Britain suffered a record collapse in economic output in the second quarter of 2020 when COVID-19 lockdown measures were in force and people had few opportunities to spend, though the decline was slightly smaller than first estimated.
World economic output will return to its pre-pandemic level by mid-2021 after a stronger-than-expected economic bounce in recent months, Deutsche Bank said on Monday, but bloated debt levels and a shift in policy could heighten the risk of a financial crisis.
Finance Minister Olaf Scholz said on Monday he expected public debt to reach around 80 percent of Germany’s economic output by the end of the coronavirus crisis, the level it reached at the end of the global financial crisis.
Simultaneous, unprecedented GDP declines across major economies in 2Q20 revealed the extent of the damage caused by the coronavirus-induced economic crisis, as highlighted in Fitch Ratings' latest '20/20 Vision' chart pack.
Britain’s economy will be officially declared in recession this week for the first time since the 2008 financial crisis, as the coronavirus outbreak plunges the country into the deepest slump on record.
The Statistical Center of Iran (SCI) published its economic data for the Iranian year of 1398 (ended March 19, 2020) which shows the country’s gross domestic product (GDP) grew by 1.55 percent on base-year 2011-2012.
The Central Bank of Iran (CBI) issued an initial estimate about economic growth in the country over the last calendar year, saying the gross domestic product (GDP) of the country was up 1.1 percent year-on-year in March 2020, without considering the share of oil revenues in the economy.