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India Emerges as Fastest Growing Economy Among G20 Nations in 2023
India Emerges as Fastest Growing Economy Among G20 Nations in 2023
Sputnik India
India emerged as the fastest-growing economy among G20 countries in 2023, with India's gross domestic product (GDP) growth increasing to 7.3 percent from 7.2 percent the year before.
2024-03-31T13:39+0530
2024-03-31T13:39+0530
2024-03-31T13:39+0530
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India emerged as the fastest-growing economy among G20 countries in 2023, with India's gross domestic product (GDP) growth increasing to 7.3 percent from 7.2 percent the year before, official data from various governments analysed by Sputnik has shown.The BRICS nations dominated the G7 bloc in terms of combined economic growth in 2023 among the G20 nations, Brazil and South Africa also recorded economic growth of 0.6 per cent and 2.9 per cent respectively, slightly lower than GDP growth in these BRICS countries last year.Saudi Arabia, which has formally joined the BRICS, saw its GDP growth decline by 0.8 per cent, compared to an expansion of 7.5 per cent in 2022.Meanwhile, Argentina, which has suspended its BRICS bid under new President Javier Milei, posted negative GDP growth of 1.6 per cent. South America's second largest economy had grown by 5 per cent in the previous fiscal year.Among other non-Western countries, Mexico's GDP grew by 3.2 per cent, down from 3.9 per cent in 2022.Indonesia, which recorded GDP growth of 5.1 per cent, was the third fastest growing economy in the G20 after India and China, according to the data analysis.Meanwhile, Turkiye's GDP growth rate falls from 5.5 per cent in 2022 to 4.5 per cent in 2023.GDP Growth Rates Across G7 Slow Down ConsiderablyThe GDP growth rates in major G7 economies, including the United Kingdom (UK), Germany, Italy, France and Canada, have slowed down in 2023, according to Sputnik's analysis.The UK was the biggest loser in terms of GDP growth in 2023, with growth slowing by almost 43 times compared to 2022. In Italy, economic growth slowed by a factor of four, while in France and Canada it fell by almost three times.Germany experienced negative GDP growth of 0.8 per cent in 2023, compared to 1.8 per cent growth last year.In the European Union (EU), which is also a member of the G20, GDP growth fell from 3.4 per cent to 0.4 per cent.However, the US and Japan barely managed to buck the G7's slowing growth trend.While the US economy grew by 2.5 per cent in 2023 compared to 1.9 per cent last year, Japan's GDP grew by 1.9 per cent compared to 1 per cent in 2022.
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India Emerges as Fastest Growing Economy Among G20 Nations in 2023
India, China, Indonesia, Russia and the US are the fastest growing economies among the G20 countries in 2023.
India emerged as the fastest-growing economy among G20 countries in 2023, with India's gross domestic product (GDP) growth increasing to 7.3 percent from 7.2 percent the year before, official data from various governments analysed by Sputnik has shown.
The BRICS nations dominated the G7 bloc in terms of combined economic growth in 2023 among the G20 nations,
India and China remained the world's fastest growing major economies last year. China's economy expanded by 5.2 percent compared to 3 percent the year before.
Russia, which holds the BRICS presidency this year, has become the fifth fastest growing economy in the G20. Russia's economy grew by around 3.6 per cent in 2023, almost making up for last year's 1.2 per cent contraction in the wake of disruptions caused by Western sanctions over Ukraine.
Brazil and South Africa also recorded economic growth of 0.6 per cent and 2.9 per cent respectively, slightly lower than GDP growth in these BRICS countries last year.
Saudi Arabia, which has formally joined the BRICS, saw its GDP growth decline by 0.8 per cent, compared to an expansion of 7.5 per cent in 2022.
Meanwhile, Argentina, which has suspended its BRICS bid under new President Javier Milei, posted negative GDP growth of 1.6 per cent. South America's second largest economy had grown by 5 per cent in the previous fiscal year.
Among other non-Western countries, Mexico's GDP grew by 3.2 per cent, down from 3.9 per cent in 2022.
Indonesia, which recorded GDP growth of 5.1 per cent, was the third fastest growing economy in the G20 after India and China, according to the data analysis.
Meanwhile, Turkiye's GDP growth rate falls from 5.5 per cent in 2022 to 4.5 per cent in 2023.
GDP Growth Rates Across G7 Slow Down Considerably
The GDP growth rates in major G7 economies, including the United Kingdom (UK), Germany, Italy, France and Canada, have slowed down in 2023, according to Sputnik's analysis.
The UK was the
biggest loser in terms of GDP growth in 2023, with growth slowing by almost 43 times compared to 2022. In Italy, economic growth slowed by a factor of four, while in France and Canada it fell by almost three times.
Germany experienced negative GDP growth of 0.8 per cent in 2023, compared to 1.8 per cent growth last year.
In the European Union (EU), which is also a member of the G20, GDP growth fell from 3.4 per cent to 0.4 per cent.
However, the US and Japan barely managed to buck the G7's slowing growth trend.
While the US economy grew by 2.5 per cent in 2023 compared to 1.9 per cent last year, Japan's GDP grew by 1.9 per cent compared to 1 per cent in 2022.
