The nation recorded a contraction of 3.62 percent in the third quarter of 2020. The development was blamed on the coronavirus pandemic and the crash in the global oil price. However, Nigeria is not the only country that has slipped into recession, according to a report by The Cable. The newspaper, citing data from S&P, reported that only China, Chile, and Sweden did not report a recession among the 34 economies in the world with a GDP of more than $200 billion. 

List of 40 countries experiencing a recession in 2020. Photo credit: Femi Adesina Source: Facebook The 40 countries listed below are those currently experiencing a recession, according to The Cable. 

United States 

Japan 

United Kingdom

 India

 Brazil

 Russia

 South Africa

 Austria

 Germany

 Switzerland

 Belgium

 Canada

 Denmark 

Estonia

 Finland

 Hungary

 Ireland

 Italy

 Latvia

 Lithuania

 Mexico

 Netherlands 

Norway

 Romania

 Spain

 Nigeria 

Peru 

Turkey

 Israel

 Poland

 Czech

 Republic

 Thailand

 Singapore 

Malaysia

 South Korea

 Australia

 Portugal

 France

 Indonesia

 Hong Kong

 This recession could have been avoided if you heed my advice – Atiku tells Buhari, lists five key solutions Earlier, Haeldenent.com reported that Atiku Abubakar, Nigeria’s former vice president, said Nigeria’s recession could have been avoided if President Muhammadu Buhari had heeded the advice given by him and other Nigerians. Atiku said the recession could have been avoided if the Buhari-led government had taken three key steps he advised. The steps the federal government failed to take which led to the recession, according to Atiku, include cutting the cost of governance, saving for a rainy day and avoiding profligate borrowing. 

 

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