Some of the world’s richest economies have seen their biggest ever fall in real GDP, with an overall decrease of 9.8 per cent in the second quarter of 2020, during the COVID-19 lockdown.
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“This is the largest drop ever recorded for the OECD area, significantly larger than the -2.3 percent recorded in the first quarter of 2009, at the height of the financial crisis,” the report said.
GDP also fell sharply in Italy, Canada and Germany in the second quarter 12.4 percent, 12 percent and 9.7 percent respectively compared with 5.4 percent, 2.1 percent and 2 percent in the previous quarter.
In the USA, where many states introduced stay-at-home measures in late March, GDP contracted slightly less at 9.5 percent, compared with 1.3 percent for the previous quarter, while in Japan, the decrease was 7.8 percent compared with 0.6 percent in Q1.
The OECD data showed that real GDP growth for the ‘Major Seven’ countries since the second quarter of 2018 until the third quarter of 2019 has ranged from -0.8 percent up to 0.8 percent.
Japan, Germany, the UK and Italy experienced negative growth for one or more quarters in the same period.
Japan saw the greatest economic contraction during that time, of 0.8 percent in the third quarter of 2018.
France, Germany and Japan all experienced economic contractions, of -0.2 percent, -0.2 percent and -1.8 percent respectively in the fourth quarter of 2019, with all of the Major Seven experiencing negative growth in the first quarter of 2020.
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