Global developments reflect on growth data of national economies

ANKARA

While the eurozone economies are searching for their course in the shadow of wars and conflicts following the COVID-19 pandemic, the growth trend in Asian countries continues.

Among the G20 countries, Asian countries remained in first place, while India showed the fastest growth among the 20 largest economies with 6.7% in the second quarter of this year compared to the same period last year.

Indonesia follows with a growth rate of 5.05% and China with 4.7%.

Russia, despite its war with Ukraine, grew by 4%, while the US ranked fifth with 3.1% growth in the second quarter compared to the same period of 2023.

Maintaining its growth trend for 16 quarters, Türkiye ranked eighth among developing countries with a growth rate of 2.5%.

South Korea ranked ninth on the list with 2.3% and Mexico ranked 10th with 2.1%.

In the April-June period of this year, the European Union’s economy grew by 0.8% and the eurozone economy by 0.6% compared to the same period of 2023.

On the other hand, the economy’s growth rate in Germany, one of the locomotive countries of the EU, remained at zero percent.

Saudi Arabia was the only G20 country to experience a contraction, at 0.4%.

Among the Organization for Economic Co-operation and Development (OECD) member countries, Türkiye ranked in the top five with a growth rate of 2.5%, followed by Norway with 4.2%, Poland with 3.2%, the US with 3.1% and Spain with 2.9%.

Ireland was the OECD country whose economy contracted the most, at 1.4%.

Since the start of the Israel-Hamas war on Oct. 7 last year, the economy of Israel, which has continued its attacks on Gaza, spreading the war to other regions, contracted by 1.24% in the first quarter of the year and 1.35% in the second quarter.

In addition, Finland's economy contracted by 1.2%, Estonia's economy by 1% and Iceland's economy by 0.3% in the period.

*Writing by Sahika Malkoc