G20 economies see unprecedented shrinkage in Q2


G20 economies saw unprecedented falls in GDP in the second quarter of 2020, according to the Organization for Economic Cooperation and Development (OECD) on Monday.

For the G20 area as a whole, GDP dropped by a record 6.9%, significantly larger than the 1.6% recorded in the first quarter of 2009 at the height of the financial crisis, it said.

"China was the only G20 country posting growth with 11.5% in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery," it noted.

GDP fell most dramatically -- by 25.2% -- in India, followed by the UK with 20.4%, while the contraction was less pronounced in South Korea and Russia with 3.2% in both countries.

Meanwhile, year-on-year GDP in the G20 area fell by 9.1% in the second quarter of 2020, following a contraction of 1.7% in the previous quarter.

Among G20 economies, China recorded the highest annual growth (3.2%), while India recorded the largest annual fall (minus 23.5%).

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