The slowdown in the G20 in the second quarter of 2022 mainly reflects a sharp contraction in China, where Gross domestic product It fell 2.6 percent on a quarterly basis after increasing 1.4 percent in the first quarter of 2022 – The Organization for Economic Co-operation and Development announced.
This downturn reflects the lockdowns introduced to contain the COVID-19 outbreak. GDP also fell in India (1.4 percent), South Africa (0.7 percent), the United Kingdom and the United States (both 0.1 percent).
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In India, the main reason for the slowdown was lower government spending and net trade. In South Africa, the economic recovery of the past two quarters has been undermined by severe flooding in a major manufacturing province. Growth also slowed in Saudi Arabia (2.2 percent), Indonesia (1.0 percent), Mexico (0.9 percent) and Germany (0.1 percent), but it remained positive.
Looking at the G20 as a whole, despite lower GDP, Australia, Brazil, Italy, Japan, Japan, Korea and Turkey showed stronger growth in the second quarter of 2022 than in the previous quarter. Growth in Turkey (2.1% in the second quarter of 2022, versus 0.7% in the first quarter of 2022) was supported by a significant increase in private consumption. In France, GDP rose 0.5 percent in the second quarter of 2022, after a 0.2 percent decline in the previous quarter, while in Canada, growth remained at 0.8 percent.
In the second quarter of this year, GDP in two of the G20 countries was below the pre-pandemic level. In Mexico, GDP has not yet exceeded the level of the fourth quarter of 2019 and was 1.1 percent lower than the level it was before the pandemic. In South Africa, due to a 0.7 percent drop in GDP in the second quarter of 2022, the country’s GDP was 0.5 percent below the level of the fourth quarter of 2019.
