Türkiye Demonstrates Highest Economic Growth Among G20 Countries

According to data from the Organization for Economic Cooperation and Development (OECD) for the first quarter of this year, the average economic growth of G20 countries was 0.9%. During this period, Türkiye showed the highest growth among the G20 countries at 2.4%.

Overall economic growth in G20 countries slightly increased compared to 0.7% in the previous quarter. The main drivers of growth in the G20 were the economies of China and India. Higher growth rates were recorded in China, India, Türkiye, Saudi Arabia, South Korea, and Indonesia compared to other G20 countries.

Following Türkiye, India ranked second with a growth rate of 1.9%, followed by China (1.6%), Saudi Arabia (1.4%), South Korea (1.3%), and Indonesia (1.2%).

Saudi Arabia's economy recovered in the first quarter after a 0.6% decline in the last quarter of the previous year. Economic growth in China, South Korea, and Türkiye increased compared to the last quarter of last year, while in India and Indonesia, it slightly decreased.

In the first quarter, the US economy grew by 0.3%, indicating a slowdown compared to 0.8% in the previous quarter. Japan's economy contracted by 0.5%, and South Africa's by 0.1%. Economic indicators improved in Brazil, the United Kingdom, and Germany compared to the last quarter of 2023.

On an annual basis, economic growth in G20 countries in the first quarter was 3.3%. India took first place with a growth rate of 8.4%, followed by Türkiye with 7.4%.