Developed countries experienced the sharpest economic contraction on record in the first quarter of 2009, the largest fall since 1960, said the Organization for Economic Cooperation and Development (OECD) on Monday.
The gross domestic product of the 30 OECD member countries shrank by 2.1 percent in the first quarter of 2009, after a drop of 2 percent of GDP in the last quarter of 2008.
According to OECD estimates, among the seven largest OECD countries -- the United States, Japan, Germany, Britain, France, Italy and Canada -- only France have an ease contraction in the first quarter, with the economy fell 1.2 percent after falling 1.5 percent in the previous quarter.
The United States recorded a fall of 1.6 percent in GDP during the first three months of the year, the same rate as in previous quarter.
Japan, Asia's biggest economy, has been hit hard by the economic slowdown. The country's GDP declined by 4 percent in the first quarter in 2009, after falling 3.8 percent in the previous quarter.
On an annual basis, the decline of GDP in the OECD area was 4.2 percent, driven by a huge 9.1 percent contraction of GDP in Japan and 6.9 percent in Germany.
(Xinhua News Agency May 26, 2009)
