Gross domestic product
In 2020-Q4, most selected countries (except China) have significantly lower GDP levels than in the same quarter of the previous year (-3.4% in OECD countries). More targeted containment measures and increased government spending, however, seem to have avoided even sharper decreases in GDP levels, like those observed during the first wave of the COVID-19 pandemic crisis. The average GDP of OECD countries increased by 0.7% relative to the previous quarter of the year. From 2021, the OECD predicts that, on average, GDP will grow at annual rates that range between 4% and 5.5% in all selected countries, as economic activity transits towards normality.