The coronavirus lockdown caused the damage to the world's major economies six times more severe than the global financial crisis of 2009 and caused "unprecedented" growth in almost every country except China in the second quarter, the Organization for Economic Cooperation and Development said Monday.
Growth in the countries represented by the 20-strong group – an organization made up of 19 countries and the European Union that accounts for 80 percent of global economic production – fell by a record 6.9 percent between April and June compared to the previous three months as governments kept people indoors and freezes business. The decline exceeded a 1.9 percent decline in the same period in 2009 when the financial crisis peaked, the organization said.
China, where lockdowns ended earlier than the rest of the world, was the only economy to rebound, expanding at a rate of 11.5 percent.
While national governments have published growth figures, the organization's record puts the extent of the damage in a global perspective. The largest declines in growth were recorded in India (minus 25.2 percent) and Great Britain (minus 20.4 percent).
Growth in the USA shrank by more than 9 percent and in the euro area by almost 15 percent. In contrast, China, South Korea and Russia appeared to be the least adversely affected.
The global economy will perform much worse if a second wave of infections prompt governments to renew extensive quarantines, the organization warned.
Reporting was by Livia Albeck-Ripka, Liz Alderman, Tim Arango, Nicholas Bogel-Burroughs, Aurelien Breeden, Maria Cramer, Abdi Latif Dahir, Shaila Dewan, Shawn Hubler, Jennifer Jett, Annie Karni, Isabel Kershner, Gina Kolata and Alex Marshall written, Jennifer Medina, Bryan Pietsch, Elisabetta Povoledo, Alan Rappeport, Campbell Robertson, Amanda Rosa, Adam Satariano, Anna Schaverien, Michael Shear, Matina Stevis-Gridneff, Kurt Streeter, Kate Taylor and Katie Thomas.