 "Economic growth, GDP")
The latest quarterly economic growth rate figures of India’s peers among large economies have broadly seen an improvement.
China, Japan, the United States (US), and the United Kingdom (UK) have shown a stronger rate of gross domestic product (GDP) growth in the second quarter (Q2) of calendar year 2023 (CY23) compared to the previous quarter, shows data from the Paris-based Organisation for Economic Co-operation and Development (OECD). Germany’s negative growth moderated in the second quarter. These five are the largest economies if one excludes India.
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China’s GDP grew by 6.3 per cent in Q2 CY23 compared to 4.5 per cent in the previous quarter. Japan’s economy grew by 2.1 per cent in the same quarter from 1.9 per cent in the previous one. The US, on the other hand, grew by 2.5 per cent in Q2 compared to 1.8 per cent in Q1 CY23. Growth rose to 0.4 per cent in the UK compared to 0.2 per cent in the previous quarter, while Germany saw a lower contraction than previously (chart 1).
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Despite the uptick in growth in these economies, the latest OECD update on GDP forecasts shows a overall slowdown in advanced economies and many of India’s economic peers. The economy in China is expected to grow at 5.1 per cent in CY24 compared to 5.4 per cent in CY23. This is also true of the US and Japan (chart 2).
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