In comparison, the countries’ collective GDP fell by 1.5% in 1Q09 at the height of the global financial crisis (GFC).
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.
