Global economics intelligence : executive summary, august 2020

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      <subfield code="a">Over July and August, the global economy stirred. Retail sales improved, manufacturing revived, and trade began to recover. The revived activity comes close on the heels of a punishing second quarter. Most pandemic restrictions were in their fullest form then, and most economies measured large contractions in GDP, including 9.5% in the United States and 15.0% in the eurozone (year-over year). China experienced its contraction (6.8%) in the first quarter, and has since returned to growth. As restrictions are lifted, countries in diverse regions are joining China and other AsiaPacific economies in recovery. Demand and output are still below marks achieved in 2019, but an awakening has clearly begun. It comes at a cost, however. In many places the public-health emergency has not receded, and the virus continues to spread. Virus levels are high and even accelerating in India, Brazil, and other populous Latin American countries, as well as in parts of the United States.</subfield>
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