The G20 countries growing in the first quarter are Turkey and India!

Despite the Coronavirus outbreak affecting the world, the G20 countries that grew in the first quarter were Turkey and India. Only Turkey and India increased GDP from the G20 countries, which grew in the first quarter despite the pandemic, the Organisation for Economic Co-operation and Development (OECD) said. The Organisation for Economic Co-operation and Development shared its report, which contains interim growth data for the first quarter of 2020 from G20 countries. Turkey also registered as the country with the highest economic growth among the G20 countries with 4.4 percent year-on-year in the first quarter of the year, seasonally adjusted. According to the report, measures taken worldwide to prevent the spread of coronavirus caused real GDP in the G20 region to decline by 3.4 percent in the first quarter compared with the last quarter of last year. The decline was recorded as the largest rate-based decline since 1998 when records were kept. In the first quarter, when the financial crisis in 2009 was deeply felt, GDP in the G20 region fell by 1.5 percent.

China is in the Most Regressing Country Position

Among the G20 economies, China was the first country to implement strict measures due to coronavirus in the first quarter, with 9.8 percent of GDP as the country with the most declines on record. China was followed by France and Italy with 5.3 percent. In the first quarter of this year, Germany, known as Europe's largest economy, shrank by 2.2 percent, while the Canadian economy contracted 2.1 percent and the UK economy contracted 2 percent. The decline in GDP in the first quarter of the year was 1.5 percent in Brazil, while it contracted 1.3 percent in the US and South Korea. Mexico's economy shrank 1.2 percent, Indonesia's economy 0.7 percent, Japan's economy 0.6 percent and Australia's economy 0.3 percent. Turkey and India grew in the first quarter Despite the negative effects of the Coronavirus outbreak, only Turkey and India grew within the G20 countries in the first quarter. India grew 0.7 percent in the first quarter compared with the last quarter of last year, while Turkey grew 0.6 percent. Turkey, seasonally adjusted first-quarter economic growth on an annual basis as most of the G20 countries also obtained with the 4.4 percent recorded in our country. China, where the virus appeared, was reported as the country with the most contraction with 6.8 percent.