OECD: Growth has slowed in the G20

Gross domestic product growth in the Group of 20 countries slowed to 1.4 percent in the fourth quarter of last year from a third-year expansion of 1.9 percent, according to data published on the Organization for Economic Cooperation and Development’s website on Tuesday.

In the three months to the end of December last year, India’s economic growth slowed on a quarterly basis, from 13.7 per cent in the third quarter to 1.8 per cent in the fourth.

Eurozone GDP growth also slowed significantly, from 2.2 per cent to 0.4 per cent.

Among the G20 countries, only Germany recorded an economic slowdown in the last three months of last year, with GDP contracting 0.3 percent from the third quarter.

Meanwhile, economic growth accelerated in many G-20 countries: GDP growth in the United States accelerated from 0.6% to 1.7% in the third quarter, and China from 0.7% to 1.6%.

The Organization for Economic Co-operation and Development estimates that the combined gross domestic product of the Group of Twenty rose by 6.1 percent last year, after contracting by 3.2 percent in 2020. Turkey’s economy grew the most, with 11%, India with 8.3%, and China with 8.1%. The Japanese economy was the least developed at 1.6 percent.

G20 members: Argentina, Australia, Brazil, the United Kingdom, Germany, India, Indonesia, Italy, Canada, China, Mexico, Russia, Saudi Arabia, the United States, Turkey, France, South Africa, South Korea, Japan and the European Union.

Cover image source: Getty Images

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