Health and Healthcare Systems

GDP is growing fastest in these countries - what it means

gdp growth

India, Saudi Arabia, France and Turkey are leading the GDP Growth in 2021 Image: UNSPLASH/ Micheile

Victoria Masterson
Senior Writer, Forum Agenda
This article is part of: The Davos Agenda

Listen to the article

  • Countries including India and Turkey saw strong GDP growth in the third quarter of 2021.
  • While other countries, including China, Australia and Japan, saw their GDP slow or fall.
  • The OECD says GDP growth in half the G20 major economies is still below pre-pandemic levels.
A chart showing GDP growth in 38 countries.
Of the 38 OECD countries, GDP growth was highest in India, Saudi Arabia and France between Q2 and Q3 2021. Image: OECD

India, Saudi Arabia, France and Turkey are leading the bounceback from COVID-19 across the G20 forum of the world’s major economies, according to new data.

The Organisation for Economic Co-operation and Development (OECD), a 38-country grouping that advises policymakers, estimates that in the third quarter of 2021, India enjoyed 12.7% growth in its Gross Domestic Product (GDP) – the value added by a country’s production of goods and services.

This was “mainly driven by fixed investment and private consumption”, the OECD said in its G20 GDP growth Quarterly National Accounts release, compared with a contraction of 11.6% in the previous quarter.

A chart showing countries with GDP below pre-pandemic levels.
Half of the G20 economies remain below pre-pandemic levels, says the OECD. Image: OECD

Overall, the 20-member G20 area grew its GDP by 1.7% between the second and the third quarter of 2021. This is up from “moderate” quarter-on-quarter growth of 0.4% in Q2, and contrasts with a slowing trend in the 38-member OECD area. The growth rate here shrank between the second and third quarters from 1.7% to 1.1%.

Will Omicron affect GDP growth

The spread of the Omicron variant of COVID-19 is expected to lead to a downgrade of global economic growth projections from the International Monetary Fund (IMF) on 25 January.

Confirmed COVID-19 cases have passed 307.1 million, globally, according to Johns Hopkins University. Latest developments include rapidly rising case numbers in countries including Mexico, Australia, Japan and the United States, and new restrictions in countries including China and India.

Discover

What do we mean by ‘competitiveness’?

Some low- and lower-middle-income countries are facing “serious challenges” in vaccine deployment, the IMF-led Multilateral Leaders Task Force warned in December 2021.

Less than 5% of the population in low-income countries is fully vaccinated, and around 30% in lower-middle-income countries, it added.

The World Economic Forum's Global Risks Report 2022 looks at the challenges facing the world economy from the “cascading impacts” of the pandemic, but also emerging risks including climate transition and “cyber vulnerabilities”.

Have you read?
Loading...
Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Stay up to date:

Vaccination

Related topics:
Health and Healthcare SystemsEconomic GrowthForum Institutional
Share:
The Big Picture
Explore and monitor how Vaccination is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

COPD kills more than lung and breast cancer combined. It's time to change that

Nitin Kapoor

November 22, 2024

A historic leap in cancer vaccines – here’s what you need to know

About us

Engage with us

  • Sign in
  • Partner with us
  • Become a member
  • Sign up for our press releases
  • Subscribe to our newsletters
  • Contact us

Quick links

Language editions

Privacy Policy & Terms of Service

Sitemap

© 2024 World Economic Forum