OECD Countries' GDP Declines 1.8% in Q1 This Year Due to COVID-19

[Asia Economy Reporter Kwon Jaehee] Due to the novel coronavirus infection (COVID-19), the gross domestic product (GDP) of OECD countries decreased by 1.8% in the first quarter of this year.

According to provisional estimates released by the OECD on the 26th (local time), this is the lowest quarterly GDP figure ever recorded by the OECD since the early days of the financial crisis in 2009, when it recorded 2.3%.

Among the major seven member countries?Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States?France and Italy suffered the greatest damage to their GDP.

From January to March this year, France's GDP decreased by 5.8%, and Italy's GDP decreased by 4.7%. This represents a decline of 0.1% and 0.3%, respectively, compared to the previous quarter's GDP.

Germany and the United Kingdom both saw their GDPs decrease by about 2%, and the European Union (EU) as a whole experienced a 3.3% reduction in GDP. The United States saw a 1.2% decrease.

The OECD stated, "Despite unprecedented fiscal and stimulus policies being implemented by each country to mitigate the economic impact caused by the COVID-19 pandemic, the pain caused by COVID-19 is expected to continue to weigh on the global GDP throughout 2020."

Meanwhile, the International Monetary Fund (IMF) has warned that the world is facing the deepest global recession since the 1930s. The World Bank forecasts that the global GDP will decrease by 5% this year.

This content was produced with the assistance of AI translation services.