The US economy grew at a record 33. 1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year, new figures show.

The head of the European Central Bank says the economic recovery from the coronavirus pandemic “risks losing momentum” due to a second wave of infections.

China’s economic growth accelerated to 4. 9% over a year earlier in the latest quarter as a shaky recovery from the coronavirus pandemic gathered strength.

The US economy shrank at an alarming annual rate of 31. 7% during the April-June quarter as it struggled under the weight of the pandemic.

Japan’s economy shrank at annual rate of 27. 8% in the April-June quarter, the worst contraction on record, as the coronavirus pandemic impacted on consumption and trade, according to government data released on Monday.

The economy of the 19-country eurozone shrank by a record 12. 1% during the second quarter as coronavirus lockdowns froze business and consumer activity.

The US economy shrank at a dizzying 32. 9% annual rate in the second quarter – by far the worst quarterly plunge ever.

Germany’s economy took a massive hit during the pandemic shutdowns. Output shrank by 10. 1% during the April-June period from the previous quarter, the country’s official statistics agency said.

Germany’s economy took a massive hit during the pandemic shutdowns. Output shrank by 10. 1% during the April-June period from the previous quarter, the country’s official statistics agency said.

China became the first major economy to grow since the start of the coronavirus pandemic, recording an unexpectedly strong 3. 2% expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened.

The European Union’s executive arm has forecast that the bloc’s economy will contract more than previously expected because of the coronavirus pandemic. The 27-nation EU economy will contract by 8. 3% this year, before growing 5.

Saudi shoppers rushed to buy big-ticket items such as gold, appliances and electronics ahead of the announced tripling of taxes on basic goods as the government tries to shore up revenue for its economy battered by coronavirus and low oil prices.