G20 economic output slows to 2.1pc in 4Q 2020: OECD

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Islamabad

Economic output in the Group of 20 area slowed to 2.1 percent in the fourth quarter of last year, as the effects of Covid-19 restriction measures hampered growth, according to the Organisation for Economic Cooperation and Development (OECD).

Growth in gross domestic product in the final three months of the year was significantly down from the 7.8 percent seen in the third quarter of the year when movement restrictions eased in some parts of the world, said the OECD in a statement on Tuesday.

For 2020 as a whole, GDP contracted 3.3 percent in the G20 area, with only China and Turkey recording growth of 2.3 percent and 1.8 percent, respectively.

“Growth of GDP in the G20 area slowed to 2.1 percent in the fourth quarter of 2020, down from the large rebound in the previous quarter that followed the unprecedented falls in the first half of the year due to Covid-19 containment measures,” the OECD said in a statement.—TLTP

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