It is now confirmed. The Eurozone saw the biggest drop in GDP on record in Q2. The Eurozone economy dropped 12,1 percent in the three months to June 2020. But this is not as bad as the UK, which is the worst country in Europe.
COVID-19 hit the economy hard in Europe. The invisible enemy also hit the demand for services and goods. As you can see from the chart below, the Eurozone has entered a steep recession and a new wave of viruses can push the Eurozone into depression.
Poland`s GDP deopped 8,2 percent YoY in Q2 of 2020, and that is the biggest decline on record. The Dutch economy shrank 8,5 percent on quarter in the three months to June 2020, and that is the biggest pace of contraction since comparable records began in 1988.
The United States started a New World Order right after World War II, but that system is now broken. Donald Trump is making new trade deals and Brexit makes the UK Boris Johnson to do the same. They are rebuilding the system.
Looking at the growth around the world is funny. Singapore is suffering with a drop of 42,9 percent in GDP QoQ 2020. Next on the list is the US; down 32,90 percent.
But here is the funny thing; before the UK which is down 20,40 percent, communist country Venezuela`s growth dropped 23,70 percent. So, Venezuela is in the middle of the United States and the United Kingdom.
On the other end, China`s growth QoQ is up 11,50 percent, followed by Bangladesh (8,20%), Vietnam (6,88%) and Pakistan (5,79%).
The coronavirus is a threat, but a wave of corporate bankruptcies is a much bigger threat. The world is sitting on a bankruptcy time bomb.
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