These 7 charts show how the coronavirus pandemic has hit global economic activity — take a look:
The services industry is a major source of growth and employment for many countries, including the U.S. andBut both countries reported sharp declines in retail sales as lockdown measures during the pandemic forced many stores to shut and kept consumers at home. A surge in online sales reported by some retailers, such as Amazon, failed to stem the overall fall.
"The slow improvement in household spending underpins our view that, globally, consumers are unlikely to rush back to the shops as soon as restrictions are lifted," they wrote in a report. The Covid-19 pandemic first hit manufacturers outside China that rely on factories in the Asian economic giant for materials and parts — also known as "intermediate goods" — to make their own products. But Chinese factories suspended operations for longer than expected as authorities worked to contain the virus.
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