(MENAFN) Official figures released by the Organization for Economic Cooperation and Development (OECD) revealed that the gross domestic product (GDP) across its member countries experienced a 1.7 percent increase in 2023 compared to the previous year. This data, disclosed on Wednesday, signified a decrease in the annual GDP growth rate from 2.9 percent recorded in 2022. Within the G20 nations, which represent the world's major economies, the GDP growth rate remained steady at 3.2 percent in the fourth quarter of 2023, unchanged from the previous year.
Among the G20 countries, India emerged with the highest annual economic growth rate in 2023, registering at 7.7 percent, followed by China at 5.2 percent, and Türkiye at 4.5 percent. However, some economies within the G20 experienced contractions, with Saudi Arabia and Germany posting declines of 0.8 percent and 0.3 percent, respectively. In the final quarter of 2023, both the OECD and G20 regions saw GDP growth rates of 1.7 percent and 3.2 percent, respectively, on a yearly basis.
Furthermore, when examining the quarterly performance, the OECD economy expanded by 0.3 percent, while the G20 region witnessed a slightly higher growth rate of 0.7 percent. These figures highlight the varying economic landscapes across different regions and underscore the complexities faced by policymakers in navigating challenges such as global economic uncertainties, supply chain disruptions, and shifting geopolitical dynamics.
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