India has emerged as the world’s fastest-growing major economy in 2024, recording a robust real GDP expansion of 6.5%, outpacing China at 5.0% and Indonesia at 5.0%, according to new global economic performance data.
The figures reveal a sharp divergence in growth trajectories between Asia’s booming economies and Europe’s sluggish performance. Russia (4.1%) and the United Arab Emirates (3.8%) also featured among the top-performing economies, buoyed by energy revenues and trade resilience.
Among countries recording moderate growth, North Korea posted 3.7%, Iran 3.5%, and Brazil 3.4%, while the United States and Canada grew by 2.8% and 1.5% respectively, signaling steady but slower expansion in North America.
In contrast, several advanced European economies struggled to maintain momentum. France and the United Kingdom both managed only 1.1%, Italy slipped to 0.7%, and Japan stagnated at 0.1%. Germany, Europe’s largest economy, contracted by 0.2%, reflecting persistent challenges from high energy costs, weak industrial output, and global trade uncertainties.
Analysts say the growth gap underscores the resilience of emerging markets in Asia and parts of the Middle East, compared with sluggish recovery in developed economies still grappling with inflationary pressures and geopolitical headwinds.
