G-20 GDP returns to pre-pandemic levels, with China seeing a massive rebound

SourceCNBC
SectorEconomy
CountryMiddle east

The Group of Twenty (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 Organisation for Economic Co-operation and Development released Thursday. Year-on-year GDP growth for the G-20 area 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 first 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 a 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. GDP still lagging for some But for the remaining G-20 economies, GDP is still lagging behind

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