Posts in tag

GDP


These are the countries with the highest global GDP  according to the International Monetary Fund. China is the biggest economy in the world in terms of the gross domestic product (GDP) based on the data from the International Monetary Fund (IMF). With a 2019 GDP amounting to USD 22.53 trillion, China is significantly ahead of …

Months of COVID-19 restrictions have placed a huge strain on Singapore’s economy, shrinking by 41.2% quarter-on-quarter drop. With two consecutive contractions,  Singapore has entered a technical recession. Among the most heavily affected in Singapore is the manufacturing sector. In May 2020, the sector’s output diminished by 7.4% year-on-year. This contraction, according to the Ministry of …

The world is about to experience the deepest recession in decades, World Bank forecasts reveal. The shocks due to  COVID-19 pandemic are expected to plunge the global economy into the worst recession since the second world war, the World Bank reveals in its Global Economic Prospects report published last week. Deep recession The World Bank’s …

These countries rely the most on trade, according to the data from the World Bank. The World Bank defines trade as the sum of exports and imports of goods and services in a country. In order to measure trade, this sum is viewed as a share of the gross domestic product (GDP). Trade is a …

For the first time in decades, China’s quarterly gross domestic product (GDP) experienced a decline. China’s quarterly gross domestic product (GDP) for Q1 2020 shrank by 6.8% compared to the record in the same period last year, Reuters reported Friday, April 17. This is the first time that the economic powerhouse ⁠— the second largest …

Forecasts reveal that COVID-19 will lead to economic losses in East Asia and the Pacific. The region of East Asia and the Pacific (EAP) are expected to suffer heavy losses in their gross domestic product (GDP) for the year 2020, according to the April 2020 regional report released by the World Bank Group. The COVID-19 …

Based on advance estimates, the Singapore economy contracted by 2.2 per cent on a year-on-year basis in the first quarter of 2020, reversing the 1.0 per cent growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 10.6 per cent, a sharp pullback from the 0.6 per cent growth in …

Deutsche Bank’s analysis reveals that the COVID-19 outbreak will greatly inhibit the world’s economic activity. The initial projection for the Q1 2020 growth in the gross domestic product (GDP) has diminished for a considerable number of economies. Which countries are most affected? How can recovery be attained? The area of greatest damage   Being the …

The average person at present is about four times richer than the average person back in 1950, according to Max Roser in his article Which countries achieved economic growth? And why does it matter? in Our World In Data. Apart from the global average, Roser also analyzed the changes in income of the world in …

The Wuhan coronavirus has had a significant human toll. More than 100 people have died and nearly 3,000 are known to be infected, including some in Australia. The number actually infected will be higher. People experiencing only mild symptoms often don’t report them. The economic cost is as hard to tease out as the health …