G20 economy rebounds in Q3, still below pre-pandemic high: OECD

Gross domestic product (GDP) in the G20 area rebounded by 8.1 percent in the third quarter of 2020 but remained 2.4 percent below its pre-crisis high of the final quarter of 2019, said the Organization for Economic Cooperation and Development (OECD) on Monday.

Many G20 economies rebounded with double-digit numbers in the third quarter after double-digit falls in the second quarter. GDP in India rebounded strongest, by 21.9 percent, following a fall of 25.2 percent in the second quarter, the sharpest drop ever recorded, said the OECD in its press release.

GDP also rebounded in France (by 18.7 percent, following a contraction of minus 13.8 percent, Italy (by 15.9 percent, after minus 13.0 percent), Turkey (by 15.6 percent, after minus 10.8 percent), the United Kingdom (by 15.5 percent, after minus 19.8 percent), South Africa (by 13.5 percent, after minus 16.6 percent) and Mexico (by 12.1 percent, after minus 17.0 percent).

Other major economies also saw their economies grow in the third quarter, 8.9 percent in Canada; 8.5 percent in Germany; 7.7 percent in Brazil; 7.4 percent in the United States; 5.3 percent in Japan; 3.3 percent in Australia; 3.1 percent in Indonesia; 2.1 percent in South Korea and 1.2 percent in Saudi Arabia.

“GDP in the G20 area as a whole remained significantly below the levels of the same quarter a year earlier (minus 2 percent), with only Turkey and China recording positive growth of 5.4 percent and 4.9 percent, respectively, while the United Kingdom experienced the largest fall (minus 9.6 percent),” said the statement.

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