP drop was 4.7 percent in the first quarter of 2009, after the financial crisis of 2008. 

France

The eurozone's number two economy was in a longer and stricter lockdown than its eastern neighbour, and second-quarter GDP fell more steeply, by 13.8 percent, after a drop of 5.9 percent in the previous three months.

France's previous all-time worst quarterly blow to output was dealt by a general strike in May 1968.

Italy

Italy's growth was impacted very early on by the coronavirus which hit its richest region, Lombardy, particularly hard. Italian GDP fell by 5.4 percent in the first quarter and then by 12.4 percent in the second.

Spain

After a 5.2 percent drop in the first quarter, Spain's economy contracted a further 18.5 percent in the second, notably because of a 60 percent drop in tourism income and a fall by one-third in exports.

Eurozone

The eurozone's overall GDP plunged 12.1 percent in the three months to June, after 3.6 percent in the first quarter, making the second quarter downturn "by far" the worst since statistics agency Eurostat started compiling growth data for the area in 1995.

United States

The United States, the world's top economy, suffered a 9.5 percent slump in the second quarter following a 1.3 percent drop in the first, according to figures published by the OECD. 

The US government also publishes annualised figures (-32.9 percent in the second quarter), a method that is not comparable with most other countries.

China

China, the world's second-largest economy, may have been where the novel coronavirus originated, but thanks to strict lockdown measures it was able to largely halt the spread of the virus and reopen factories, thus avoiding a recession.

In the second quarter its economy rebounded by 11.5 percent,  having fallen by 10 percent in the first quarter. Still, growth for this year will be well below the breakneck rates China has seen in recent years.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp