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The US, the only major economy in the world that has returned to pre-COVID levels – Latest News

The US, the only major economy in the world that has returned to pre-COVID levels

Gross domestic product (GDP) at the level of all member countries of the Organization for Economic Co-operation and Development (OECD) is still below pre-pandemic levels.

Statistical indicators are such despite the acceleration of growth in the second quarter 2021 to 1.6 percent compared to 0.6 percent in the previous quarter, according to preliminary OECD estimates.

The growth of the seven main OECD countries increased to 1.6 percent in April-June this year from 0.4 percent in the first three months, but with large differences between countries, according to a report published today on the website of the this 38 member organizations.

The strongest growth was recorded by the United Kingdom, 4.8 percent with minus 1.6 percent in the first quarter, followed by Italy at a rate of 2.7 percent compared to 0.2 percent in the previous quarter.

In the United States and Germany, GDP grew by 1.6 percent in the last three months, in France by 0.9, in Japan by 0.3, while Canada was the only country to record a 1.4 percent slowdown in the first quarter. at 0.6 percent in the second.

Economic activity at the OECD level in the second quarter is still 0.7 percentage points below pre-pandemic levels.

Among the major economies, Britain is lagging behind the pre-pandemic level of 4.4 percent, Italy is second with a deficit of 3.8 percent, while France and Germany lag behind 3.3 percent compared to the pre-pandemic level.

The United States is the only major economy to return to pre-COVID levels in the second quarter, with its GDP surpassing pre-pandemic levels by 0.8 percent, according to an OECD report.

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