OECD area GDP is 1.8 percent lower q/q
The economy in the Organization for Economic Cooperation and Development (OECD) area shrank in the first quarter due to the corona crisis and mitigation measures to combat virus outbreaks.
The shrinkage amounted to 1.8 percent compared to a quarter earlier. That is the strongest downturn since the financial crisis. In France and Italy in particular, significant contraction was seen due to strict lockdown measures. But there were also minuses in Canada, Germany, Great Britain, the United States and Japan. A total of 36 countries are affiliated to the OECD.
The OECD had previously warned about the negative impact of the coronavirus on large economies, with unemployment rising sharply.