The threat of a recession due to the Corona virus is real. The proof is that the current economy in various countries has slowed down and finally plunged into the abyss recession.
Countries that have been in recession include European countries to several Asian countries. Summarized from various sources, detikcom brings together the following countries that have plunged into the abyss of recession:
1. United States (US)
The economy of Uncle Sam’s country contracted to minus 32.9% in the April-June period. This contraction was much sharper than the first quarter which was recorded at -5%.
This is based on a report from the US Department of Commerce which was just released last July 30. Sharp contraction occurred in consumption, exports, to investment and government spending.
Even so on an annual basis (YoY), the US economy in the second quarter was -9.5%. In the first quarter, the US economy was still positive at 0.3%.
Official French recession after the economy in the second quarter recorded -19% (YoY). Previously the French economy had shrunk to minus 5.7% in the first quarter.
When compared to a quarterly basis, the economy in the second quarter was minus 13.8 percent, while in the first quarter it was minus 5.9 percent. On this basis contraction has been seen since the final quarter of 2019, where the economy was -0.2%.
The country, which is in total lockdown, has slowed its economy for two consecutive quarters. In the second quarter the country’s economy was minus 17.3% (YoY), while in the first quarter the economy was -5.5%.
In a quarterly comparison, the Italian economy was already minus 12.4% in the second quarter and minus 5.4 in the first quarter. In the final quarter of 2019, the Italian economy had also been minus 0.2%.
In agreement with Italy, the Spanish economy also plunged into recession. On a quarterly basis, the economy of this matador country was minus 18.5 percent in the second quarter. Previously their economy was minus 5.2% in the first quarter.
The UK Office for National Statistics said on an annual basis (YoY), the economy contracted or minus 21.7% in the second quarter. This is the worst growth record since 2009 in the UK.
Earlier on the same basis in the I-2020 quarter, the UK economy was minus 1.7%. Meanwhile, on a quarterly basis it was also minus 20.4 percent, while in the first quarter it was minus 2.2 percent.
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