GDP figures by the OECD for the third quarter of 2020 show the ongoing impact the coronavirus is having on economies around the world.
China was the first (and only) economy that bounced back from its coronavirus losses, recording a year-over-year growth of 4.9 percent in the third quarter. In the second quarter of 2020, China’s economy had already grown by 3.2 percent compared to the same quarter in 2019. That means that China only recorded one quarter of negative growth due to the pandemic.
Other countries can only dream of this scenario: Most European economies are entering their third quarter of GDP losses this fall, with Spain, Portugal, Czechia and Austria the most affected so far. Second-wave lockdowns currently in place across the continent mean that there will likely be no let-up in Q4 either.
The U.S., which reopened its economy despite an ongoing outbreak, saw Q3 GDP growth almost 3 percent below last year’s levels despite a quarter-on-quarter bounce back. India was among the OECD countries with the biggest losses in Q2 of 2020 and is expected to continue that trend when it reports Q3 data.
This chart shows 2020 Q3 GDP growth and forecasts in selected countries.
