Q2 growth remains sluggish in OECD

Global economic growth remained slow in the second quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).

In the second quarter, GDP rose by 0.3% in the OECD, which was flat with the previous quarter, the Paris-based group reported.

For the G7 countries alone, quarterly GDP growth came in at 0.2%, up from zero growth in the first quarter.

“This result reflects a mixed picture,” the OECD said, noting that growth was negative in the U.S. and the U.K., and that growth slowed sharply in Germany.

However, growth turned positive in Japan and France, and accelerated in Canada and Italy.

The positive turns in Japan and Italy meant they exceeded their pre-pandemic GDP levels for the first time. Despite its slowing pace, Germany also regained its pre-pandemic level for the first time.

As a result, all of the G7 countries are now at or above pre-pandemic output levels, the OECD said.

In the rest of the OECD, the growth picture was mixed, with GDP rising in several European regions (the Nordic countries, Spain and the Netherlands) and contracting in others (Poland, Latvia and Lithuania).

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