According to The Organization for Economic Co-operation and Development (OECD).
BY ALY S. GRANT
The OECD is a forum where governments work together to develop policies that promote economic growth, equality, opportunity, and well-being. The OECD provides a space for governments to share experiences, identify good practices, and develop high standards for economic policy. They recently presented the following report.
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The inter-quarter growth rate in the period from July to September 2024 was 1.3 percent, only below Ireland, which reported an increase of 2 percent, and above Lithuania, whose gross domestic product (GDP) increased one percent.
On a year-over-year basis, the average GDP growth of OECD economies was 1.7 percent in the third quarter of 2024, slightly higher than 1.6 percent in the second quarter.
Among the G-7 economies, the United States recorded the highest growth in the last four quarters, of 2.7 percent, while Germany recorded the largest decline (-0.2 percent).
The Group of Seven (G7) countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
The G-7’s overall GDP growth rate remained unchanged in the third quarter of 2024, at 0.5 percent, reflecting a mixed outlook among its members. Mexico recorded a 1.5% growth.
Back to the OECD. Hungary, for its part, was the country member that recorded the largest drop in GDP (-0.7 percent), followed by Latvia (-0.4) and Sweden (-0.1 percent).
The OECD explained that in the case of Japan, the slowdown was due to contractions in investment (-0.3 percent in the third quarter, compared to 1.6 percent in the second) and service exports (-4.2 percent, compared to 9.4 percent), the latter mainly due to lower tourism.
