According to an analysis of the Sputnik Based on data from national statistical services, Russia emerged as the fifth fastest growing economy in the G20 in 2023, recording economic growth of 3.6%, fully offsetting the 1.2% decline seen in 2022.

India topped the ranking with the strongest growth, with its rate accelerating from 7.2% to 7.3% in 2023. Following this, China showed growth of 5.2%, after an increase of 3.0% in the previous year.

Indonesia ranked third, with an increase in GDP of 5.1% compared to 5.3% in 2022. Meanwhile, Turkey’s economic growth slowed from 5.5% to 4.5% in 2023.

In the US, GDP grew from 1.9% to 2.5%, and in Japan, from 1.0% to 1.9%, reflecting an increase in growth rates between 2022 and 2023.

On the other hand, there was a significant slowdown in some G7 countries, with the UK experiencing a 43-fold drop to 0.1%; in Italy, four times, to 0.9%; and in France and Canada, three times, to 0.9% and 1.1%, respectively.

In relation to the other members of the G20, Mexico saw its GDP rise to 3.2%, against 3.9% in 2022, while in Australia it was 2.7%, against 3.7%, and in South Korea, of 1.4%, against 2.6%. However, in the European Union, economic growth fell from 3.4% to 0.4%.

BRICS members Brazil and South Africa recorded growth, with the former reaching 2.9% compared to 3.0% the previous year, and the latter seeing a slowdown from 1.9% to 0.6%.

Argentina, in turn, was the last G20 country to release GDP data for 2023, recording a contraction of 1.6% compared to growth of 5.0% a year earlier.

Saudi Arabia and Germany also recorded declines, of 0.8% and 0.3%, respectively, after increases of 7.5% and 1.8%, respectively, in the previous year.


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