Covid-19 cuts G-20 GDP by record 3.4% in first quarter: OECD
In case of a second wave of the pandemic, the economic output could shrink by as much as 7.6%
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Paris
MEASURES to curtail the coronavirus outbreak caused a 3.4 per cent drop in gross domestic product (GDP) for the Group of 20 (G-20) major economies in the first three months of 2020, the largest decline since records began in 1998, the Organization for Economic Cooperation and Development (OECD) said Thursday.
The steepest declines came in China, where the economy shrank 9.8 per cent from the fourth quarter of 2019, and in France and Italy, down 5.3 per cent each, the OECD said.
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