Once again India’s name is on top in terms of economy. According to the data of World of Statistics, India’s economy is the fastest growing economy in the world. The fear of recession in America and Europe had not yet ended when clouds of recession started looming in China too. China’s real estate crisis has started affecting the banking sector as well. Meanwhile, three big countries of the world are facing the crisis of recession. At the same time, India’s economy is growing rapidly.
According to organizations like World Bank and IMF, India will be the fastest growing economy even in 2023. India’s economy is expected to grow at a pace of 6.3% this year. India’s pace is expected to be the highest among countries with big economies.
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GDP growth forecast for 2023:
India: +6.3%
Bangladesh: +6%
Colombia: +5.6%
Philippines: +5.3%
China: +5%
Indonesia: +5%
Turkey: +4%
UAE: +3.4%
Mexico: +3.2%
Brazil: +3.1%
Iran: +3%
Nigeria: +2.9%
Spain: +2.5%
Russia: +2.2%
US: +2.1%
— World of Statistics (@stats_feed) November 24, 2023
Condition of these countries in the list
The second name in this list is of Bangladesh with a growth rate of 6 percent. At the same time, the third name is from the South American country Colombia. Its economy is expected to grow at a pace of 5.6 percent this year. The economy of the Philippines can grow at a speed of 5.3 percent. China’s economy, which is facing many difficulties on the economic front, is expected to grow at five percent this year. Indonesia can also grow at the same pace. The GDP growth rate of Turkey, which is called the sick country of Europe, may be four percent this year, while UAE may grow at 3.4 percent, Mexico 3.2 percent and Brazil 3.1 percent.
America’s economy can grow
America’s economy, considered the world’s largest economy, can grow at a pace of 2.1 percent this year, while Russia, which is stuck in a war with Ukraine, can grow at a pace of 2.2 percent. Japan’s GDP growth is expected to be 2 percent, Canada’s 1.3 percent, France’s 1 percent, Saudi Arabia’s 0.8 percent, Italy’s 0.7 percent and UK’s 0.5 percent.
Argentina seems to be in the worst situation. Argentina’s economy, once among the developed countries of the world, is expected to grow at a pace of negative 2.5 percent. Similarly, the economy in Estonia, Sweden, Pakistan, Germany, Lithuania and Finland is expected to be negative. Pakistan, which is facing economic crisis, is expected to have a negative 0.5 percent GDP growth rate this year.
