Only 58 out of 132 economies being tracked (accounting for nearly 90 percent of the world population) have entered recovery phase, according to a global pandemic economy tracker, www.chinanews.com reported.

The economies of China, South Korea, Germany, Norway, Australia, have begun a relatively steady recovery amid the pandemic while the U.S. and Italy have not.

The global pandemic economy tracker, rolled out by Luohan Academy, an open research institute, together with Chinese and foreign scholars, came to the conclusion after tracking 12 indicators in a number of countries and regions, including the pandemic development status, economic development stage amid the pandemic, degree of economic losses and anti-epidemic policies.

Data from the system also suggests that the GDP of economies that have begun recovery will increase in the third quarter compared with the second, while the economies of those currently in troughs may not continue to decline, implying that the world economy is likely to embrace a V-shaped recovery trend on the whole in the third quarter.

However, a recovery trend is uncertain, as some important economies have not secured steady recovery and the pandemic may strike again in the northern hemisphere when autumn and winter come.

"By rolling out the system, we hope to make timely judgments and predictions on the global economy and help governments, enterprises, and other interested parties better grasp the epidemic development and economic status of different countries and regions, and thus launch effective and accurate countermeasures," said Michael Spence, a Nobel laureate as well as a member of the academic committee of Luohan Academy.