Türkiye leads G20 with strongest economic growth in first quarter

Türkiye emerged as the G20’s economic growth leader in the first quarter of 2024. While the average growth across the G20 nations was a modest 0.9%, Türkiye surged ahead with an impressive 2.4% increase.

According to preliminary economic growth data for the first quarter released by the Organisation for Economic Co-operation and Development (OECD), economic growth in G20 countries slightly increased from 0.7% in the previous quarter to an average of 0.9% in the first quarter of this year.

The main drivers of this economic performance were the growth in China and India. China, India, Türkiye, Saudi Arabia, South Korea, and Indonesia recorded higher growth rates than the G20 average.

Türkiye achieves highest growth

Türkiye led the G20 with a 2.4% growth rate, followed by India at 1.9%, China at 1.6%, Saudi Arabia at 1.4%, South Korea at 1.3%, and Indonesia at 1.2%.

Saudi Arabia’s economy rebounded in the first quarter of this year, following a 0.6% contraction in the last quarter of the previous year.

Economic growth in China, South Korea and Türkiye increased compared to the last quarter of the previous year, while it slightly declined in India and Indonesia.

US economy grows by 0.3%

The U.S. economy grew by 0.3% in the first quarter of this year, indicating a slowdown compared to the 0.8% growth in the previous quarter.

Japan’s economy contracted by 0.5%, and South Africa’s by 0.1%. Brazil, the United Kingdom, and Germany showed economic recovery in the first quarter of this year after contracting in the last quarter of 2023.

India records highest annual growth

On an annual basis, economic growth in G20 countries for the first quarter of this year was 3.3%. India recorded the highest annual growth at 8.4%, followed by Türkiye at 7.4%.

Saudi Arabia’s economy contracted by 1.5% annually in the first quarter of this year, the highest contraction among G20 countries.

What is G20?

The G20 was formed in 1999 after several economic crises, including the 1997 Asian financial crisis. It includes longtime industrialized and developing countries. It describes itself as the “premier forum for international economic cooperation”.