G20 growth surged in the first quarter of 2023 thanks to a boost from the reopening of China’s economy, the Organization for Economic Cooperation and Development (OECD) reports.
GDP growth in the G20 came in at 0.9% for Q1, the OECD said, accelerating from 0.4% growth in the previous quarter.
China led the way with its output growth jumping from just 0.6% in the fourth quarter of 2022 to 2.2% in the first quarter, the group noted.
The increase in G20 growth was also powered by strength in India, Mexico and Japan, as well as slight growth in markets that included Canada, France, Italy and Brazil.
Germany officially fell into recession in the first quarter of the year, with a second straight quarter of negative growth, “as decreases in government spending and private consumption weighed heavily on the economy,” according to the OECD.
Growth also slowed in the U.S., Australia and Indonesia, and remained flat in the U.K.
For the G20 overall, first-quarter GDP exceeded its pre-pandemic level by 7.8%, but both the U.K. and Germany are still lagging pre-pandemic output levels, the OECD noted.