World coronavirus GDP losses exceed 2009 financial crisis, economic group says – By Jean Lotus (UPI) / Sept 14 2020
(UPI) — A world economic organization said Monday that the COVID-19 pandemic’s financial toll on the world’s largest economies was significantly more severe than the 2009 financial crisis.
The Paris-based Organization for Economic Co-operation and Development reported that the gross domestic product of the world’s G20 nations dropped by 6.9%, compared with a 1.6% decline recorded in the worst quarter of the 2009 recession.
China was the only country to report growth in GDP during the second quarter, because the virus hit China early, and the economic effects of a government shutdown were felt in the first quarter. The Chinese GDP grew by 11.5 percent in the second quarter, the OECD said.
But the rest of the world felt the economic pinch of public health shutdowns and the financial drains of medical crises worldwide.
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