New Delhi: India has been recognized as the fastest-growing economy among the G20 nations, with the International Monetary Fund (IMF) projecting a 7% GDP growth rate for 2024. This impressive growth rate positions India at the forefront of global economic recovery, highlighting its economic resilience and rapid growth despite ongoing global challenges. Indonesia follows closely in second place, with a forecasted growth rate of 5%, while China ranks third with an expected economic expansion of 4.8%.
The announcement was made at the ongoing G20 summit in Brazil, with a statement from the Indian government on MyGov’s social media platform X, celebrating the achievement. “India takes the lead in the G20 with an impressive 7% GDP growth rate projected for 2024! This achievement underscores India's robust economy, showcasing its resilience and fast-paced growth amidst global challenges,” the post read.
In the rankings, Russia secured the fourth spot with a projected GDP growth of 3.6%. The host country of the G20 summit, Brazil, follows in fifth place with a growth forecast of 3%. The African region is also expected to see 3% growth, indicating a steady recovery in several African economies. The United States is positioned seventh, with a more modest growth projection of 2.8%.
Among the major Western economies, Canada is forecast to grow by 1.3%, while Australia is expected to see a 1.2% growth. France, the European Union, and the United Kingdom are projected to experience growth rates of around 1.1%. Italy’s economy is expected to grow at an even slower pace of 0.7%, while Japan is set to see only a slight increase of 0.3%. Germany, traditionally a leading economy in Europe, is expected to face stagnant growth, with a projected GDP growth rate of zero, marking it as the weakest performer among advanced economies.
Prime Minister Narendra Modi, who arrived in Rio de Janeiro, Brazil, to attend the 2024 G20 summit, was warmly welcomed by Brazilian officials. The two-day summit, which began on November 18, brings together leaders from the world’s 20 largest economies to discuss pressing global issues. This year’s summit takes place amid a challenging global backdrop, with the ongoing climate crisis, conflicts in the Middle East and Europe, and the impact of economic disruptions caused by the COVID-19 pandemic.
The key themes of the 2024 G20 summit include global efforts to combat hunger, poverty, and inequality, as well as driving sustainable development. In addition to these pressing issues, discussions will also center around the need for global governance reforms, including potential changes to international institutions to better address the current global challenges.
All 19 G20 member states — Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, South Africa, Russia, Turkey, the United Kingdom, and the United States — along with the European Union, are participating in this critical summit. The event is seen as a pivotal moment for global leaders to forge cooperation on issues that transcend national borders and require collective action.
The summit is taking place in a highly charged geopolitical environment, where economic recovery and long-term sustainability are key topics of conversation. As the world navigates through the challenges of inflation, supply chain disruptions, and geopolitical tensions, the G20 nations are expected to collaborate on shared goals and offer coordinated responses to safeguard global stability and prosperity.
As India leads the G20’s growth forecast, its emerging role as a key player in the global economic landscape is likely to further strengthen, with its economic performance seen as a beacon of hope amidst a period of global uncertainty.
BI Bureau
