The strict coronavirus measures and the lockdown in China have had an impact on the global economy. China’s coronavirus policies have caused the economy to slow down. As a result, the economies of the G20 countries shrank 0.4 percent in the second quarter of this year compared to the first quarter. So says the Organization for Economic Cooperation and Development.
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In the first quarter, the G20 countries were still experiencing growth. Gross domestic product (GDP) then grew by 0.5 percent. The economic contraction of the G20 group is currently being offset by the economic growth of the OECD countries. In these countries, GDP grew by 0.4 percent in the second quarter.
China’s GDP fell 2.6 percent in the second quarter. There was also a 1.4 percent growth in the first quarter. Decreases also occurred in India, South Africa, the UK and the US. In contrast, France saw GDP increase by 0.5 percent, while in the first quarter there was still a decline of 0.2. The GDPs of Australia, Brazil, Italy, Japan, South Korea and Turkey also grew.
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