https://en.sputniknews.africa/20250323/russias-gdp-growth-in-2024-third-largest-among-g20-states-1071219697.html
Russia's GDP Growth in 2024 Third-Largest Among G20 States
Russia's GDP Growth in 2024 Third-Largest Among G20 States
Sputnik Africa
MOSCOW (Sputnik) - The G20, or Group of 20, is an intergovernmental forum consisting of 19 countries, the European Union (EU), and the African Union (AU). It... 23.03.2025, Sputnik Africa
2025-03-23T09:48+0100
2025-03-23T09:48+0100
2025-03-24T16:34+0100
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Russia was ranked third in terms of economic growth in the G20 in 2024, according to an analysis of national statistical services conducted by Sputnik. India's economy grew the most last year, although its growth rate slowed to 6.7% from 8.8% in 2023. Second place was shared between China and Indonesia, both boasting a 5% GDP growth last year. At the same time, while the Chinese economy faced a slight decrease in growth rates by 0.2 percentage points, the Indonesian economy maintained its dynamics unchanged. Russia rounds out the top three; its economy increased by 4.1% year-on-year for the second year in a row. Brazil came in fourth, with GDP growth accelerating to 3.4% from 3.2% a year earlier. Turkey (the only non-BRICS country in the top 5) came in fifth, with its growth rate slowing sharply to 3.2% from 5.1% the year before. The two major economies to see a downturn last year were Argentina and Germany, which saw their GDPs continue to shrink for the second year in a row. The Latin American country is currently going through painful reforms under new President Javier Milei, and against this backdrop, its GDP fell by 1.7% after 1.6% a year earlier. Meanwhile, the German economy is struggling due to sanctions against Russia and intense competition from China in its key markets, causing it to contract by another 0.2% last year after 0.3% the year before. Saudi Arabia was able to overcome the 2023 recession and return to a 1.3% growth last year. South Korea's GDP growth improved to 2% in 2024 against 1.4% the year before last; so did the United Kingdom, improving to 0.9% from 0.4%. The remaining countries either faced unchanged growth rates or a slowdown. The first group includes Italy (0.7%), France (1.1%), and Canada (1.5%). In the second group, the growth rates fell most noticeably in Japan — to 0.1% from 1.9%, Australia — to 1% from 2%, and a 0.1 percentage point decrease was recorded in South Africa (0.6%) and the United States (2.8%).
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Russia's GDP Growth in 2024 Third-Largest Among G20 States
MOSCOW (Sputnik) - The G20, or Group of 20, is an intergovernmental forum consisting of 19 countries, the European Union (EU), and the African Union (AU). It addresses major global economic issues, including financial stability, climate change, and sustainable development, through annual summits of Heads of State and Government.
Russia was ranked third in terms of economic growth in the G20 in 2024, according to an analysis of national statistical services conducted by
Sputnik.
India's economy grew the most last year, although its growth rate slowed to 6.7% from 8.8% in 2023. Second place was shared between China and Indonesia, both boasting a 5% GDP growth last year. At the same time, while the Chinese economy faced a slight decrease in growth rates by 0.2 percentage points, the Indonesian economy maintained its dynamics unchanged.
Russia rounds out the top three; its
economy increased by 4.1% year-on-year for the second year in a row. Brazil came in fourth, with GDP growth accelerating to 3.4% from 3.2% a year earlier. Turkey (the only non-BRICS country in the top 5) came in fifth, with its growth rate slowing sharply to 3.2% from 5.1% the year before.
The two major economies to see a downturn last year were Argentina and Germany, which saw their GDPs continue to shrink for the second year in a row. The Latin American country is currently going through painful reforms under new President Javier Milei, and against this backdrop, its GDP fell by 1.7% after 1.6% a year earlier. Meanwhile, the German economy is struggling due to sanctions against Russia and intense competition from
China in its key markets, causing it to contract by another 0.2% last year after 0.3% the year before.
Saudi Arabia was able to overcome the 2023 recession and return to a 1.3% growth last year. South Korea's GDP growth improved to 2% in 2024 against 1.4% the year before last; so did the United Kingdom, improving to 0.9% from 0.4%.
The remaining countries either faced unchanged growth rates or a slowdown. The first group includes Italy (0.7%), France (1.1%), and Canada (1.5%). In the second group, the growth rates fell most noticeably in Japan — to 0.1% from 1.9%, Australia — to 1% from 2%, and a 0.1 percentage point decrease was recorded in South Africa (0.6%) and the United States (2.8%).
