Lockdown in many parts of the world has brought down their economies because of the Corona epidemic. The April-June quarter of the current fiscal 2020-21 recorded the largest quarterly decline in the Indian economy. New Zealand’s economy fell to a record 12.2 percent in the second quarter of this year due to a strong lockdown. The economies of countries other than China, such as the United States, Japan and Australia, have fallen ill due to the corona.
Signs of recession in New Zealand for the first time in 11 years
According to data released by New Zealand on Thursday, GDP has fallen and is showing signs of recession for the first time in 11 years. New Zealand’s GDP fell two percent year-on-year. Economists say economic activity is expected to increase in the third quarter.
Japan’s economy fell 26.1 percent
Japan’s economy contracted in the second quarter of April-June. This decline in the economy has exceeded initial estimates. Japan’s consolidated GDP fell 26.1 percent year on year, the cabinet office said Tuesday. This number is higher than the estimate of 22.7.6 percent given last month.
Read the rating agency’s forecast for the Indian economy in the current financial year
The coronavirus epidemic has forced people to stay indoors. Restaurants and shops are closed due to the epidemic. Travel and the environment have been badly damaged. Economies around the world have been hit hard by this. However, the Japanese economy, which is dependent on exports, has been hit harder by the epidemic than other economies.
The Australian economy is in recession for the first time in 28 years
Australia’s economy has been hit hard by the coronavirus epidemic, and for the first time in 26 years, the country is in recession, according to data released on Wednesday. According to the latest national accounts, the economy contracted seven percent in the June quarter, the lowest since the figures began in 1959. Earlier, in June 1974, the economy declined by two percent.
The UK economy continues to improve
The UK economy continues to improve. According to official data released on Friday, the UK economy was able to regain some of the lost ground in the lockdown imposed by the coronavirus in July. However, this is an improvement equivalent to 50 percent of the losses at the top of the lockdown and now there are new risks related to Brexit. The Office for National Statistics (ONS) reports that the UK economy grew by 6.6 per cent on a month-on-month basis in July. Percentage growth has been recorded. Work has resumed in many areas that have been closed for several months due to the lockdown.
The collapse of the world’s major economies due to the Kovid-19 epidemic
A global development agency says the Kovid-19 epidemic has caused the world’s 20 largest economies to shrink unexpectedly between April and June. The Paris-based Organization for Economic Co-operation and Development (OECD) said on Monday that the G20 countries had hit a record low of 9.9 percent of their GDP in the April-June quarter. The agency said the number was set to be much higher than the record decline in the first quarter of the 2009 financial crisis.
Economic reforms have not reached full speed, the tourism sector could become the engine of economic growth
The OECD said that during April-June this year, India’s gross domestic product (GDP) fell by 25.2 per cent, Britain by 20.4 per cent and Mexico by 17.1 per cent. At the same time, a decline of 9.1 percent was recorded in the United States. The OECD says China is the only country in the G20 group where economic growth was 11.5 percent in the April-June quarter. The agency said it signaled an early onset of the epidemic in the country and then progress.