Want to know the worst-hit major economies by coronavirus pandemic? Look at these top 10 economically most affected countries by COVID-19.
Even big and powerful countries like the USA, Spain, France, the United Kingdom affected by the COVID-19 Pandemic. And this pandemic becomes the major reason behind the downgrades of their economic growth. All countries have taken necessary precautions against coronavirus but nobody untouched from this pandemic negative impact.
The Indian MoSPI releases a report last month that basically says about the countries that economically most affected by the COVID-19 Pandemic. This situation expected to further worsen and the experts say it will take time to recover economic crisis even after some months of Pandemic ends.
As we always do at Top10About, this time we are going to mention here the top ten economically most affected countries by COVID-19.
Top 10 Economically Most Affected Countries by COVID-19
-
Australia
Australia suffered a loss of 5.9% in the recent GDP list. Its economy narrowed by 7% in the recent three months. This failure in the economy is recorded for the first time after 30 years. Along with COVID 19, bushfire was also a very big reason for its downfall in GDP.
Australia is named as “The lucky country”, which is facing the same problem as other countries. Australia has so much tourism, but all failed because of the pandemic. All these things led to a great downfall in the economy and made thousands of people jobless.
See also– Top 10 Countries with the Most Powerful Army
-
United States
With the 9th position in our list, the United States has been highly affected by COVID 19. The number of patients in the US has increased at a very high rate. The GDP has come down by 9.1% in 2020, which is the worst according to country history. This is the largest loss to the country’s economic condition after 1947. Its financial status was the best until 2019.
The US always has the fastest recovery rate, which saves the country from any kind of mishaps. The US is at the top for purchasing or selling goods. Its business is the world’s best business. The US always has a backup plan ready to implement. Let’s see what will be its next step.
-
Turkey
Turkey is facing a huge amount of unemployment, and its economy has down stepped. The country was growing faster more than some developing countries like China until 2017. The Turkish currency (Lira), has degraded its value. The pandemic not only left the country in crisis, but it has also created a lot of problems for them. Its GDP rate has come down by 9.9% and thus among the most affected countries by COVID-19.
In 2019, one Lira valued 26 cents now it has a value of 19 cents. Turkish buyers are spending less on imported goods, for improving the economic conditions of the country. Everyone is waiting for things to get well soon.
-
Germany
Germany recorded a huge loss in the economy and it all happened due to the pandemic. The collapse started in the last month of the previous year. Germany, one of the well-established countries has to shut all of its work for a while. With this outbreak, German started to lose their jobs on a daily basis.
The country’s GDP stepped down by 11.3% this year. The greatest loss was faced with the production of goods and services by 10.1%. The data signs to overcome all the situations in the upcoming months.
-
Canada
Canada is also facing a recession these days and fall among the most affected countries by COVID-19. Its GDP rate has come down by 13%. The nation was relied upon to develop more this year sadly, this didn’t occur because of COVID 19. Same as other affected countries, it’s facing a lot of difficulties. Canada was recovering from its level of unemployment very effectively.
Its economic growth lowered by 3%, in comparison to the previous year. Due to the pandemic, many businesses are facing a lack of employees and resources. Canada itself is hoping for a fast recovery.
-
Italy
Italy was at the top of spreading the Corona disease. Its GDP lowered by 17.7%. As the country was busy recovering the patients, its economic condition marked a huge downfall in history. Italy was among the world’s largest economy countries. However, the lockdown in the country gave a hike to unemployment.
There were more than 3 lakh workers whose jobs were affected by the lockdown. Italy was under pressure to apply lockdown for controlling the rise in coronavirus patients. Countries’ financial condition is been degraded. The country is in recovery mode to overcome the problems for a better economy.
-
France
France is one of the most popular countries in the world in terms of tourism. However, tourism was all flopped after the spread of the infection. It lost 18.9% GDP in the ongoing year. The country is expecting to overcome the loss by the next 6 months. Its recovering rate is very high in comparison to other countries.
The country offers a high standard of living for all people. The World Bank has recorded unemployment rates at 10% during 2019. The workers are being thrown out of the companies. Many of the strugglers have lost their lives due to the depression caused by unemployment.
-
United Kingdom
Next on the list is the United Kingdom, another worst-hit economy globally. The UK was among the fastest-growing county until the COVID 19. Soon in 2020, the country faced a downfall of 21.7% in GDP rate. Due to the virus present, the whole nation’s economic conditions have become worst.
The UK is suffering from the crises for the first time in 11 years. People are out of work; they have nothing to do. Many of the workers are being discharged. The workers from other countries are terminated and returned to their respective hometowns. The UK is facing a lot of challenges to overcome the crisis.
-
Spain
In the second position for worst-hit major economies globally, we have Spain in our list. The COVID-19 has put a great impact on the economy of Spain that shrank the GDP of the country by 22.1% on annual basis. The virus has spread the worst in many parts of Spain that took down the economy by 18.5% in the second quarter of 2020. According to the resources, this is the highest downfall in the economy of Spain since the Spanish Civil War which is quite horrible to hear. Just like other countries, the country’s economy has been affected due to the strict lockdown imposed in the country since mid-March. As of now, the government has been working hard to get the economy back on track.
-
India
India has affected the worst by the COVID-19 pandemic. Almost every sector has been affected due to the pandemic, which resulted in a loss of GDP growth. India gained a loss of 23.9% in GDP because of the complete lockdown in the whole country.
The lockdown was divided into four phases namely 1.0, 2.0, 3.0, and 4.0. Later on, it started the unlocking state. The rise in the coronavirus cases is directly proportional to the loss in GDP. According to data, a huge loss was recorded in 1996 before this year.
