COVID19 pushing much of the world into record economic slumps
PARIS - The coronavirus pandemic has pushed most of the world's major economies into unprecedented contractions in the second quarter, except for China which escaped a recession.Europe's top economy was hit less hard by the coronavirus than its neighbours, but still saw its GDP fall by 10.1% in the second quarter.
As GDP had already declined by 2% in the first quarter, Germany's economy met the definition of a recession: two consecutive quarters of contracting GDP. Germany's previous record for a quarterly GDP drop: 4.7% in the first quarter of 2009.The eurozone's number two economy was in a longer and stricter lockdown than its eastern neighbour, and second-quarter GDP fell more steeply, by 13.8%, after a drop of 5.9% in the previous three months.
In the second quarter, its economy rebounded by 11.5%, having fallen by 10% in the first quarter. Still, growth for this year will be much below what China has become accustomed to for decades.Japan announced in mid-May it was already in recession when the first-quarter GDP slid by 0.6% after a 1.9% drop in the final quarter of 2019. The world's number three economy has yet to publish second-quarter GDP figures.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19 LIVE UPDATES | Global Covid-19 death toll nears 750,000Covid-19 pandemic coverage.
Read more »
COVID-19: Russia becomes first country to approve a COVID-19 vaccine, says PutinMOSCOW, Aug 11 (Reuters) - President Vladimir Putin said on Tuesday that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than two months of human testing, a move hailed by Moscow as evidence of its scientific prowess.
Read more »
Eastern Cape Premier says province’s Covid-19 “nightmare” nearly overThe Premier of the Eastern Cape, Oscar Mabuyane says the COVID19 “nightmare” is nearly over in the province which was once heavily ravaged by the pandemic.
Read more »
Pitso Mosimane on difficulties adjusting to football amid Covid-19 pandemic | SportMamelodi Sundowns head coach Pitso Mosimane says only the four teams who were in the Nedbank Cup semi-finals can talk about football amid the Covid-19 pandemic. | Sport24news
Read more »
'Every cent' of R1.19bn spent in Eastern Cape's Covid-19 fight to be accounted forEvery single cent of the R1.19bn spent on buying personal protective equipment and hospital beds in the fight against the spread of Covid-19 in the Eastern Cape will be accounted for. This was the promise from finance MEC Mlungisi Mvoko on Monday.
Read more »
Russia crows about approving Covid-19 vaccine for rolloutVladimir Putin says Russia is the first country to approve a vaccine — after just two months of human testing
Read more »