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

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

Many G20 economies rebounded with double-digit numbers in the third quarter after double-digit falls in the second quarter, Xinhua news agency quoted the OECD as saying in a statement on Monday.

GDP in India rebounded strongest, by 21.9 per cent, following a fall of 25.2 per cent in the second quarter, the sharpest drop ever recorded, according to the statement.

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

Other major economies also saw their economies grow in the third quarter, 8.9 per cent in Canada; 8.5 per cent in Germany; 7.7 per cent in Brazil; 7.4 per cent in the US; 5.3 per cent in Japan; 3.3 per cent in Australia; 3.1 per cent in Indonesia; 2.1 per cent in South Korea and 1.2 per cent 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 per cent), with only Turkey and China recording positive growth of 5.4 per cent and 4.9 per cent, respectively, while the UK experienced the largest fall (minus 9.6 per cent),” the statement added.