Economic situation in world's 20 largest economies
by Daily Sabah
ISTANBULNov 13, 2015 - 12:00 am GMT+3
by Daily Sabah
Nov 13, 2015 12:00 am
The G20, which includes the world's 20 largest economies such as the U.S., Japan, Germany and Turkey, manages a budget of nearly $60 trillion. The employment, unemployment, growth and national income data of G20 countries are closely monitored across the world. The G20, which brings together developed and developing countries, consists of the U.S., Japan, Germany, the U.K., France, Italy, Canada, Turkey, Argentina, Australia, Brazil, China, Indonesia, India, Russia, Mexico, South Korea, South Africa and Saudi Arabia and the European Union (EU) as an institution.
According to data compiled by Anadolu Agency from World Bank, United Nations (U.N.) and the Organization for Economic Cooperation and Development (OECD) sources, Australia has the highest per capita income, $61,887, among 19 G20 countries. Australia is followed by the U.S., Canada, Germany and the U.K. with $54,629, $50,271, $47,627 and $45,603 worth per capita income, respectively.
India has the lowest per capita income with $1,595 and Turkey ranks 14th with a per capita income of $10,529. In terms of Gross Domestic Product (GDP), the U.S. ranks first with $17.419 trillion and is followed by China, Japan and Germany with $10.036 trillion, $4.601 trillion and $3.852 trillion, respectively. Turkey ranks 17th with a national income of $800 billion, while Saudi Arabia and South Africa rank 18th and 19th with $746.2 billion and $349.8 billion, respectively.
Turkey among top five in growth performance
China and India experienced the highest GDP growth with 7.4 percent last year and were followed by Saudi Arabia and South Korea with 3.5 percent and 3.3 percent, respectively. Turkey ranked fifth, achieving a growth performance of 2.9 percent. Meanwhile, the GDPs of Italy and Japan dropped by 0.4 percent and 0.1 percent, respectively, compared to the previous year.
Unemployment major topic on G20 agenda
Japan has the lowest unemployment figures among G20 countries. As the world's third largest economy, unemployment in the country is 3.4 percent. Japan is followed by South Korea and Mexico with 3.5 percent and 4.5 percent, respectively. South Africa suffers the highest unemployment figure, 25.5 percent, and is followed by Italy, the E.U. and France with 11.8 percent, 10.8 percent and 10.3 percent, respectively. Turkey's unemployment rate was recorded as 9.8 percent in July 2015. Unemployment in the U.S., the largest economy of the world, dropped to 5 percent in October 2015 for the first time since the 2008 financial crisis. The unemployment rate is 4.05 percent in China, the world's second largest economy.
China attracts most foreign direct investment
Last year foreign direct investment (FDI) of $635 billion flowed into G20 countries. China, the world's leading production base, attracted FDI of $128.5 billion last year and was first among G20 countries. The U.S. and Brazil followed China, attracting FDI of $92.397 billion and $62.494 billion, respectively.
FDI inflows dropped 16 percent across the world last year. Turkey attracted $12.146 billion of FDI and maintained the level that it achieved the previous year, ranking 16th out of the G20 countries. Argentina attracted the lowest FDI at $6.6 billion.
U.S. tops energy consumption with 20 percent of total
The U.S. consumed 19 million barrels of oil on average on a daily basis and outpaced all other G20 countries in oil consumption. This figure corresponds to nearly 20 percent of global energy consumption. China and India's oil consumption corresponds to 12 percent and 4 percent of global consumption. Turkey consumed 700,000 barrels of oil on a daily average, which is 0.8 percent of global energy consumption and 18th out of G20 countries. Last year the U.S. constituted 23 percent of global demand for gas, consuming 760 billion cubic meters followed by Russia and China at 12 percent and 5.5 percent, respectively. Turkey constituted 1.4 percent of global gas demand, consuming nearly 49 billion cubic meters in 2014, 13th out of G20 countries.
2 out of every 3 people live in G20 countries
A significant portion of the world's population lives in G20 countries. The world's population was recorded at 7,000,260,652 at the end of last year. Two-thirds of the world's population lives in G20 countries, which constitute 85 percent of the global economy. China is the most populous G20 country with a population of 1.364 billion followed by India with 1.295 billion, the U.S. with 318.8 million, Indonesia with 254.4 million and Brazil with 206 million. Australia has the lowest population out of G20 countries with 23.4 million people.