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G-20 economic growth slows to 3.2% in 2022

Gross domestic product (GDP) growth in the G-20 area eased to 3.2% on an annual basis in 2022, according to official data released on Wednesday.

This followed 6.3% annual growth in 2021 when economies started shaking off the COVID-19 pandemic’s initial impact, the Organization for Economic Co-operation and Development (OECD) said in a statement.

Among G-20 countries, Saudi Arabia saw the highest annual growth last year with 8.7%, followed by India (6.7%), Türkiye (5.6%), and Indonesia (5.3%).

Japan ranked last with 1.0% growth in 2022.

In 2022’s last quarter, GDP in the G-20 area increased 0.3% from the previous quarter. The figure marked a fall from 1.4% growth in the third quarter.

Growth slowed or turned to negative in most countries in the October-January period last year.

The Chinese economy stagnated in the last quarter after growing 3.9% in the third quarter.

In South Africa, GDP decreased 1.3%, following growth of 1.8% in the third quarter.

Both Germany and South Korea saw contractions of 0.4%, followed by Brazil (0.2%) and Italy (0.1%).

On the other hand, growth surged in Indonesia (2.2%) and Saudi Arabia (1.3%).

Türkiye’s GDP increased 0.9% after a slight contraction in the third quarter, according to OECD data.

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