G20 growth returns to pre-pandemic levels in Q1 2021: OECD

An employee working on a silicon wafer production line at a workshop at Jiejie Semiconductor Co., Ltd in Nantong, Jiangsu Province, China, on March 17, 2021.

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The 20 (G-20) economy group saw a return on GDP It reached pre-pandemic levels in the first quarter of 2021, but there are significant differences between countries.

GDP in the G20 region increased 0.8% in the first quarter compared to the fourth quarter of 2020, according to the latest data from the Organization for Economic Co-operation and Development released Thursday.

GDP growth in the G20 region recovered to 3.4% in the first quarter of 2021, following a 0.7% decline in the previous quarter.

China, where the coronavirus pandemic first occurred, recorded the highest annual growth rate (18.3%), while the United Kingdom recorded the largest annual decline rate (minus 6.1%).

Europe, in contrast to other countries, was particularly terrible in the first quarter when a third wave of Covid infections struck the region.

India, Turkey and China (GDP was already above pre-pandemic levels in the previous quarter) continued to recover in the first quarter of 2021, up 2.1%, 1.7% and 0.6%, respectively.

In addition, Australia, South Korea and Brazil returned to pre-pandemic levels in the first quarter.

GDP is still partially behind

But for the rest of the G20 economy, GDP is still lagging behind pre-pandemic levels, with countries recording surprising differences in the first quarter of 2021.

GDP growth accelerated in the United States (1.1% to 1.6% in the fourth quarter of 2020) and Italy, but slowed in Indonesia, Canada, South Africa and Mexico.

Growth turned negative in Germany (after 0.5% growth in the fourth quarter-1.8%), the United Kingdom (after 1.3% growth-1.5%), Japan and Saudi Arabia, but GDP fell for the second consecutive year in France. Although the pace was slow, quarterly (-0.1%, -1.5% later).

Overall, the UK and Italy recorded the largest gaps with pre-pandemic GDP levels, at -8.7% and -6.4%, respectively. However, Germany, France, the Eurozone, and the European Union also recorded gaps of over 4%.

G20 growth returns to pre-pandemic levels in Q1 2021: OECD

Source link G20 growth returns to pre-pandemic levels in Q1 2021: OECD

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