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G20 economies see strong recovery in Q3

GDP remains below levels of same quarter last year, with only Turkey, China recording positive growth, says global body

Though gross domestic product (GDP) in the G20 area bounced back by 8.1% in the third quarter of 2020, it still remained below the pre-pandemic high, a global economic body said Monday.

However, GDP in the G20 area as a whole remained significantly below the levels of the same quarter a year earlier (minus 2.0%), with only Turkey and China recording positive growth with 5.4% and 4.9%, respectively, while the UK posted the largest fall by 9.6%, showed the latest report by the Organization for Economic Co-operation and Development (OECD), an intergovernmental economic organization with 37 member countries.

“A similar picture emerges when comparing economic activity in Q3 with pre-pandemic levels, as approximated by the cumulative growth rate for the first three quarters of 2020,” noted OECD.

India was the country that saw the strongest growth with 21.9%, following a fall of 25.2% in the second quarter, the sharpest drop ever recorded.

GDP also rebounded with double-digit numbers in the third quarter, after double-digit falls in the second quarter, in France by 18.7%, after a contraction of 13.8%.

This is followed by Italy and Turkey with countries’ economies seeing 15.9% and 15.6% rises, after posting 13% and 10.8% drops in the Q2, respectively.

The figure also increased in the other major economies such as Canada, Germany, Brazil, and the US with 8.9%, 8.5%, 7.7%, 7.4% rises, respectively.

Via
Anadolu Agency

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