Global economics intelligence : executive summary, july 2020

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      <subfield code="a">The US economy experienced a record-breaking GDP contraction of 9.5% (year over year) in the second quarter of 2020 (32.9% annualized). Many analysts expect positive growth in the third quarter, stemming from partial reopening, but a continued surge of COVID-19 cases could halt further expansion. In terms of pandemic control and recovery, the eurozone occupies a position between China and the United States, but its economy sustained a deep contraction in the second quarter as well. Preliminary flash estimates published by the European Union show a contraction of 15.0% (y-o-y) in the eurozone as a whole, with contractions in its largest economies of 22.1% in Spain, 19.0% in France, 17.3% in Italy, and 11.7% in Germany. These are the worst quarterly results ever recorded in the eurozone and reveal how steep a climb lies ahead. Industrial production has, however, been ramping up lately as eurozone economies reopen..</subfield>
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