G20’s growth speeds up as world recovers

Tim Wallace
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GROWTH across the G20 major economies and OECD states accelerated in the second quarter, the groups revealed yesterday, indicating that recovery is broad-based across the world.

GDP growth hit 0.9 per cent across the G20, up from 0.6 per cent in the previous three-month period and its highest level since 2011.

The UK is a leader in improving the overall picture, with growth more than doubling from 0.3 per cent to 0.7 per cent, while the US saw a rise from 0.3 per cent to 0.6 per cent.

France also boosted the figures with a turnaround from a contraction of 0.2 per cent to growth of 0.5 per cent and Germany shot up from stagnation in the first quarter to 0.7 per cent growth in the second.

However, not all countries have done so well – Mexico plunged into a contraction of 0.7 per cent, and Italy’s economy has been shrinking since mid-2011.

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