Parul
India is projected to be the fastest growing economy among the G20 countries with a 7 per cent GDP growth rate for 2024, followed by Indonesia in the second spot with 5 per cent while China is ranked third with an economic growth rate of 4.8 per cent.
“India takes the lead in the G20 with an impressive 7 per cent GDP growth rate projected for 2024! This achievement highlights India’s robust economy, showcasing its resilience and fast-paced growth amidst global challenges,” a MyGov post on X said after the rankings were released at the ongoing G20 summit in Brazil.
Russia has been ranked fourth on the list with a projected GDP growth rate of 3.6 per cent, followed by summit host, Brazil (3 per cent) in the 5th spot.
The African region comes next with 3 per cent while the US is placed at the 7th spot with its projected GDP growth at 2.8 per cent.
Among the western powers, Canada is expected to grow at 1.3 per cent, followed by Australia at 1.2 per cent. France, the EU, and the UK have been clubbed in the 1.1 per cent slow growth category while Italy is expected to grow at an even slower pace of 0.7 per cent, followed by Japan at 0.3 per cent.
Germany is seen as the worst performer among the advanced countries with a projected growth rate of zero.
Meanwhile, Prime Minister Narendra Modi arrived to a warm welcome in Rio de Janeiro, Brazil for the G20 2024 which is being held on November 18 and 19.
The focus of the summit, being held amid the ongoing climate crisis and conflict in the Middle East and Europe, is on the fight against hunger, poverty and inequality; sustainable development and global governance reforms. All 19 G20 member states – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Saudi Arabia, South Africa, Russia, Turkiye, UK and the USA and the European Union – are attending the two-day summit.
Barring Africa, the per capita GDP is the lowest in India. So, the highest economic growth rate in India is not unexpected.