Key Points:
- COVID-19 hit every major economy around the world, but the U.S. has experienced the least economic contraction of any G7 nation.
- U.S. GDP is expected to decline by the lowest of any G7 country at 3.6% in 2020, followed by Japan at 5.3%, and Germany at 6.0%.
- Italy is expected to decline by the highest amount at 10.6%, followed by France and the U.K. at 9.8%, and Canada at 7.1%.
- The U.S. GDP expanded by 33.1% in Q3, the largest gains on record.
- Prior to the pandemic, the U.S. had the highest GDP growth rate among the G7 countries from 2017 to 2019, with growth more than double the G7 average.
- The Right Facts will continue to monitor the global economic recovery.