The Paris based think tank, the Organisation for Economic Cooperation and Development (OECD) has said that Indian economy saw the “strongest growth” in the first quarter of 2015 among large economies, including China, the US, Germany and Canada. Apart from India, economic growth rose in Turkey, Japan, Australia and Korea.
OECD's quarterly GDP numbers for G-20 countries, which were calculated based on a new methodology, said that overall GDP growth in the G-20 area was slightly lower at 0.7% during the January-March period. In the 2014 December quarter, the region had seen an overall expansion of 0.8%. The data compiled by the grouping however showed that GDP contracted in Canada (by 0.1%), the US (by 0.2%), and Brazil (by 0.2%), following positive growth of 0.6%, 0.5% and 0.3%, respectively, in the previous quarter. In China and Indonesia, GDP growth slowed slightly to 1.3% and 1.1%, respectively, compared with 1.5% and 1.2%, respectively, in the previous quarter.
The grouping further noted that GDP growth accelerated in Turkey to 1.3%, compared with 0.8% in the previous quarter, in Japan and Korea to 1% and 0.8%, respectively, compared with 0.3%, and in Australia to 0.9%, compared with 0.5%, while within the European group of G20 economies, economic growth accelerated in France and Italy to 0.6% and 0.3%, respectively.
OECD in its latest economic outlook had said that global growth will gradually strengthen towards its pre-crisis trend rate by late 2016 as activity becomes more evenly shared across the major economies and overall external imbalances are less marked than in the run-up to 2007.
