Economic Trends

In 2020, the coronavirus pandemic resulted in the deepest recession in almost a century. According to the International Monetary Fund (IMF), the global economy contracted by 3.5 percent. The decline in economic activity was particularly pronounced in the eurozone. According to economists, GDP in Italy was down by some 9.2 percent and, in Spain, by 11.1 percent year over year. Despite some extensive government aid packages, the pandemic significantly increased unemployment and poverty in many countries. Even in China, where the pandemic originated at the start of the year, the economy collapsed for a time. But the country posted growth again as early as Q2 2020.

GDP Trends in 2020


GDP Trends in 2020 (bar chart)

Sources – worldwide: IMF; Europe: OECD; Asia: ADB; China: National Bureau of Statistics; India: ADB; Japan: OECD; USA: IMF

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