G20 economies narrow 3.3% in 2020: Int'l group

With the economic fallout from the coronavirus pandemic, the gross domestic product (GDP) in the G20 area decreased 3.3% year-on-year in 2020, a global economic body revealed on Monday.

All G20 countries, which data are available for, narrowed last year while only China and Turkey recorded growth with 2.3% and 1.8%, respectively, the Organization for Economic Co-operation and Development (OECD), an intergovernmental economic organization with 37 member countries, said in a statement.

Among the G20 economies, the UK economy saw the largest shrinkage with 9.9% in 2020, the OECD data showed.

In the last quarter of 2020, G20 economies grew 2.1%, down from the large rebound in the previous quarter (7.8%) that followed the unprecedented falls in the first half of the year due to COVID-19 containment measures.

The GDP growth in most of the G20 economies remained positive in October-December 2020, with India recording the highest growth at 7.9%.

The GDP contracted in Italy and France by minus 1.9% and minus 1.4%, respectively in the last quarter.

(c) Anadolu Agency


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