Many of the major global economies are witnessing slowing economic growth observed the market daily Business Standard. The gross domestic product (GDP) of some of the world’s largest economies — the US, Japan, Germany and the UK — grew less than 1 percent in the fourth quarter, with China being an exception, it stated quoting 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, data released on Tuesday showed.
India's economic growth slowed down to 4.4 percent in the third quarter of 2022-23 mainly due to poor performance of the manufacturing sector. In October-December 2021, the economy grew by 11.2 percent and by 6.3 percent in the July-September 2022 quarter, according to data released by the National Statistical Office (NSO) 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, noted the report. China, however, showed some signs of resilience after being affected by a severe wave of Covid-19 in 2022, it added.
The OECD’s economic outlook suggests 5.7 percent real GDP growth for India in 2023 compared to 6.6 percent in 2022, informed BS.
Two others among the top five largest economies are projected to record lower growth, it further pointed out. The US is expected to grow 0.5 percent in 2023 compared to 1.8 percent in 2022 whereas Germany is expected to see its GDP shrink by 0.3 percent in 2023, compared to a 1.8 percent gain in 2022, highlighted the report. Meanwhile, China and Japan are expected to do better than before, it added.
Japan is expected to grow 1.8 percent in 2023 versus 1.6 percent in 2022 and china's GDP growth is expected to rise to 4.6 percent in 2023 as against 3.3 percent in 2022, noted the report.