The Group of 20 (G-20) economies saw their overall gross domestic product (GDP) return to levels from before the pandemic in this year’s first quarter, CNBC reported. However, there were differences between the nations.
China, where the pandemic first began, posted the highest annual growth with 18.3 percent, according to CNBC. Meanwhile, the U.K. had the largest annual drop with a 6.1 percent decline.
Europe didn’t do well during the first quarter, due to a period of COVID-19 infections that ravaged the country, CNBC reported.
India, Turkey and China all saw recoveries of the GDP during Q1 2021, with 2.1 percent, 1.7 percent and 0.6 percent, respectively. China’s GDP growth was already above pre-pandemic levels prior to the first quarter, according to CNBC.
Australia, South Korea and Brazil also saw their growth come back to pre-pandemic levels in the quarter, CNBC reported.
The other G-20 economies weren’t as fortunate, according to CNBC. The U.S. saw an acceleration of 1.6 percent and Italy also saw growth. However, Indonesia, Canada, South Africa and Mexico saw growth slow. Germany also saw negative growth with a decline of 1.8 percent after 0.5 percent growth in the fourth quarter. France saw its GDP contract for the second consecutive quarter, although not at quite such a rapid pace.
PYMNTS reported earlier this year that G-20 leaders were not looking to pull the plug too early on pandemic aid, with a February meeting seeing leaders agree to look for more solutions to help poorer economies still reeling from COVID-19’s effects.
Leaders wanted to make sure all companies had access to vaccines, testing and treatment. They also wanted to put together a panel to make sure the world was ready for future pandemics.
The group also wanted to meet later in the year to discuss other issues, including rising inequality, climate, environment risks and more.