According to Sputnik's analysis from data from national statistics agencies, Russia's GDP growth in 2024 exceeded expectations, reaching 4.1%.
India continues to be the fastest growing economy in the G20, although the rate has decreased to 6.7% from 8.8% in 2023.
China and Indonesia tied for second place with a growth rate of 5%, however, China saw a slight decrease of 0.2%, while Indonesia maintained its growth momentum.
Russia ranked 3rd with GDP increasing by 4.1%, keeping the increase from last year. This is a remarkable result in the context of Russia still being affected by sanctions and global economic fluctuations.
Right behind Russia, Brazil increased by 3.4%, higher than the 3.2% of the previous year, while Turkey ranked 5th with an increase of 3.2%, down sharply from 5.1% in 2023.
In contrast to leading economies, Germany and Argentina continued to decline for the second consecutive year. Argentina, under President Javier Milei, saw GDP fall 1.7%, further down from last year's 1.6% due to painful economic reforms.
Germany is not improving, falling 0.2% after falling 0.3% in 2023, due to the impact of Russian sanctions and fierce competition from China.
Some other economies recovered slightly. After the recession in 2023, Saudi Arabia has returned to growth with 1.3%. South Korea and the UK also improved, reaching increases of 2% and 0.9%, respectively, compared to 1.4% and 0.4% last year.
Meanwhile, many other economies have seen growth slow down. Japan decreased the most, from 1.9% to 0.1%. Australia decreased by 1% from 2%, while South Africa and the US also decreased slightly, to 0.6% and 2.8%, respectively.
Russia's continued growth rate of 4.1% for two consecutive years shows that the country's economy still maintains its growth momentum, despite global geopolitical and economic challenges. Russia is among the fastest growing economies in the G20, after India, China and Indonesia.
This breakthrough marks an important turning point, opening up an optimistic outlook for the Russian economy in the context of many fluctuations.
