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COVID-19 restrictions are continuing to take a substantial toll on economies across the world. While few countries are providing monthly metrics on how their GDP is recovering from lockdowns in March and April, Norway and the U.K. show how the massive drops experienced during the spring could take months or even years to fully recover.
According to GDP metrics from Norway and the U.K., the month of July continued the trend of modest GDP recoveries for the two countries. Norway’s GDP grew 1.1 percent compared to June, while the U.K. grew a healthy 6.6 percent from the previous month. Still, the gains in GDP each month are still well short of the disastrous collapse experienced by each country in March and April.
The Wall Street Journal reports that economic gains experienced by countries rebounding from the coronavirus could already be reaching a plateau. Businesses are reopening and people are returning to work but economic activity is still slow to bounce back. This new data hints at a long-term setback for the global economy that may not get back to pre-pandemic levels for quite some time. While case rates are lessening across the world, new outbreaks are still sprouting up in most continents ahead of a fall and winter season which may bring a resurgence in global COVID-19 activity.
This chart shows the percent growth from the previous month in GDP for 2020 for the U.K. and Norway.