Corona slashes economies in New Zealand, Japan, and Australia, including India

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New Delhi, Thursday 17 September 2020

The Corona epidemic has had a devastating effect on many countries, including India, with its economy declining by 23.9 per cent in April-June 2002-21. A similar situation exists in Japan, New Zealand, Australia, the United States, and Britain.

People have been forced to stay in their homes to prevent the spread of the corona virus, so hotels, restaurants, and stores have closed, travel and tourism have been badly affected, a similar environment prevails around the world, but the Japanese economy has been hit harder than other countries. Is.

According to figures released by New Zealand on Thursday, GDP has fallen more than ever before, and for the first time in 11 years there have been signs of a recession, with New Zealand's GDP falling two per cent year-on-year. Economists expect growth in economic activity during the first quarter.

Japan's economy fell to a record high in the second quarter of April-June, much higher than the initial estimate, the Cabinet Office said on Tuesday, adding that Japan's GDP fell 28.1 percent year-on-year, well above last month's estimate of 27.8 percent.

Australia's economy has been hit hard by the corona virus epidemic, and the country is facing a recession for the first time in 28 years, according to figures released on Wednesday, with the economy shrinking by 7 per cent in the June quarter, the largest decline since 1959. Earlier, in June 1974, the economy contracted by 2%.

Britain's economy is recovering, with figures released on Friday showing the UK economy recovering in July, although it has recovered as much as 50 per cent since the peak of the lockdown, and there are still new risks associated with Brexit, the statistics department said. July saw a 6.6 per cent month-on-month growth, with many sectors resuming operations that had been closed for several months due to lockdowns.

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