Economic output in the Organisation for Economic Co-operation and Development remained below pre-coronavirus levels even as big economies within the bloc grew in the second quarter of 2021.
The average OECD growth rate was 1.6 per cent in the second quarter, up from 0.6 per cent in the first quarter, but it fell behind the gross domestic product levels of the fourth quarter of 2019, the Paris-based organisation said on Monday.
"When comparing economic activity in the second quarter of 2021 with pre-pandemic levels of the fourth quarter of 2019, GDP still lags behind for the OECD area as a whole [by] minus 0.7 per cent," the OECD said.
The OECD group of major world economies includes a number of countries in the Eurozone, as well as the US, Japan and the UK.
In May, the group raised its forecast for global economic growth to 5.8 per cent in 2021, up from an earlier projection of 4.2 per cent, as Covid-19 vaccination campaigns in many advanced economies improve business conditions and as the US government proceeds with massive fiscal stimulus.
In its latest report, the OECD said the UK recorded the strongest growth of 4.8 per cent in the second quarter of 2021, swinging from a contraction of 1.6 per cent in the previous quarter. This was followed by Italy with an expansion of 2.7 per cent, up from 0.2 per cent in the previous quarter.
Economic growth also increased in other major economies within the OECD, but to a lesser extent. In the US and Germany, GDP grew by 1.6 per cent, compared with an expansion of 1.5 per cent for the former and a contraction of 2 per cent for the latter in the previous quarter.
In France, GDP grew by 0.9 per cent in the second quarter, little changed from the previous three months, while Japan's economy expanded 0.3 per cent after shrinking 0.9 per cent in the previous quarter.
Canada recorded 0.6 per cent growth, down from 1.4 per cent in the previous quarter, making it the only "Major Seven" economy to register a slower growth rate in the second quarter.
The OECD's "Major Seven" economies are Canada, France, Germany, Italy, Japan, the UK and the US.
In the euro area and the EU, GDP growth turned positive in the second quarter of 2021, to 2 per cent and 1.9 per cent, respectively, after declining by 0.3 per cent and 0.1 per cent in the previous quarter.
When comparing economic activity in the second quarter of 2021 with pre-pandemic levels in the fourth quarter of 2019, the UK recorded the largest gap (minus 4.4 per cent), followed by Italy (minus 3.8 per cent) and France and Germany (both at minus 3.3 per cent).
The US is the only "Major Seven" economy that returned to pre-pandemic levels in the second quarter of 2021, with GDP exceeding pre-pandemic growth by 0.8 per cent.
Job creation must be at the heart of the recovery, the OECD said in July, with many nations unlikely to return to pre-coronavirus employment levels until the end of 2022.
Economic and labour market recovery will remain precarious while vaccination rates are uneven, because of new and more virulent Covid-19 strains, Mathias Cormann, the OECD’s secretary general, said at the time.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
BMW M5 specs
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Mohammed bin Zayed Majlis
The five pillars of Islam
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
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