Slowing GDP growth in India mirrors the trend in top global economies

Many of the major global economies are witnessing slowing economic growth. The gross domestic product (GDP) of some of the world’s largest economies — the US, Japan, Germany and the UK —grew less than 1 per cent in the fourth quarter, with China being an exception, according to the data from the Paris-based Organisation for Economic Co-operation and Development (OECD).

These are the top five economies in the world, excluding India. India’s growth rate has also been slowing after a stellar second quarter, showed data released on Tuesday.

The larger downtrend for all major economies, according to OECD data, is in some parts due to the high growth seen earlier after a pandemic-induced fall. China showed some signs of resilience after being affected by a severe wave of Covid-19 in 2022.

The OECD’s economic outlook suggests 5.7 per cent real GDP growth for India in 2023 compared to 6.6 per cent in 2022.  Two others among the top five largest economies are projected to record lower growth. The US is expected to grow 0.5 per cent compared to 1.8 per cent earlier. Germany is expected to see its GDP shrink by 0.3 per cent, compared to a 1.8 per cent gain in 2022. China and Japan are expected to do better than before.