It said that the real GDP in advanced economies (AEs) contracted 11 per cent, while it shrank 14 per cent in emerging and developing economies (E&DEs), excluding China. Interestingly, China was the only nation in the sample of 39 nations,which posted growth in 2QCY20. Taiwan posted the slowest decline of only 0.2per cent YoY, while India posted the worst decline of 24 per cent YoY last quarter.
"The record decline in PFCE is not a surprise amidst the economic lockdowns and social distancing practices due to COVID-19 globally. It has declined in all 39 nations, ranging from -2.9 per cent YoY in China to -28 per cent in Singapore," it said.
Despite the massive fiscal stimulus, no growth in real GFCE in 2QCY20 is surprising,said the report, adding that the real GFCE declined 0.6 per cent YoY in advanced economies but grew 1.9 per cent YoY in emerging and developing economies.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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