On the 12th of June, 2024, the Group of Twenty (G20) reported a modest rise in collective gross domestic product (GDP), increasing by 0.9% from the previous quarter, marking a slight improvement over the 0.7% growth seen earlier.
Leading this economic upswing were China and India, who, along with Türkiye, Saudi Arabia, Korea, and Indonesia, surpassed the overall G20 growth rate. Türkiye experienced the most robust expansion at 2.4%, followed by India at 1.9%, China at 1.6%, Saudi Arabia at 1.4%, Korea at 1.3%, and Indonesia at 1.2%. Notably, Saudi Arabia rebounded from a previous contraction of 0.6% at the end of 2023. Among these nations, China, Korea, and Türkiye saw an uptick in their growth rates in comparison to the last quarter, whereas India and Indonesia witnessed marginal declines.
Conversely, other G20 members exhibited weaker growth trajectories. The United States’ GDP growth decelerated to 0.3%, down from 0.8%. Japan faced a contraction of 0.5%, and South Africa’s economy shrank by 0.1%. In contrast, Brazil, the United Kingdom, and Germany each made a recovery from previous contractions, posting growth figures of 0.8%, 0.6%, and 0.2%, respectively. Additionally, Canada, Mexico, and the European Union all reported growth of 0.4%, 0.3%, and 0.3%, respectively, after stagnating in the prior quarter.
Year-on-year comparison reveals that the G20’s GDP increased by 3.3% in the first quarter of 2024, consistent with the growth rate from the same period in the prior year. India achieved the highest annual growth rate at 8.4%, followed by Türkiye at 7.4%, while Saudi Arabia experienced the most significant downturn with a 1.5% decrease.
In economic proportions within the G20, China’s GDP accounted for 22.6%, and India’s 8.6%, as of the year 2022.