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%).
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
