/data/photo/2020/07/25/5f1c184f478e8.jpg?fit=%2C&ssl=1)
KOMPAS.com – Pandemic corona virus which is still happening all over the world has an impact on the economy, a number of countries even have experienced recession.
The latest, Thursday (6/8/2020), the Philippines announced it has experienced recession.
Quoting Forbes, 15 July 2020, recession is considered an inevitable part of a country’s economic cycle.
Recession occurs when economic activity falls significantly for months or even years.
Meanwhile, for coronavirus pandemic which has infected more than 19 million people, there are at least nine countries experiencing recession.
Also read: Philippines Experiencing Recession amid Corona Virus Second Lockdown
Here is a list of nine countries that experienced recession:
1. United States (US)
The United States has entered the brink of recession during the pandemic corona virus.
In the second quarter of 2020, US economic growth was reported to be minus 32.9 percent. Even though in the first quarter of 2020 the US economy was already minus 5 percent.
This contraction of economic growth occurred amid a sharp decline in household consumption, exports, production, investment, as well as state and local government spending.
2. Germany
Germany experienced a recession after reporting economic growth in the second quarter of 2020 minus 10.1 percent.
The downward trend has occurred since the first quarter of 2020, German economic growth was recorded at minus 2 percent.
The German economy has been hit by the decline in household consumption, investment and exports during the pandemic Covid-19.
Also read: Is Indonesia Safe from Recession?
3. France
French economic growth in the second quarter of 2020 was minus 13.8 percent. This makes France experiencing a recession.
Because, in the first quarter of 2020, French economic growth was minus 5.9 percent.
The economic downturn in France is partly due to the decline in household consumption, investment and trade due to lockdowns preventing the spread of the corona virus.
4. Italy
Italy is also experiencing a recession. In the second quarter of 2020 Italy’s economic growth was minus 17.3 percent.
In fact, in the first quarter of 2020, economic growth in Italy was also minus 5.5 percent.
5. South Korea
South Korea became one of the countries in Asia that experienced a recession after two consecutive quarters of minus economic growth.
In the first quarter of 2020, South Korea reported economic growth of minus 1.3 percent. Then in the second quarter of 2020 experienced minus 3.3 percent.
This slump occurred because of a drop in exports, investment, manufacturing, and services.
6. Japanese
Recession also landed in Japan. The State of Sakura reported economic growth in the first quarter of 2020 minus 3.4 percent.
In fact, economic growth in the fourth quarter of 2019 minus 6.4 percent.
7. Hong Kong
Recession that occurred in Hong Kong actually has occurred since the beginning of 2020. Protests that hit the retail and tourism sectors have made economic growth minus since the third quarter and fourth quarter of 2019.
In the third quarter of 2019 minus 2.8 percent and in the fourth quarter of 2019 minus 3 percent.
Conditions were further exacerbated by the Covid-19 pandemic. In the first quarter of 2020 Hong Kong’s economic growth was minus 9.1 percent, while the second quarter of 2020 was minus 9 percent.
Also read: About the economic recession and what must be prepared
8. Singapore
The country in Southeast Asia that experienced the first recession was Singapore. In the first quarter of 2020 Singapore’s economic growth was recorded at minus 0.7 percent.
The contraction continued in the second quarter of 2020, economic growth in Singapore minus 12.6 percent.
The Singapore government projects that the economic trend will last until the end of the year with a range of minus 4 to 7 percent.
9. Filipina
The Philippines became the country that had just announced a recession. The Philippine Statistics Authority said gross domestic product (PBD) in the second quarter of 2020 was minus 16.5 percent.
Previously, the Philippines in the first quarter of 2020 also announced economic growth of minus 0.7 percent.
The main sectors contributing to the Philippines’ economic downturn are manufacturing, construction, and transportation and storage.
Infographics: Knowing What Is Recession
–
Source: Kompas.com (Nur Fitriatus Shalihah, Ahmad Naufal Dzulfaroh, Yohana Artha Uly, Sakina Rakhma Diah Setiawan / Editor: Inggried Dwi Wedhaswary, Sari Hardiyanto, Bambang P. Jatmiko, Sakina Rakhma Diah Setiawan)
–
