G20 Economies Show Strong Growth in Q1 2024

The Gross Domestic Product (GDP) of the G20 countries, a group of major economies, showed a positive trend in the first quarter of 2024. According to recent data released by the Organisation for Economic Co-operation and Development (OECD), the combined GDP of these countries increased by 0.9% compared to the previous quarter. This growth rate surpassed the 0.7% growth recorded in the final quarter of 2023. The primary contributors to this growth were China and India, along with Turkey, Saudi Arabia, South Korea, and Indonesia, all of which outpaced the average growth rate of the G20 nations.

Among the G20 countries, Turkey led the pack with the highest quarterly growth rate of 2.4% from January to March. India followed closely with a growth rate of 1.9%, while China, Saudi Arabia, South Korea, and Indonesia recorded growth rates of 1.6%, 1.4%, 1.3%, and 1.2%, respectively. The United States saw a modest 0.3% increase in GDP, whereas Japan experienced a slight contraction of 0.5%.

Looking at the annual performance, the G20 economies maintained a stable 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 rate of 8.4%, followed by Turkey at 7.4%. On the other hand, Saudi Arabia faced a decline with a contraction of 1.5% in its GDP.

The first quarter of 2024 witnessed positive economic growth across the G20 countries, driven by notable performances from emerging economies like India and Turkey. While challenges persist, especially in the face of global uncertainties, the overall outlook remains optimistic. It is crucial for these nations to sustain this growth momentum through strategic policies and international cooperation to ensure long-term economic stability and prosperity.