Corona crisis hits major world economies, India's worst performance in Q2

New Delhi, Saturday 28 November 2020

The Corona crisis has also hit the GDPs of the world's major economies for the second consecutive quarter. This is India's second worst performance in a major economy during the July-September quarter. India's GDP fell 7.5 per cent in the September quarter, though better than the 23.9 per cent decline in the June quarter.

All the major economies of the world are struggling with the Covid-19 epidemic and lockdown. China, the world's second-largest economy, did well, growing 4.9 percent in the July-September quarter of 2020, compared to 3.2 percent in the previous quarter. The situation of other big economies is also coming up in the second quarter ....

Britain

Britain's performance in the second quarter was the worst. In the larger economy, Britain alone has seen its GDP fall 9.6 per cent in the meantime. Britain is in the midst of a recession with declines for the third consecutive quarter. The British economy suffered its biggest recession of 21.7 per cent in the April-June quarter of 2020.

Japan

The Japanese economy contracted 5.8 percent in the July-September period. After the global financial crisis of 1980, Japan's economy contracted by a record 9.9 percent in the April-June quarter.

Italy

Italy's GDP fell 7.7 percent in the second quarter. If we talk about the April-June quarter of 2020, its GDP was the lowest since Q1 1995. Italy's GDP was 17.7 percent, with a record decline in the first quarter.

Germany

Germany's GDP fell 11.3 percent in the previous quarter. Germany's GDP fell 4 percent in the second quarter, the lowest since the country's statistics office tracked quarterly economic data half a century ago.

France

France's GDP fell 4.3 percent in the July-September quarter of 2020. It was down 18.9 percent from the previous quarter.

America

US GDP fell 9.1 percent in the April-June quarter. Moreover, during the September quarter, US GDP fell 2.9 percent. In the September quarter of 2020, real US GDP grew at an annual rate of 33.1 percent (7.4 percent quarterly).