The economies of the Group of Twenty (G20) member states grew by 0.7% in the second quarter of 2023, according to estimates by the Organization for Economic Co-operation and Development (OECD) released on Thursday, September 14.
GDP growth in the 20 most industrialized economies slowed compared to the first quarter of the year, when there was a 1% increase.
The Organization for Economic Cooperation and Development explained in a statement that “the slowdown in the G20 region in the second quarter of 2023 reflects the slowdown in the economy in China, as GDP growth slowed to 0.8%, compared to 2.2% in the previous quarter.”
The organization adds that “the decline in G20 merchandise trade in the second quarter of 2023 also contributed to the economic slowdown” in the region.
Brazil and India recorded a slowdown in economic growth from the first quarter to the second quarter, from 1.8% to 0.9%, and from 2.1% to 1.9%, respectively. Canada and the European Union witnessed recession in the second quarter, while their growth in the first quarter was 0.6% and 0.2%, respectively.
In contrast, GDP decreased in Italy (-0.4%) and Saudi Arabia (-0.1%).
Turkey managed to grow by 3.5% in the second quarter, after declining by 0.1% in the first quarter, with economic growth recorded in France accelerating (GDP increased by 0.5%), Japan (1.2%), and South Africa (0.6%). , United Kingdom (0.2%).
Germany experienced a recession in the second quarter, which halted two consecutive quarters of GDP decline.
The G20 consists of South Africa, Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, the United States, France, India, Indonesia, Italy, Japan, Mexico, the United Kingdom, Russia and Turkey. And by the European Union.
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.
