Turkey Leads G20 in Economic Growth at the End of 2024

According to the Organization for Economic Cooperation and Development (OECD), Turkey demonstrated the highest economic growth rates among G20 countries in the fourth quarter of 2024, increasing its GDP by 1.7%. This allowed the country to surpass economies such as China, India, and Indonesia.

Global Economic Trends

Overall, the economy of the G20 countries grew by 0.9% during the reporting period. Following Turkey, China and India recorded a growth of 1.6%, while Indonesia showed an increase of 1.2%.

The U.S. economy grew by 0.6%, the European Union countries by 0.4%, and the UK showed a marginal increase of 0.1%. Meanwhile, economic activity declined in Germany (-0.2%) and France (-0.1%), while Mexico's economy contracted by 0.6%.

According to preliminary OECD estimates, the total annual economic growth of the G20 countries in 2024 was 3.2%, slightly lower than the 3.4% recorded in 2023.

Turkey Among the Leaders in Annual Growth

India led the way in annual economic growth (6.7%), followed by China and Indonesia (5% each), while Turkey recorded a growth of 3.2%, surpassing the average rates of developed countries.

Turkey’s Achievements in Other Sectors

In addition to strong economic performance, Turkey has achieved significant success in other areas:

• Industrial growth – a 4.5% increase in production volumes in 2024.

• Export expansion – record exports of goods and services exceeding $270 billion.

• Tourism sector – over 60 million tourists visited the country, setting a historical record.

• Technological investments – Turkey entered the top ten countries leading in startup development and venture capital attraction in the region.

• Infrastructure development – launch of new transport and energy projects, including railway expansion and the construction of new logistics centers.

Strong macroeconomic indicators and advancements in key industries position Turkey as one of the most dynamically developing economies within the G20, attracting the attention of investors and international organizations.