LOC19:17
16:17 GMT
KUWAIT, Nov 23 (KUNA) -- The Organization of Arab Petroleum Exporting Countries (OAPEC) said that global economy has begun to recover in this year's third quarter after recording a second quarter contraction, described as the "fastest" due to the coronavirus pandemic.
This recovery coincides with the resumption of economic activity and the easing of COVID-19 restrictions and precautionary measures in most countries, the regional cartel added in its quarterly report on global oil market conditions.
It went on to point out to an increasing state of uncertainty for the rest of 2020 surrounding the pace of this global economic recovery in light of the start of another wave of infections.
Economic activity has returned to growth in most global economies, during the third quarter, with the support of government stimulus measures, including those to support and stimulate facilitative monetary policies adopted by major central banks, aimed at mitigating the negative repercussions of the virus.
It also pointed out a decline in unemployment rates amid a recovery in retail sales, consumer spending and industrial and service activities, especially in the Eurozone and the US, whose economies witnessed a record growth of 33.1 percent during the third quarter.
Also, the global demand for energy has witnessed a remarkable improvement rate and the volume of global trade has increased in light of the continued adherence of OPEC+ countries to their agreed production cuts. (end)
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