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After shrinking by 0.3 percent in the second quarter, the G20's GDP rebounded 1.3 percent quarter on quarter in the third quarter of this year, boosted by the recovery in China, according to a report released by the Organization for Economic Co-operation and Development (OECD) on Tuesday.
In the third quarter, China's economy recovered after the world's second-largest economy began to ease some of its COVID-19 restrictions, with 3.9 percent quarter-on-quarter growth during July to September after contracting by 2.7 percent in the second quarter, the OECD said.
The U.S. economy also recovered, with GDP growing by 0.7 percent in the third quarter after contracting by 0.1 percent in the previous quarter, driven by net exports, according to the OECD.
China and the U.S. contributed four-fifths of the 1.3 percent G20 growth figure in the third quarter. GDP growth also recovered in South Africa and India, while GDP continued to grow in Germany and Saudi Arabia.
Source: OECD
Despite the recovery in the G20 area as a whole, Japan, the UK and Türkiye recorded slight contractions from July to September. The UK, whose economy contracted by 0.2 percent in the period, was the only G20 country that had not yet recovered to its pre-pandemic level, according to the report.
(Cover photo via CFP)
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Disinformation report hotline: 010-85061466