SINGAPORE (June 11): The Organization for Economic Cooperation and Development (OECD) announced that the real gross domestic product (GDP) across the G20 countries fell by 3.4% in 1Q20 due to the containment measures induced by the Covid-19 global pandemic.
According to the statement released on Thursday, this is the largest contraction, according to provisional estimates, since the time series was introduced in 1988.
In comparison, the countries’ collective GDP fell by 1.5% in 1Q09 at the height of the global financial crisis (GFC).
Among the G20 economies, OECD says countries that introduced strict lockdown measures the earliest saw the largest contracts in GDP in 1Q20.
China’s GDP contracted the most at 9.8%, followed by France and Italy at -5.3% each for both countries.
GDP for Germany, Canada, and the UK fell 2.2%, 2.1%, and 2.0%, respectively.
GDP for Korea, Indonesia, and India, fell 1.3%, 0.7%, 0.6%, respectively.
Of the G20 countries, only India and Turkey recorded positive growth in GDP at 0.7% and 0.6%, respectively.
This quarter’s contraction meant a 1.5% drop y-o-y, following growth of 2.8% in the previous quarter. Year-on-year, Turkey recorded the highest annual growth at 4.4%, while China recorded the largest annual contraction at -6.8%.
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