India's economic growth faced its worst fall on record in the April-June quarter, with the gross domestic product (GDP) contracting 23.9 percent. The Covid related lockdowns for the most part burdened the as of now declining customer demand and investment. The numbers are the most terrible since India started revealing quarterly information in 1996.
Except for China, the world's second-biggest economy, all other significant economies have felt the negative effect of Covid pandemic. In the April-June quarter of 2020, Chinese economy developed by 3.2 percent.
Here's the manner by which the significant economies of the world have performed (YoY) during the period:
The United Kingdom (UK) reported a 21.7 percent compression in the April-June quarter of 2020. It is the UK's second continuous quarterly decrease. By virtue of government limitations, there has been a record quarterly fall in services, production and construction during the period.
France's GDP shrunk by a record 18.9 percent in the April-June quarter of 2020 in the midst of Covid lockdowns. Indeed, even as the GDP numbers were superior to figure, the exhibition was a lot more terrible than other Eurozone economies.
Italy's GDP shrank 17.7 percent in the April-June quarter of 2020. These numbers are the most minimal on record since Q1 of 1995. "After the noteworthy diminishing recorded in the main quarter (down 5.5 percent), in the second quarter of 2020 the Italian economy suffered an uncommon contraction...due to the full deployment of the (COVID-19) health emergencies," the government agency which delivers Italy's official statistics wrote in a note.
The GDP of Canada shrunk by 13 percent (according to CEIC) in the April-June quarter of 2020. The fall in the economy was because of fall in consumer spending, business ventures, imports and exports due to COVID-19. The GDP contracted at a 38.7 percent annualized rate in the given quarter.
Annualized rate is a rate for a time of not exactly a year. Yet, it is determined as though it's a rate for an entire year. As it were, it is an expected pace of yearly return that is extrapolated numerically.
The GDP of Germany contracted during the current year's April-June quarter by 11.3 percent. It is the steepest since the nation's statistical office started tracking quarterly financial information 50 years prior.
Japan's economy shrank a record 9.9 percent in the April-June quarter of 2020 in the midst of the Covid actuated financial burdens. It is the most economic downfall for Japan since equivalent information opened up in 1980, obscuring the merciless effect of the 2008 worldwide financial crisis.
The US GDP shrank 9.1 percent for the April-June quarter of 2020. This is the biggest quarterly decrease since the arrangement started in 1947, even as the market demands were a lot lower than the real number. The GDP contracted at a 31.7 percent annualized rate in the given quarter.