December 14th Paris-based Organization for Economic Cooperation and Development issued a press release saying that in the third quarter of this year, the economy of G20 members grew by 8.1% month-on-month, but it was still 2.4% lower than the peak in the same period before the epidemic.
According to OECD data, the G20 economies achieved growth in the third quarter. Among them, India’s economy rebounded by 21.9% in the third quarter after experiencing the largest decline of 25.2% in the second quarter.
France, Italy, Turkey, the United Kingdom, South Africa, the eurozone and Mexico also achieved double-digit growth in the third quarter after experiencing double-digit declines in the second quarter. The U.S. economy grew by 7.4% month-on-month in the third quarter.
China is the only member of the 20 countries to achieve continuous economic growth in the second and third quarters.
The OECD said that the G20 GDP was still below the average of 2% for the same period compared with the fourth quarter of 2019. Of all members, only China and Turkey achieved positive growth of 4.9% and 5.4% year-on-year.
The UK has the largest decline, reaching 9.6%.