GDP Growth Continues Coronavirus Slump
GDP figures by the OECD for the fourth 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 6.5 percent in Q4 of 2020 after having already grown by 4.9 percent in the third and by 3.2 percent in the second quarter. 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 fourth consecutive quarter of GDP losses this fall, with Italy, France and Mexico the most affected so far. Second-wave lockdowns still in place across the European continent mean that there will likely be no let-up in early 2021 either.
The U.S., which reopened its economy despite an ongoing outbreak, saw Q4 GDP growth just 2.5 percent below last year's levels despite a quarter-on-quarter bounce back.