If the world were to play a game, and the convener of the game says “raise up your hand if your country has been in a recession in 2020,” more than half of the hands in the world will be up.
The other half with their hands
down will be led by China — a country with nearly 20 percent of the world’s
population. Of the top 10 most populous countries, only Bangladesh and China
are likely to avoid a recession in 2020.
The Bill and Melinda Gates
Foundation captured it well when it said in its 2020 Goalkeepers report that
“the COVID-19 financial loss is twice as great as the ‘Great Recession’ of
2008. The last time these many countries were in recession at once was in 1870,
literally two lifetimes ago”.
When this report was released in September, 2020, Nigeria was yet to officially enter into a recession, but the signs were there, and very clear that the rest of the world already projected one. On Saturday, the National Bureau of Statistics (NBS) officially announced the GDP numbers.
The question then is what
countries have slid into recessions in 2020, and what countries are strong — or
protected — enough to stave off a recession.
According to S&P, of the 34
economies in the world with a GDP of more than $200 billion, only three of them
did not report a recession — China, Chile, and Sweden. Chile and Sweden were on
the brink of recession, but China has been growing — despite the pandemic.
Chile has a history of staving
off recessions; it was one of the countries that beat the 2008 global economic
crisis, expanding by over 3 percent. But the country’s central bank has said it
will go into a recession in 2020.
Many other countries are said to
be experiencing a recession — but cannot have not yet called one because the
data has not been completely collated.
Here is a list of countries in recession:
- United States
- Japan
- United Kingdom
- India
- Brazil
- Russia
- South Africa
- Austria
- Germany
- Switzerland
- Belgium
- Canada
- Denmark
- Estonia
- Finland
- Hungary
- Ireland
- Italy
- Latvia
- Lithuania
- Mexico
- Netherlands
- Norway
- Romania
- Spain
- Nigeria
- Peru
- Turkey
- Israel
- Poland
- Czech Republic
- Thailand
- Singapore
- Malaysia
- South Korea
- Australia
- Portugal
- France
- Indonesia
- Hong Kong
Now that Nigeria has entered one chance then recession and China is not in the list. Nigeria will now be further cheaper for China and Gates to buy off. If China is no longer interested I know @MBuhari will lower the price of Nigeria so Gates can buy by moving more of Nigeria resources indirectly to Niger Republic.
ReplyDeleteApc propaganda to deflect their callousal failure!! Alot of this countries have the withers to get out of the recession by virtue of their investment in their country that shuns out different programs to encourage employment.Our solution in nigeria is to come up with various dubious means to extort money from the citizens who are feeling the pangs of the recession!
ReplyDeleteBuckle up,it will get worst because this bastards never diversified our monotonic economic.in about a decade or so,petrol powered vehicles will be archaic and there will be massive glut in the market that will make the price of brent be ridiculously cheap and thus,a lost to mine!!! Where will the federal government generate revenues from in light of this reality ? Print more naira to counteract it and get inflation thru the roof ?