Reflections About the Food–Energy–Water Nexus in a World …
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Table 4 Coronavirus impact on economic growth, 2020
2017
2018
2019
2020e
Difference 2019/2020
World
3.3
3.0
2.4
−5.2
−7.6
Advanced economies
2.5
2.1
1.6
−7.0
−8.6
Emerging markets
4.5
4.3
3.5
−2.5
−6.0
High-income countries
2.4
2.2
1.7
−6.8
−8.5
Developing countries
4.8
4.4
3.7
−2.4
−6.1
Low-income countries
5.4
5.8
5.0
1.0
−4.0
BRICS
5.3
5.3
4.7
−1.7
−6.4
World trade volume
5.9
4.0
0.8
−13.4
−14.2
Source World Bank [93], e = estimations of World Bank
The global economic growth for 2020 is estimated by the World Bank to shrink
by nearly 8%, with especially high values for the advanced economies (−8.6%) and
high-income countries (−8.5%). These countries are facing severe reductions in their
economic activities. Furthermore, also the emerging markets, developing countries
and low-income countries will be faced with reductions in their economic activities
by around −6 and −4%. Especially dramatic is the decline of the world trade volume
by about −14.2%.
The U.S. Bureau of Economic Analysis (BEA) also analysed the effect of COVID19 on the US economy. The BEA stated that the “Real gross domestic product (GDP)
decreased at an annual rate of 32.9% in the second quarter of 2020 [78]” (Fig. 4),
according to the “advance” estimate released by the Bureau of Economic Analysis.
In the first quarter, real GDP fell by 5.0% (Fig. 5).
Fig. 5 Corona effect on US economy. Source Own graphic (2020) based on https://www.bea.gov/
news/2020/gross-domestic-product-2nd-quarter-2020-second-estimate-corporate-profits-2nd-qua
rter
9
Table 4 Coronavirus impact on economic growth, 2020
2017
2018
2019
2020e
Difference 2019/2020
World
3.3
3.0
2.4
−5.2
−7.6
Advanced economies
2.5
2.1
1.6
−7.0
−8.6
Emerging markets
4.5
4.3
3.5
−2.5
−6.0
High-income countries
2.4
2.2
1.7
−6.8
−8.5
Developing countries
4.8
4.4
3.7
−2.4
−6.1
Low-income countries
5.4
5.8
5.0
1.0
−4.0
BRICS
5.3
5.3
4.7
−1.7
−6.4
World trade volume
5.9
4.0
0.8
−13.4
−14.2
Source World Bank [93], e = estimations of World Bank
The global economic growth for 2020 is estimated by the World Bank to shrink
by nearly 8%, with especially high values for the advanced economies (−8.6%) and
high-income countries (−8.5%). These countries are facing severe reductions in their
economic activities. Furthermore, also the emerging markets, developing countries
and low-income countries will be faced with reductions in their economic activities
by around −6 and −4%. Especially dramatic is the decline of the world trade volume
by about −14.2%.
The U.S. Bureau of Economic Analysis (BEA) also analysed the effect of COVID19 on the US economy. The BEA stated that the “Real gross domestic product (GDP)
decreased at an annual rate of 32.9% in the second quarter of 2020 [78]” (Fig. 4),
according to the “advance” estimate released by the Bureau of Economic Analysis.
In the first quarter, real GDP fell by 5.0% (Fig. 5).
Fig. 5 Corona effect on US economy. Source Own graphic (2020) based on https://www.bea.gov/
news/2020/gross-domestic-product-2nd-quarter-2020-second-estimate-corporate-profits-2nd-qua
rter