According to data from the OECD, Statista and the World Bank, the global economy is set to lose $3.94 trillion in 2020’s “real GDP” due to the community pandemic.
Real GDP should be understood as a measure of the total goods and services produced by a country. This requires factors such as inflation to be factored into price changes, distorting production and consumption data, and preventing year-on-year proportional analysis.
According to data posted by IGOS and presented by Buyshares, the 10 countries most affected will lose a total of $69.656 billion in actual GDP in 2020.
The worst hit is expected to be in the US, with the country expected to lose $178.4 billion. Japan then came in third place with $86.78 billion, followed by the UK, a good-sleeping experience with a $74 billion GDP hit. Nearby is France, with $73.34 billion, and India is the fifth most affected with $71.73 billion.
Other countries that record significant losses in real GDP include Italy ($587 billion), Germany ($55.69), Brazil ($36.06 billion), Russia ($33.27 billion), Mexico ($323.1 billion), Canada ($323.1 billion), Canada ($279.2 billion), and South Korea ($376 billion).
National GDP Growth 2020 OECD Data, Buyshares Graphics
Based on the data, China is the only country to record actual GDP growth in 2020, with a jump of $5.112 billion.
As other parts of the world continue their efforts to contain the virus, the Chinese economy is enjoying a surge in domestic consumption.
Already one of the world’s leading manufacturers, the country’s Covid containment measures allow them to resume normal operations faster, with imports leading to less imports creating more domestic jobs, and expanded exports of PPE, home appliances and other goods during the pandemic.
The research report also added that the evolution of Covid Pandemic will continue to affect GDP forecasts.
“Economy forecasts remain conditional as they rely heavily on measures introduced to contain the evolution of the pandemic and the crisis. For example, vaccine development will encourage rapid recovery. Meanwhile, as some countries like the US face a second wave, they may return to severe containment measures such as lockdowns and slow recovery. However, most governments are largely expected to prepare for sporadic local outbreaks that give way to targeted local containment measures, as opposed to national outbreaks.”
