Even though the G20 gross domestic product (GDP) rebounded by 8.1% in the third quarter (Q3)of 2020, it still remained below the pre-pandemic high, said the Organization for Economic Cooperation and Development (OECD) today.

“GDP remained 2.4% below its pre-crisis high of the final quarter of 2019… GDP in the G20 area as a whole remained significantly below the levels of the same quarter a year earlier (-2%) ,” the OECD said in its latest report.

Only Turkey and China recorded positive growth of 5.4% and 4.9%, respectively, while the U.K. experienced the largest fall by 9.6%.

“A similar picture emerges when comparing economic activity in the third quarter with pre-pandemic levels, as approximated by the cumulative growth rate for the first three quarters of 2020,” the intergovernmental economic organisation noted.

Among the G20 economies, India rebounded strongest, by 21.9%, after a fall of 25.2% in the second quarter, the sharpest drop ever recorded.

GDP also rebounded with double-digit numbers in Q3, after double-digit falls in the second quarter.

France saw a growth of 18.7% after a contraction of 13.8%, Italy by 15.9% after - 13% and South Africa by 13.5% after a fall of 16.6%.

GDP also grew in the other major economies of Canada by 8.9%, Germany by 8.5%, Brazil by 7.7% and the U.S. by 7.4%.