The economies of the G20 countries grew by 1.7 per cent between the second and the third quarter of 2021, according to the latest provisional estimates from the Organization for Economic Co-operation and Development (OECD).

The economies grew by an average of  0.4 per cent during the second quarter. The relatively strong growth in the third quarter, reflects a rebound in India, where GDP rose by 12.7 per cent, after a contraction of 11.6 per cent in the second quarter.

GDP also rose sharply in Saudi Arabia, up 5.8 per cent and 2.7 per cent in Turkey. Growth recovered more than previously estimated in Canada, up by 1.3 per cent. There was robust economic expansion in European countries including France and Italy.

While GDP for the G20 nations as a whole exceeded its pre-pandemic level in the first quarter of 2021, half of the G20 economies, including all G7 economies except the United States, remain below pre-pandemic levels.

However, in both the US (0.3 per cent) and the United Kingdom (1.5 per cent) quarter-on-quarter growth slowed in the third quarter. In fact, several other G20 countries recorded a deceleration or a contraction in GDP growth.

In China, quarter-on-quarter GDP growth slowed to just 0.2 per cent from 1.2 per cent, and in Korea to 0.3 per cent, from 0.8 per cent.