Business this week

Another raft of data underscored the toll that covid-19 is taking on economies, as more countries reported record-breaking contractions in quarterly GDP. India’s economy was around a quarter smaller in April to June than in the first three months of the year. Australia’s GDP shrank by 7%, Brazil’s by 9.7%, and Turkey’s by 11%. Those countries are in recession, in Australia’s case for the first time in nearly three decades. See article.