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EUROZONE AND U.S. SEE RECORD ECONOMY CONTRACTION

Focus: GS-III Indian Economy

Why in news?

  • The economy of the 19-country eurozone shrank by a devastating 12.1% in the April-June period which is the largest drop on record.
  • The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country.

Details

  • Spain, which along with Italy was among the first to get hit hard by the spread of the virus, suffered the region’s heaviest drop at 18.5%.
  • France, Italy and Portugal also endured steep declines, but no country escaped the impact of the pandemic.
  • European governments are countering the recession with massive stimulus measures.
  • The drop in U.S. is because the virus has taken square aim at the engine of the American economy — consumer spending, which accounts for about 70% of activity.

-Source: The Hindu, Tribune

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September 2022
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