AFTER the unprecedented fall in Gross Domestic Products (GDPs) in the first half of 2020 due to COVID-19 containment measures, and the large rebound in the third quarter, growth has once again slowed in the Organization for Economic Co-operation and Development (OECD) area to 0.7 per cent in the fourth quarter (Q4) of 2020, the group said on Thursday.

According to provisional estimates by the OECD, the 'Major Seven' economies as a whole, GDP growth slowed to 0.8 per cent in the same period, with quite divergent patterns across countries.

It remained positive in Japan (3 per cent), Canada (1.9 per cent), the US and UK (1 per cent in both) and Germany (0.1 per cent).

However, it fell by 2 per cent in Italy and 1.3 per cent in France, after strong rebounds in the previous quarters, 16 per cent and 18.5 per cent, respectively.

In both the Euro area and the European Union, GDP contracted in Q4 by 0.6 per cent and 0.4 per cent, respectively.

For 2020 as a whole, GDP declined 4.9 per cent in the OECD area, which is the largest fall ever recorded since 1962, said the group.

"Almost all countries were confronted with falls in GDP in 2020," it said.

Among the Major Seven economies, GDP declines ranged from 3.5 per cent in the US to 9.9 per cent in the UK. Marked falls in GDP were also recorded in France (8.2 per cent) and Italy (minus 8.9 per cent).