G20 experiences 0. 9% GDP growth in the first quarter
G20 economy maintains 3. 3% annual growth in January-March, consistent with the previous quarter
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The Group of 20 (G20) economies recorded a 0.9% growth in their GDP in the first quarter of this year, according to data released by the Organization for Economic Cooperation and Development (OECD). This represents an acceleration from the 0.7% growth seen in the final quarter of last year.
China and India were the main drivers of the growth, with both countries recording higher GDP growth than the G20 as a whole. Türkiye also saw significant growth, with a quarterly increase of 2.4%. Other countries that recorded higher GDP growth than the G20 average include Saudi Arabia, Korea, and Indonesia.
The US economy saw a more modest growth of 0.3% in the first quarter, while Japan's economy contracted by 0.5%. On an annual basis, the G20 economies saw stable growth of 3.3% in January-March, compared to October-December 2023.
India recorded the highest year-on-year growth with 8.4%, followed by Türkiye with 7.4%. Saudi Arabia, on the other hand, saw a significant contraction of 1.5%.
The OECD data suggests that the global economy is showing signs of resilience, despite ongoing challenges and uncertainties. The growth figures also highlight the varying performances of different economies, with some countries like India and Türkiye experiencing strong growth while others like Japan are facing contractions.
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