Continuation of the last Publishhere is a chart of three major economies.
Figure 1: Real GDP for the United States (blue), for the Eurozone (tan), for China (green) and GDO for the United States (light blue), all in logs, 2019Q4=0. The NBER has defined the peak-to-trough recession dates for the United States as grayed out. Source: BEA, Eurostat, via FRED, China NBS, NBER and author’s calculations.
At current exchange rates, these three economies represent about 60% of global GDP (China about 20%, the United States about 25%).
The sharp drop in Chinese GDP in the second quarter highlights the threat to global economic output posed by the Chinese government’s current approach to dealing with the pandemic.