India projected to be fastest growing G20 economy with 7% GDP growth in 2024

India takes the lead in the G20 with an impressive 7% GDP growth rate projected for 2024

India has emerged as the fastest-growing economy among G20 nations, with its GDP growth projected at 7% for 2024. This remarkable growth rate positions India ahead of other major economies, underscoring the country’s robust economic performance amidst global challenges.

According to the latest rankings released during the ongoing G20 Summit in Brazil, India is set to outpace its peers, with Indonesia in second place, projected to grow by 5%. China, the world’s second-largest economy, follows closely in third with a growth forecast of 4.8%.

A post on MyGov’s X (formerly Twitter) platform celebrated the achievement, stating, “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.”

Russia ranks fourth with a projected 3.6% GDP growth, while Brazil, the host of the 2024 G20 Summit, is expected to grow by 3%. The African region is also set for a 3% growth rate, and the United States rounds out the top seven with a more modest 2.8% growth projection.

Among other advanced economies, Canada is expected to grow at just 1.3%, followed by Australia at 1.2%. France, the European Union, and the United Kingdom are in the 1.1% growth category, while Italy is expected to experience a slower pace of growth at 0.7%. Japan’s economic growth is projected to be just 0.3%, and Germany is forecast to experience zero growth in 2024, making it the worst performer among advanced economies.

The G20 Summit, being held on November 18-19 in Rio de Janeiro, is convening world leaders to address pressing global challenges, including the ongoing climate crisis, conflicts in the Middle East and Europe, and issues related to hunger, poverty, and inequality. Sustainable development and global governance reforms are also central themes of the two-day event.

Prime Minister Narendra Modi arrived in Rio de Janeiro to a warm welcome, joining leaders from the 19 G20 member states—including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, South Africa, Russia, Turkey, the UK, the USA, and the European Union.

As the summit progresses, attention is focused not only on economic growth but also on collaborative efforts to tackle global challenges, with India’s strong economic performance standing as a testament to its growing influence on the world stage.

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