In pictures: How COVID-19 crisis hit these G20 economies including India

SUMMARY

By CNBCTV18.comOct 12, 2020 8:20:06 PM IST (Updated)

2020 has been nothing short of a horror ride for global economies. From the political instabilities to the ongoing COVID-19 pandemic, they have been hit hard by one challenge after another. Here is a look at G20 countries worst hit this year, as per data compiled by OECD. (AP Photo/Koji Sasahara, File)

South Africa: The African powerhouse has been hit the hardest by the ongoing financial downturn. The country’s GDP is expected to contract 11.5% this year. And with less than 2 percent growth projected in 2021, the future may not be rosy for the African republic. (AP Photo/Jerome Delay)

Argentina: The Latin American nation has been hit hard by economic challenges since the beginning of the century. Once seen as the role model for its neighbours the country is expected to see a GDP contraction of 11.2% this year. (AP Photo/Natacha Pisarenko)

Italy: The European nation had earlier announced a $28 bn package (1.4% of GDP), which includes contributing to a fund that guarantees loans to small and medium businesses, and relief to companies affected by coronavirus pandemic. But despite its, the GDP is expected to contract by 10.5%.

India: India, one of the biggest economy in the globe was hit by lockdown due to COVID-19 pandemic in the middle of the year. The crisis came at a time when the economy was already facing several challenges. This has resulted in the prediction that the GDP could contract by 10.2% this year. However, the country is expected to see the GDP grow by close to 11% in 2021.

Mexico: While the southern neighbour of USA has slowly emerged as a regional superpower, the ongoing crisis has left its mark on the country with the GDP expected to contract by 10.2% this year.