India, China, Germany, UK Major Economies' Performance Highlights 2024

02 Jan, 2025

As 2024 comes to a close, the global economy has shown resilience despite ongoing challenges. The year has been marked by cautious optimism as well as uncertainties, as the world navigated recovery efforts and shifting economic dynamics. This overview examines how the six largest economies by GDP—United States, China, Japan, Germany, India, and the United Kingdom—fared over the past year.

According to the latest International Monetary Fund (IMF) forecasts released on October 22, global growth is expected to remain steady yet subdued. The IMF highlighted that the "battle against inflation" has largely been "won," signaling progress in the global economic recovery. However, the Organisation for Economic Co-operation and Development (OECD), in its December 4 update, emphasized that resilience persists but cautioned about risks clouding the outlook.

The OECD projects a modest uptick in global GDP growth to 3.3% by 2025, with advanced OECD economies contributing moderate growth. Meanwhile, emerging Asia continues to play a pivotal role, driving a significant portion of the global expansion. A detailed country-wise analysis reveals how these major economies navigated 2024, shedding light on growth patterns, challenges, and prospects ahead.

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