G-20 GDP Returns to Pre-Pandemic Levels, China Sees Massive Rebound

The Group of 20 (G-20) economies saw gross domestic product return to pre-pandemic levels in the first quarter of 2021, but with large differences emerging between nations.

GDP of the G-20 area grew by 0.8% in the first quarter, compared with the fourth quarter of 2020, according to the latest data from the Organization for Economic Cooperation and Development released Thursday.

Year-on-year GDP growth for the G-20 rebounded to 3.4% in the first quarter of 2021, following a contraction of 0.7% in the previous quarter.

China, where the coronavirus pandemic emerged, recorded the highest annual growth (18.3%), while the U.K. recorded the largest annual fall (minus 6.1%).

Europe fared particularly badly in the first quarter, a period when the third wave of Covid infections swept the region, in contrast with other countries.

India, Turkey and China (whose GDP was already above pre-pandemic levels in the previous quarter) continued to see a recovery in the first quarter of 2021, growing by 2.1%, 1.7% and 0.6%, respectively.

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

But for the remaining G-20 economies, GDP is still below pre-pandemic levels, with countries recording startling divergences in the first quarter.

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

Growth even turned negative in Germany (-1.8%, after 0.5% growth in the fourth quarter), the U.K. (-1.5%, after 1.3% growth), Japan and Saudi Arabia while in France, GDP continued to contract for the second consecutive quarter, although at a slower pace (-0.1%, after -1.5%).

Overall, the U.K. and Italy recorded the largest gaps to pre-pandemic GDP levels, at -8.7% and -6.4%, respectively. But Germany, France, the eurozone and the European Union still recorded gaps of more than 4%.

Did you know we have a daily news series on YouTube? Check out Culture Channel (https://www.youtube.com/culturechannel) for the latest Canada, Vietnam, World news and more!

This post is also available in: English

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page - https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin's website and official social networking sites!
#seesomething, saysomething


Bài Liên Quan