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COVID-19 recession hits 5 continents as recovery looks distant

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No continent could avoid the unprecedented economic shock of the coronavirus, and as a global recovery is underway, there are concerns about how quickly the global economy may return to pre-pandemic levels.

Of the 34 economies with nominal GDPs over $ 200 billion that had reported real GDP data as of September 2, 31 were in recession, while two countries, Chile and Sweden, were in a quarter. . Only China, the world’s second-largest economy, saw its real GDP increase in the second quarter.

A rapid economic recovery in the shape of a V is unlikely for most countries Due to the depth of the crisis, the World Bank wrote in a September 7 report, claiming a rebound in 2021 is only expected to equal a fraction of the 2020 crisis.

“The crisis of the COVID-19 pandemic combines the worst characteristics of previous crises,” the World Bank said, adding 2020 gGlobal GDP is expected to plunge at a rate three times the rate of the global financial crisis of 2008-2009.

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To download an Excel version of the entire sample, as well as first quarter and second quarter GDP figures, please click here.

China, the first country to report a COVID-19 outbreak, returned to economic growth in the second quarter, fueling optimism over a global rebound after the impact of the pandemic.

HHowever, the sluggishness of retail sales remains a “weak point” of an otherwise “solid” Chinese recovery, Jakob Ekholdt Christensen, chief analyst at Danske Bank and head of international macro and emerging market studies, wrote in a September 1 memo.

The United States, which recorded its worst economic contraction On record in the second quarter, awaits a fifth COVID-19 relief bill to support its economy, though Congress remains deadlocked on the size of such a measure.

The country is unlikely to fully recover all of its lost production before mid-2022 unless a tax A stimulus package is rolling out and there is good news on a vaccine, said James Knightley, ING’s chief international economist, in a September 4 memo.

The economic damage of the pandemic in the second quarter was the most pronounced in the United Kingdom among the Group of 7 economic powers and the main European countries. Brittany fell into its first recession since the global financial crisis in the three months to June, leaving its economy 22.1% smaller than at the end of 2019.

It marked the UK’s most severe slowdown of the first five post-war recessions, wrote Ruth Lea, economic adviser at Arbuthnot Banking Group, on September 1. If the UK maintains stricter restrictions than major EU countries, the UK economy “will continue to be relatively disadvantaged,” Lea said.

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