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 Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -