The economies of the 37 OECD countries contracted in the second quarter of 9.8 percent compared to the previous quarter. Never before has the economy of the area shrunk so hard, the OECD economic partnership reports Wednesday.
The previous record dates from the first quarter of 2009, the low point of the financial crisis. Then the OECD countries showed a minus of 2.3 percent, a significantly smaller decline than the contraction recorded between April and July this year.
With a contraction of 20.4 percent, the British economy is suffering the hardest from the corona crisis, followed at an appropriate distance by that of Spain (-18.5 percent). The economy of the European Union as a whole shrank by 11.7 percent.
With a contraction of 8.5 percent, the Dutch economy performed less poorly than the average within the OECD area and the EU.