Thursday, September 29, 2022

OECD economy grew 0.3% in Q2

OECD economy grew 0.3% in Q2

Developed countries maintain weak growth rates under the threat of recession. In the second quarter, the gross domestic product (GDP) of Organization for Economic Co-operation and Development (OECD) countries advanced 0.3% quarter-on-quarter, according to data published today.

Thus advanced economies maintain registered expansion in the first three months of the year and are up 1.5% from figures for the fourth quarter of 2019, the last quarter before the outbreak of the COVID-19 pandemic.

between countries that are part of think tankThe highest growth was recorded by the Netherlands with a growth of 2.6%. It was followed by Israel with 1.7% and Sweden with 1.4%. The worst data has been in Poland, Latvia and Lithuania, with GDP declining by 2.3%, 1.4% and 0.4%, respectively.

In Spain, the economy grew by 1.1% in the second quarter. According to OECD forecasts, the Spanish economy will register a growth of 4.1% in 2022, compared to the previous growth forecast of 5.5%, before the start of the war in Ukraine.

G20 countries improved their growth and posted 0.2% growth in the second quarter, despite the fact that the United States and the United Kingdom contracted their economies by 0.1% between April and June.

German GDP advanced 0.1%, matching pre-pandemic levels, while the economies of Japan and France posted 0.5% growth. In the case of Italy and Germany, the increase was 1% and 1.1%, respectively.

The United States and Canada are already up 2.6% and 1.9%, respectively, from pre-pandemic levels, while France and Italy are up 1%; United Kingdom, 0.6%, and Japan, 0.2%.

By 2022, the organization estimates that the world economy will register a growth of 3%, compared to the previous forecast of 4.5%. For the euro area, the OECD estimates GDP to grow by 2.6% in 2022, compared to the expected 4.3%.

Nation World News Desk
Nation World News Desk
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