Three out of five large economies show pick-up in growth, shows data

Three of the five largest economies outside India have shown faster growth in the latest quarter, compared to the previous one. China, Japan and the United States all show stronger economic growth in the first quarter of 2023 than they did in the last quarter of 2022, according to analysis based on data from the Paris-based Organisation for Economic Co-operation and Development. 

China’s GDP growth rate rose from 2.9 per cent in the last quarter of 2022 to 4.5 per cent in the first quarter of 2023. For the US, it rose from 0.9 per cent to 1.6 per cent, while Japan grew at 1.3 per cent in the first quarter of 2023, compared to 0.4 per cent in the previous one. 

The UK and Germany were among those who have been in the midst of a slowdown (chart 1). The annual forecast for these large economies also shows signs of a slowdown in the near future. With a growth rate forecast of 7.7 per cent in 2024, compared to 5 per cent in 2023, India is expected to be the fastest growing major economy in 2024.