India Leads G20 Economic Growth With Projected 7% GDP Increase In 2024

India is likely to outpace its peers in the G20 group with a projected 7% GDP growth for 2024, making it the fastest growing economy among the world’s largest economies.

Following India, Indonesia is likely to achieve a 5% growth, while China will likely grow at 4.8%, securing the third position, according to the latest figures released at the ongoing G20 summit in Brazil.

Taking to X, MyGov posted, “India takes the lead in the G20 with an impressive 7% GDP growth rate projected for 2024!”

“This achievement highlights India’s robust economy, showcasing its resilience and fast-paced growth amidst global challenges,” the post added.

The G20 summit, taking place in Rio de Janeiro on 18 and 19 November, has become the focal point for global discussions on economic health amidst ongoing geopolitical tensions and the climate crisis.

Russia follows in the fourth spot with a 3.6% projected GDP growth, while host country Brazil ranks fifth with a 3% growth.

The African region shows growth potential at 3%, while the United States will likely see a more modest increase of 2.8%, ranking seventh on the list.

Canada and Australia are both to experience slow growth, with GDP increases of 1.3% and 1.2% respectively.

Among the European powers, France, the EU, and the UK are likely to grow at 1.1%, while Italy’s economy will likely expand at a slower pace of 0.7%.

Japan is projected to experience just 0.3% growth, and Germany is expected to struggle with zero growth, positioning it as the worst performer among advanced economies.

PM Modi Arrives In Rio For G20 Summit; Focus On Global Challenges

Prime Minister Narendra Modi arrived in Rio de Janeiro to a warm reception as he prepared to attend the summit.

The focus of the two-day gathering will be on addressing critical global challenges such as hunger, poverty, inequality, sustainable development, and the urgent need for reforms in global governance.

All 19 G20 members – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Saudi Arabia, South Africa, Russia, Turkey, the UK, the USA, and the European Union are participating in the summit.

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