[ad_1]
Jakarta, CNN Indonesia –
One by one the countries of the world are entering the abyss recession in the second quarter of 2020. A recession is a condition when a country experiences economic growth negative in two consecutive quarters.
This means that these countries have experienced negative growth since the first quarter and continued into the second quarter. Compared to Indonesia, Indonesia is currently not on the brink of recession because economic growth remains positive at 2.97 percent in the first quarter of 2020.
However, the threat of a recession looms. This is because the national economy was minus 5.32 percent in the second quarter of 2020. In that way, Indonesia is only waiting for the release of economic data in the third quarter, if it is negative, then Indonesia is officially a recession.
Finance Minister Sri Mulyani has predicted that the economy in the third quarter will be negative. “The third quarter of 2020 is expected to experience negative growth,” he said via video conference on Wednesday (2/9).
The following is a list of countries that experienced recession in the second quarter of 2020:
The economy of this country neighboring Indonesia was down 0.7 percent quarterly in the first quarter and down 42.9 percent in the second quarter of 2020. According to preliminary estimates, Singapore’s economy fell 41.2 percent. annual cent in the second quarter of 2020.
The growth rate has been drastically reduced due to the impact of the closure on the land of lions. This is done to prevent the spread of the corona virus or covid-19 as has been done in other countries.
The country’s growth rate fell 1.3 percent in the first quarter and minus 3.3 percent in the second quarter of 2020. South Korea experienced the first recession in 17 years.
The decline in the country’s economy, which is known for its K-Pop industry, stemmed primarily from exports that fell 16.6 percent in ‘free fall’ and imports that had slumped 7.4 percent. However, household consumption increased by 1.4 percent due to the need for domestic equipment.
The economies of this neighboring country in the Southeast Asian region fell 16.5 percent in the second quarter of 2020. The decline was not much different from the first quarter of about 15.2 percent.
The country headed by President Duterte has contracted due to the implementation of the lockdown policy.
Thailand is also on the brink of recession as the economy slumped 12.2 percent in the second quarter of 2020. Previously, the economy was already less than 2 percent in the first quarter of 2020.
This contraction was the worst since the 1998 Asian economic crisis. At that time, Thailand’s economy had slumped 12.5 percent. The economic recession was influenced by the “suspended animation” of Thailand’s tourism sector.
Hong Kong’s recession has been going on for four quarters. However, specifically this year, the recession occurred because the economy in the second quarter fell 9 percent.
Hong Kong’s economic decline was not only affected by the impact of the corona pandemic, but also by the political conflict it experienced with China. In fact, this condition also heated relations between the United States and China.
Sakura’s country economy contracted 27.8 percent in the first quarter, then fell another 7.82 percent in the second quarter of 2020. This is the largest contraction in the history of the Japanese economy.
Not long ago, Japanese Prime Minister Shinzo Abe resigned, albeit due to health factors. Currently, in the midst of a recession, Japan does not have a new prime minister.
[Gambas:Video CNN]The German economy, which had fallen 2.2 percent in the first quarter, fell further in the second quarter of 2020 with a fall that reached 10.1 percent. This situation is far worse than what Germany experienced during the financial crisis of 2008-2009.
The economic turmoil of the countries in the European region occurred due to the slow pace of exports and imports amid the corona virus pandemic. Even so, the unemployment rate in Germany has not increased since the latest data of around 6.4 percent.
Uncle Sam’s country experienced an economic decline that reached 32.9 percent in the second quarter. Previously, the economy had already reached minus 5 percent in the first quarter of 2020.
The economic recession saw the United States enjoy the lowest growth record since 1947. The economic downturn was mainly due to household consumption, which fell 34.6 percent, although this indicator was the largest contributor to the US economy.
Switzerland officially fell to the brink of recession as the economy contracted again by 8.2 percent in the second quarter of 2020. Previously, the Swiss economy was already less than 2.5 percent in the first quarter.
The corona pandemic caused the growth of manufacturing industry in Switzerland to fall by 9 percent. Then, goods exports fell 9.4 percent and imports fell 14.3 percent.
Then, the growth of the services sector slowed by more than 54 percent, especially the providers of accommodation, food and tourism services. Public consumption fell around 8.6 percent.
The Canadian economy fell 38.7 percent annually and minus 11.5 percent quarterly in the second quarter of 2020. Previously, the Canadian economy had fallen 8.2 percent annually and minus 2.1 percent quarterly. in the first quarter of 2020.
In detail, Canadian consumption fell 13.1 percent and investment fell 16.2 percent. Then government spending fell 2.7 percent, exports minus 18.4 percent, and imports fell 22.6 percent.
More recently, Australia has entered the brink of recession. Kangaroo country economic growth was minus 7 percent in the quarter, after minus 0.3 percent in the first quarter. Australia’s economic recession is the first time in 35 years.
(uli / one)
[ad_2]
