In the so-called Group of Twenty countries, the group of the 20 largest economies in the world, GDP growth in the third quarter was 0.3% compared to the previous quarter, as announced on Wednesday in a statement issued by the Organization for Economic Co-operation and Development (OECD).
Despite the growth, there was a clear slowdown, as in the third quarter of last year the G-20 recorded a 1.4% increase in GDP.
Overall, 2022 was a somewhat unstable year for these countries, with growth from “0.7% in the first quarter of 2022 to minus 0.2% in the second quarter, before picking up and falling again in the third and fourth quarters.”
The slowdown was mainly due to trends in China, which accounted for nearly a quarter of the G20’s GDP. The OECD note notes that “Growth in China declined from 3.9% in the third quarter of 2022 to zero in the fourth quarter, as the easing of COVID-19 restrictions was accompanied by a rapid spread of infections affecting various sectors of the economy.” .
But China was not alone: in South Africa, GDP shrank by 1.3%, in Germany and Korea it fell by 0.4%, in Brazil it fell by 0.2%, and in Italy it fell by 0.1%.
On the other hand, GDP grew in Indonesia (2.2%), Saudi Arabia (1.3%) and Turkey (0.95). In Canada, Japan and the United Kingdom, there was no significant difference.
Thus, first estimates of G20 GDP growth in 2022 point to an increase of 3.2% – about half of the growth achieved in 2021 (6.3%).
Among the G20 countries, Saudi Arabia recorded the highest annual growth rate in 2022 (8.7%), followed by India (6.7%), Turkey (5.6%) and Indonesia (5.3%). Japan recorded the lowest growth (1%).
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