SINGAPORE (June 11): The Organization for Economic Cooperation and Development (OECD) announced that the real gross domestic product (GDP) across the G20 countries fell by 3.4% in 1Q20 due to the containment measures induced by the Covid-19 global pandemic.

According to the statement released on Thursday, this is the largest contraction, according to provisional estimates, since the time series was introduced in 1988.

In comparison, the countries’ collective GDP fell by 1.5% in 1Q09 at the height of the global financial crisis (GFC).

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