(MENAFN) Amid ongoing global conflicts and the economic aftermath of the COVID-19 pandemic, Asian countries continue to show strong economic growth. Among the G20 nations, India leads with the fastest growth rate of 6.7 percent in the second quarter of this year compared to the same period last year. Indonesia follows with a growth rate of 5.05 percent, and China reports a growth rate of 4.7 percent.

Despite the ongoing conflict with Ukraine, Russia experienced a growth of 4 percent in the same quarter. The United States ranked fifth with a growth rate of 3.1 percent compared to the second quarter of 2023. Türkiye maintained its growth trend for 16 consecutive quarters, achieving a rate of 2.5 percent, placing it eighth among developing countries. South Korea and Mexico followed with growth rates of 2.3 percent and 2.1 percent, respectively.

In contrast, the European Union’s economy grew by 0.8 percent in the April-June period of this year, while the eurozone’s growth was slightly lower at 0.6 percent. Germany, a key EU economy, saw no growth during this period. Saudi Arabia, the only G20 nation to experience a contraction, saw a decline of 0.4 percent.

Among OECD member countries, Türkiye ranked in the top five with a growth rate of 2.5 percent. Norway led with 4.2 percent, followed by Poland at 3.2 percent, the US at 3.1 percent, and Spain at 2.9 percent. Ireland had the largest contraction among OECD countries at 1.4 percent. Since the beginning of the Israel-Hamas conflict on October 7 of last year, Israel’s economy has contracted by 1.24 percent in the first quarter and 1.35 percent in the second quarter of this year.

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