With the implementation of COVID-19-containment measures across the world, real gross domestic product in the G20 area has fallen by 3.4% in the first quarter of 2020, the Organisation for Economic Cooperation and Development reported, based on provisional estimates.
This is the largest contraction since the time series started in 1998, exceeding the GDP decline of 1.5% in the first quarter of 2009 at the height of the financial crisis.
In the first quarter of 2020, China (-9.8%), France and Italy (both -5.3%) recorded the largest drops in economic activity as they were also the first countries to introduce stringent lockdown measures.
GDP also fell sharply in Germany (-2.2%), Canada (-2.1%) and the UK (-2.0%).
Economic activity contracted in Brazil (-1.5%), the US and Korea (both -1.3%), and Mexico (-1.2%).
India (0.7%) and Turkey (0.6%) were the only two G20 economies recording positive growth in the first quarter.
Year-on-year GDP in the G20 area contracted by 1.5% in the first quarter of 2020, following growth of 2.8% in the previous quarter. Among G20 economies, Turkey recorded the highest annual growth (4.4%), while China recorded the largest annual contraction (-6.8%).