And now what can really drive economic growth and hand people normal lives should be the anti-pandemic measures that put lives first and the opportune control over the contagious disease. On the last day of August, data released by India's National Statistics Office showed that the country's GDP in the April-June quarter this year dropped by 23.9 percent year on year. In addition to the world's major economies, South Africa's central bank expects economy to shrink a stunning 40.1 percent in Q2, letting alone Argentina immersed in negative growth since 2018. The U.S. economy contracted by 9.1 percent year on year in the second quarter, the UK by 21.7 percent, France by 18.9 percent, Spain 22.1 percent, Italy 17.7 percent and Germany 11.3 percent. “While international borders remain closed, the support coming from domestic tourism activities will be curtailed to some extent following the CMCO,” it added. Annual percentage growth rate of GDP at market prices based on constant local currency. To learn more about cookies, click here. US GDP Growth Rate table by quarter, historic, and current data. I needed quarterly GDP data of the whole world together, which is not possible, but I already solve it. Some Indian social media influencers used this data comparison to emphasize that India is not the only one going through a recession. GDP Growth Rate in the United States averaged 3.16 percent from 1947 until 2020, reaching an all time high of 33.10 percent in the third quarter of 2020 and a record low of -31.40 percent in the second quarter … Beijing ICP prepared NO.16065310-3, COVID-19 sends most G20 members into negative GDP growth, except China. After a drawn-out fight against the COVID-19 pandemic over the past half year, countries going through lockdowns to varying degrees have recently published the growth rate of their gross domestic product (GDP) in the second quarter, and "slump" has become the buzzword. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). However, we expect it to be on a gradual term as the sentiments are still weak due to the resurgence of Covid-19 cases in the country and also globally, with other downside risks emerging such as the political situation, rising protectionism and geopolitical tensions,” it said in a research note. Nevertheless, MIDF believes that the risk to consumption will be somehow cushioned by growing online purchases facilitated by availability of e-commerce platforms, home delivery services and online financial services such as e-wallet and online banking. The historic crash is far worse than the 8.4-percent quarterly drop during the 2007-2009 Great Recession. Such a war of words has also spread to the discussion about China's GDP data, manifested in a mixture of envy, jealousy and positive comments. The expert noted the graph "puts G20 growth numbers on a comparable scale, quarter-on-quarter non-annualized. The country joins the United States, Japan, UK and Germany in technical recession, defined as two straight quarters of decline, in Australia's first such downturn since 1991. Current US Real GDP Growth Rate is -2.91%. Kenya is projected to cross $100 bn in 2020, whereas Ecuador and Puerto Rico would fall below $100 bn. When the total tally of confirmed cases in the United States was over six million and the number of cases in India was approaching four million, foreign netizens and media outlets were still quarreling over which of these two countries' economic performance was worse. On the last day of August, data released by India's National Statistics Office showed that the country's GDP in the April-June quarter this year dropped by 23.9 percent year on year. Copyright © 2020 CGTN. GDP (current US$) from The World Bank: Data. This site uses cookies to optimize functionality and give you the best possible experience. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). The U.S. suffered its biggest economic decline since the government began recording the index after World War II in the second quarter of 2020 as the novel coronavirus continues to ravage the economy, leaving business shut and tens of millions unemployed. Find Out, Online tool for visualization and analysis. China recovers strongly in Q2 after collapse in Q1.". “We recognise that the major impact of the CMCO on the economy is mainly from weaker consumer spending and its spillover effect to the services industry, particularly consumer-related sub-sectors such as retail trade, restaurants, hotels, travel, education and recreation services. Among the G20 member countries hit by the COVID-19 pandemic, China is the only country that resumed its growth trajectory in the April-June period, with the rest fizzling into nothing or on cusp of recession. Gita Gopinath, chief economist of the International Monetary Fund, posted on Wednesday a tweet concerning G20 members' quarter-on-quarter GDP growth in the second quarter, which indicated India had the worst quarterly slump. The world's largest oil exporter's Q2 oil revenues fell by 45 percent year on year to 25.5 billion U.S. dollars, with total revenues dropping 49 percent to settle at nearly 36 billion U.S. dollars. The reading beats the median 1.1-percent forecast by economists surveyed by Nikkei and coincides with an AFP poll, which projected the economy would claw its way back into growth territory in the second quarter of this year. Aggregates are based on constant 2010 U.S. dollars. “Based on the current developments and indicators, the economy is set to continue improving. "China is experiencing something far closer to a V-shaped recovery than any other major economy. Thank you very much to all of you for help. Sixteen economies would have gdp above $1 trillion, and 62 would have above $100 billion. Out of 194 economies, gdp (nominal) of 41 economies would increase, and 153 economies would decrease in 2020 compared to 2019. MIDF said the current conditional movement control order (CMCO), though less stringent than previous measures as most of the economic activities are allowed to continue operating according to the standard operating procedures, will still have some impact on the demand due to physical movement restrictions.
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