G20 Economies Show Strong Growth in Q1 2024

The Gross Domestic Product (GDP) of the G20 nations, a group of major economies, experienced a 0.9% increase in the first quarter of 2024 compared to the previous quarter. This data was released by the Organisation for Economic Co-operation and Development (OECD), an international organization that analyzes economic trends. The growth rate of 0.9% was higher than the 0.7% growth seen in the final quarter of 2023, indicating a positive trend in the global economy.

The primary drivers of this growth were China and India, two of the largest economies in the world. Additionally, countries like Türkiye, Saudi Arabia, Korea, and Indonesia also showed stronger GDP growth rates compared to the G20 average, contributing to the overall positive performance of the group.

• Türkiye led with the highest quarterly growth rate of 2.4% in the period from January to March.
• India followed closely with a growth rate of 1.9%, showcasing its economic resilience.
• China, a major player in the global economy, recorded a growth rate of 1.6% in the same period.
• Saudi Arabia, Korea, and Indonesia also demonstrated robust growth rates of 1.4%, 1.3%, and 1.2% respectively.
• The United States saw a modest increase of 0.3% in its GDP, reflecting steady economic performance.
• On the other hand, Japan experienced a slight contraction of 0.5% in its GDP during the first quarter.

On an annual basis, the G20 economies maintained a stable economic growth rate of 3.3% in the first quarter of 2024 compared to the same period in 2023. India stood out with the highest year-on-year growth at 8.4%, showcasing its strong economic momentum. Türkiye followed closely with a growth rate of 7.4%, indicating a robust performance in the Turkish economy. However, Saudi Arabia recorded a contraction of 1.5% on an annual basis, highlighting the challenges faced by some economies within the G20.

The positive growth trends observed in the G20 economies in the first quarter of 2024 indicate a promising start to the year. With countries like India, Türkiye, and China leading the way in economic expansion, there are opportunities for continued growth and development. It is essential for policymakers and businesses to monitor these trends closely and implement strategies that support sustainable economic progress for the benefit of all citizens.