Seven countries have already left the economic crisis behind

China, Turkey, Lithuania, Ireland, South Korea, Russia and the United States have reached or have already registered GDP per capita at the same level as the start of the crisis in May.

Jerome Favre/EFEThe OECD predicts that Brazil’s economy, having grown from a strong start to the year, should have zero losses before December

Despite the positive surprise brought by a 1.2% increase in Gross domestic product (GDP) The pandemic crisis is not over for Brazil in the first quarter. The growth from January to March may have surpassed the same period in 2020, but in the 12-month balance, the economy still retreats by 3.8%. For the Group of Seven countries, however, the GDP decline in early 2020 has already occurred. China, Turkey, Lithuania, Ireland, South Korea, Russia and America According to the GDP per capita in May at the same level as the beginning of the crisis has been reached or has already been registered Organization for Economic Co-operation and Development (OECD). Among the group, the Chinese economy was the only significant one to recover in 2020. It reduced losses in the first half and still grew 2.3% year over year. The effect of the stimuli, but mainly of the successful policy of controlling the virus, which in the case of South Korea also allowed a quick return to normalcy. The United States, the largest economic power on the planet, also used a massive spending program to get itself back on the path of growth. Russia was one of the first countries to be vaccinated against COVID-19.

According to the OECD, recovery will also come in Chile, Finland, Japan, Luxembourg, Latvia, Norway and Poland by August. and from October to other countries including Germany, Sweden, India, New Zealand and Brazil. The organization predicts that Brazil’s economy, having grown from a strong start to the year, should have zero losses before December. Now, if a group leaves the first crisis, it will still take some time for major economies to change. Belgium, Spain and Mexico are not expected to close their losses until the end of next year. Saudi Arabia, only in early 2023. And there are two particularly dramatic cases: South Africa and Argentina. These are the two economies that have a much higher public debt, which is higher than Brazil, and have performed poorly in coping with COVID-19, despite the lengthy lockdown adopted by the Argentine government, which hurt the economy but did not lead to a surge in cases, and was disrespected by the population. In the case of South Africa, recovery will take place only in early 2024. Argentina The pandemic was preceded by a financial and economic crisis. The OECD only predicts a recovery for the country towards the end of 2025. Well after the end of the pandemic.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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