Economic growth slowed across the G20 in the second quarter, although there was sharp variation between countries, reports the Organization for Economic Cooperation and Development (OECD).
Overall GDP growth for the G20 slowed to 0.4% from 0.9% in the second quarter, the OECD said.
However, it noted that the reading “conceals large differences” from country to country.
For instance, Canada saw GDP contract in Q2, as did India and Brazil, whereas growth resumed in the U.K., Europe and Japan.
Growth also accelerated in the U.S., China and Mexico in the second quarter, but slowed in Australia, Korea and Turkey.
For the G20 overall, second-quarter GDP exceeded its pre-pandemic level by 0.7%, the OECD said, with this performance driven by China and Turkey, which have recorded the fastest recovery rates.
Yet, the majority of countries still lag their pre-pandemic levels, the OECD noted, with India facing the largest gap between Q2 and Q4 2019 (8.1%), followed by the U.K. (4.4%) and Italy (3.8%).