The economic recession caused by the COVID-19 pandemic has affected the world’s major economies 4 times more than the global monetary crisis at their respective peaks, according to the OECD.
The Group of 20 countries, representing about 90% of the world economy, experienced a collective decline of 6. 9% in its gross domestic product in the current quarter, several times worse than the 1. 6% decline in the first quarter of 2009. when the monetary crisis at its worst.
The countries most affected were India, which declined by 25. 2%, followed by the United Kingdom with 20. 4% and Mexico with 17. 1%.
The United States declined by 9. 1%, down from the G20 average, higher than the OECD total of 10. 6%.
One of the reasons why the G20 figure has not further worsened China’s 11. 5% rebound at the time of the quarter, which affected the average, China was affected by the virus and its mitigating blockades in the first quarter.
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