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The U.S. is the first Group of Seven economy to return to a pre-pandemic level of output, leaving behind European peers that suffered sharper contractions when Covid-19 struck. According to the OECD’s second quarter GDP data, its 38 members as whole also haven’t reached pre-crisis readings, even as growth for the group accelerated to 1.6% in the period from 0.6% at the start of the year. While the U.K. recorded the G-7’s strongest second-quarter expansion, it has the largest gap to close to get back to activity levels seen before the coronavirus outbreak.
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