G20 economies see unprecedented shrinkage in Q2

Among G20 countries, China records highest annual growth with 3.2%, while India sees largest annual fall with 23.5%

G20 economies saw unprecedented falls in GDP in the second quarter of 2020, according to the Organization for Economic Cooperation and Development (OECD) on Monday.

For the G20 area as a whole, GDP dropped by a record 6.9%, significantly larger than the 1.6% recorded in the first quarter of 2009 at the height of the financial crisis, it said.

“China was the only G20 country posting growth with 11.5% in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery,” it noted.

GDP fell most dramatically by 25.2% in India, followed by the UK with 20.4%, while the contraction was less pronounced in South Korea and Russia with 3.2% in both countries.

Meanwhile, year-on-year GDP in the G20 area fell by 9.1% in the second quarter of 2020, following a contraction of 1.7% in the previous quarter.

Among G20 economies, China recorded the highest annual growth (3.2%), while India recorded the largest annual fall (minus 23.5%).

Anadolu Agency

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button