Daily Management Review

GDP in G20 region is back to pre-crisis levels


GDP of the G20 region returned to its pre-pandemic level in the first quarter of 2021, according to the Organisation for Economic Co-operation and Development (OECD).

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The widespread lockdowns that countries began imposing last year to fight the spread of COVID-19 caused serious economic problems, resulting in a GDP fall.

"Gross domestic product in the G20 region returned to its pre-pandemic level in the first quarter of 2021, up 0.8% from the fourth quarter of 2020," the release said.

However, there is wide variation across individual countries, the organisation notes.

For example, India, Turkey and China, whose GDP had already surpassed pre-crisis levels in the previous quarter, continued to grow, by 2.1%, 1, 7% and 0.6% respectively.

The GDP of Australia, Korea and Brazil returned to pre-crisis levels in the first quarter of 2021, growing by 1.8%, 1.7% and 1.2% respectively.

Elsewhere in the region, GDP is still below pre-crisis levels, the OECD notes.

GDP growth accelerated in the US (to 1.6% after 1.1% in the fourth quarter of 2020) and in Italy (to 0.1% after a contraction of 1.8%). It slowed down in Indonesia (to 1.6% from 2.3%), Canada (to 1.4% from 2.2%), South Africa (to 1.1% from 1.4%) and Mexico (to 0.8% from 3.2%).

At the same time, GDP even recorded declines in Germany (down 1.8% after a rise of 0.5%), Great Britain (minus 1.5% after a rise of 1.3%), Japan (1.0% after a rise of 2.8%) and Saudi Arabia (0.1%, after a rise of 2.5%). In France, GDP continued to fall for the second consecutive quarter, albeit at a slower rate (minus 0.1% after minus 1.5%).

source: oecd.org