Economy
Visualizing the $94 Trillion World Economy in One Chart – Visual Capitalist
The $94 Trillion World Economy in One Chart
View the expanded version of this infographic.
Just four countries—the U.S., China, Japan, and Germany—make up over half of the world’s economic output by gross domestic product (GDP) in nominal terms. In fact, the GDP of the U.S. alone is greater than the combined GDP of 170 countries.
How do the different economies of the world compare? In this visualization we look at GDP by country in 2021, using data and estimates from the International Monetary Fund (IMF).
An Overview of GDP
GDP serves as a broad indicator for a country’s economic output. It measures the total market value of final goods and services produced in a country in a specific timeframe, such as a quarter or year. In addition, GDP also takes into consideration the output of services provided by the government, such as money spent on defense, healthcare, or education.
Generally speaking, when GDP is increasing in a country, it is a sign of greater economic activity that benefits workers and businesses (while the reverse is true for a decline).
The World Economy: Top 50 Countries
Who are the biggest contributors to the global economy? Here is the ranking of the 50 largest countries by GDP in 2021:
Rank | Country | GDP ($T) | % of Global GDP |
---|---|---|---|
1 | 🇺🇸 U.S. | $22.9 | 24.4% |
2 | 🇨🇳 China | $16.9 | 17.9% |
3 | 🇯🇵 Japan | $5.1 | 5.4% |
4 | 🇩🇪 Germany | $4.2 | 4.5% |
5 | 🇬🇧 UK | $3.1 | 3.3% |
6 | 🇮🇳 India | $2.9 | 3.1% |
7 | 🇫🇷 France | $2.9 | 3.1% |
8 | 🇮🇹 Italy | $2.1 | 2.3% |
9 | 🇨🇦 Canada | $2.0 | 2.1% |
10 | 🇰🇷 Korea | $1.8 | 1.9% |
11 | 🇷🇺 Russia | $1.6 | 1.7% |
12 | 🇧🇷 Brazil | $1.6 | 1.7% |
13 | 🇦🇺 Australia | $1.6 | 1.7% |
14 | 🇪🇸 Spain | $1.4 | 1.5% |
15 | 🇲🇽 Mexico | $1.3 | 1.4% |
16 | 🇮🇩 Indonesia | $1.2 | 1.2% |
17 | 🇮🇷 Iran | $1.1 | 1.1% |
18 | 🇳🇱 Netherlands | $1.0 | 1.1% |
19 | 🇸🇦 Saudi Arabia | $0.8 | 0.9% |
20 | 🇨🇭 Switzerland | $0.8 | 0.9% |
21 | 🇹🇷 Turkey | $0.8 | 0.8% |
22 | 🇹🇼 Taiwan | $0.8 | 0.8% |
23 | 🇵🇱 Poland | $0.7 | 0.7% |
24 | 🇸🇪 Sweden | $0.6 | 0.7% |
25 | 🇧🇪 Belgium | $0.6 | 0.6% |
26 | 🇹🇭 Thailand | $0.5 | 0.6% |
27 | 🇮🇪 Ireland | $0.5 | 0.5% |
28 | 🇦🇹 Austria | $0.5 | 0.5% |
29 | 🇳🇬 Nigeria | $0.5 | 0.5% |
30 | 🇮🇱 Israel | $0.5 | 0.5% |
31 | 🇦🇷 Argentina | $0.5 | 0.5% |
32 | 🇳🇴 Norway | $0.4 | 0.5% |
33 | 🇿🇦 South Africa | $0.4 | 0.4% |
34 | 🇦🇪 UAE | $0.4 | 0.4% |
35 | 🇩🇰 Denmark | $0.4 | 0.4% |
36 | 🇪🇬 Egypt | $0.4 | 0.4% |
37 | 🇵🇭 Philippines | $0.4 | 0.4% |
38 | 🇸🇬 Singapore | $0.4 | 0.4% |
39 | 🇲🇾 Malaysia | $0.4 | 0.4% |
40 | 🇭🇰 Hong Kong SAR | $0.4 | 0.4% |
41 | 🇻🇳 Vietnam | $0.4 | 0.4% |
42 | 🇧🇩 Bangladesh | $0.4 | 0.4% |
43 | 🇨🇱 Chile | $0.3 | 0.4% |
44 | 🇨🇴 Colombia | $0.3 | 0.3% |
45 | 🇫🇮 Finland | $0.3 | 0.3% |
46 | 🇷🇴 Romania | $0.3 | 0.3% |
47 | 🇨🇿 Czech Republic | $0.3 | 0.3% |
48 | 🇵🇹 Portugal | $0.3 | 0.3% |
49 | 🇳🇿 New Zealand | $0.2 | 0.3% |
50 | 🇵🇪 Peru | $0.2 | 0.2% |
At $22.9 trillion, the U.S. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).
China’s economy is second in nominal terms, hovering at near $17 trillion in GDP. It remains the largest manufacturer worldwide based on output with extensive production of steel, electronics, and robotics, among others.
The largest economy in Europe is Germany, which exports roughly 20% of the world’s motor vehicles. In 2019, overall trade equaled nearly 90% of the country’s GDP.
The World Economy: 50 Smallest Countries
On the other end of the spectrum are the world’s smallest economies by GDP, primarily developing and island nations.
With a GDP of $70 million, Tuvalu is the smallest economy in the world. Situated between Hawaii and Australia, the largest industry of this volcanic archipelago relies on territorial fishing rights.
In addition, the country earns significant revenue from its “.tv” web domain. Between 2011 and 2019, it earned $5 million annually from companies—including Amazon-owned Twitch to license the Twitch.tv domain name—equivalent to roughly 7% of the country’s GDP.
Countries | Region | GDP (B) |
---|---|---|
🇹🇻 Tuvalu | Oceania | $0.07 |
🇳🇷 Nauru | Oceania | $0.1 |
🇵🇼 Palau | Oceania | $0.2 |
🇰🇮 Kiribati | Oceania | $0.2 |
🇲🇭 Marshall Islands | Oceania | $0.2 |
🇫🇲 Micronesia | Oceania | $0.4 |
🇹🇴 Tonga | Oceania | $0.5 |
🇸🇹 São Tomé and Príncipe | Central America | $0.5 |
🇩🇲 Dominica | Caribbean | $0.6 |
🇻🇨 St. Vincent and the Grenadines | Caribbean | $0.8 |
🇼🇸 Samoa | Oceania | $0.8 |
🇰🇳 St. Kitts and Nevis | Caribbean | $1.0 |
🇻🇺 Vanuatu | Oceania | $1.0 |
🇬🇩 Grenada | Caribbean | $1.1 |
🇰🇲 Comoros | Africa | $1.3 |
🇸🇨 Seychelles | Africa | $1.3 |
🇦🇬 Antigua and Barbuda | Caribbean | $1.4 |
🇬🇼 Guinea-Bissau | Africa | $1.6 |
🇸🇧 Solomon Islands | Oceania | $1.7 |
🇹🇱 Timor-Leste | Asia | $1.7 |
🇱🇨 St. Lucia | Caribbean | $1.7 |
🇸🇲 San Marino | Europe | $1.7 |
🇨🇻 Cabo Verde | Africa | $1.9 |
🇧🇿 Belize | Central America | $1.9 |
🇬🇲 Gambia | Africa | $2.0 |
🇪🇷 Eritrea | Africa | $2.3 |
🇱🇸 Lesotho | Africa | $2.5 |
🇧🇹 Bhutan | Asia | $2.5 |
🇨🇫 Central African Republic | Africa | $2.6 |
🇸🇷 Suriname | South America | $2.8 |
🇦🇼 Aruba | Caribbean | $2.9 |
🇧🇮 Burundi | Africa | $3.2 |
🇦🇩 Andorra | Europe | $3.2 |
🇸🇸 South Sudan | Africa | $3.3 |
🇱🇷 Liberia | Africa | $3.4 |
🇩🇯 Djibouti | Africa | $3.7 |
🇸🇱 Sierra Leone | Africa | $4.4 |
🇸🇿 Eswatini | Africa | $4.5 |
🇲🇻 Maldives | Asia | $4.6 |
🇫🇯 Fiji | Oceania | $4.6 |
🇧🇧 Barbados | Caribbean | $4.7 |
🇸🇴 Somalia | Africa | $5.4 |
🇲🇪 Montenegro | Europe | $5.5 |
🇬🇾 Guyana | South America | $7.4 |
🇹🇯 Tajikistan | Asia | $8.1 |
🇰🇬 Kyrgyz Republic | Asia | $8.2 |
🇹🇬 Togo | Africa | $8.5 |
🇽🇰 Kosovo | Europe | $9.0 |
🇲🇷 Mauritania | Africa | $9.2 |
🇷🇼 Rwanda | Africa | $10.4 |
Like Tuvalu, many of the world’s smallest economies are in Oceania, including Nauru, Palau, and Kiribati. Additionally, several countries above rely on the tourism industry for over one-third of their employment.
The Fastest Growing Economies in the World in 2021
With 123% projected GDP growth, Libya’s economy is estimated to have the sharpest rise.
Oil is propelling its growth, with 1.2 million barrels being pumped in the country daily. Along with this, exports and a depressed currency are among the primary factors behind its recovery.
Rank | Country | Region |
2021 Real GDP Growth (Annual % Change) |
---|---|---|---|
1 | 🇱🇾 Libya | Africa | 123.2% |
2 | 🇬🇾 Guyana | South America | 20.4% |
3 | 🇲🇴 Macao | Asia | 20.4% |
4 | 🇲🇻 Maldives | Asia | 18.9% |
5 | 🇮🇪 Ireland | Europe | 13.0% |
6 | 🇦🇼 Aruba | Caribbean | 12.8% |
7 | 🇵🇦 Panama | Central America | 12.0% |
8 | 🇨🇱 Chile | South America | 11.0% |
9 | 🇵🇪 Peru | South America | 10.0% |
10 | 🇩🇴 Dominican Republic | Caribbean | 9.5% |
Ireland’s economy, with a projected 13% real GDP growth, is being supported by the largest multinational corporations in the world. Facebook, TikTok, Google, Apple, and Pfizer all have their European headquarters in the country, which has a 12.5% corporate tax rate—or about half the global average. But these rates are set to change soon, as Ireland joined the OECD 15% minimum corporate tax rate agreement which was finalized in October 2021.
Macao’s economy bounced back after COVID-19 restrictions began to lift, but more storm clouds are on the horizon for the Chinese district. The CCP’s anti-corruption campaign and recent arrests could signal a more strained relationship between Mainland China and the world’s largest gambling hub.
Looking Ahead at the World’s GDP
The global GDP figure of $94 trillion may seem massive to us today, but such a total might seem much more modest in the future.
In 1970, the world economy was only about $3 trillion in GDP—or 30 times smaller than it is today. Over the next thirty years, the global economy is expected to more or less double again. By 2050, global GDP could total close to $180 trillion.
Economy
China Wants Everyone to Trade In Their Old Cars, Fridges to Help Save Its Economy
|
China’s world-beating electric vehicle industry, at the heart of growing trade tensions with the US and Europe, is set to receive a big boost from the government’s latest effort to accelerate growth.
That’s one takeaway from what Beijing has revealed about its plan for incentives that will encourage Chinese businesses and households to adopt cleaner technologies. It’s widely expected to be one of this year’s main stimulus programs, though question-marks remain — including how much the government will spend.
Economy
German Business Outlook Hits One-Year High as Economy Heals – BNN Bloomberg
(Bloomberg) — German business sentiment improved to its highest level in a year — reinforcing recent signs that Europe’s largest economy is exiting two years of struggles.
An expectations gauge by the Ifo institute rose to 89.9. in April from a revised 87.7 the previous month. That exceeds the 88.9 median forecast in a Bloomberg survey. A measure of current conditions also advanced.
“Sentiment has improved at companies in Germany,” Ifo President Clemens Fuest said. “Companies were more satisfied with their current business. Their expectations also brightened. The economy is stabilizing, especially thanks to service providers.”
A stronger global economy and the prospect of looser monetary policy in the euro zone are helping drag Germany out of the malaise that set in following Russia’s attack on Ukraine. European Central Bank President Christine Lagarde said last week that the country may have “turned the corner,” while Chancellor Olaf Scholz has also expressed optimism, citing record employment and retreating inflation.
There’s been a particular shift in the data in recent weeks, with the Bundesbank now estimating that output rose in the first quarter, having only a month ago foreseen a contraction that would have ushered in a first recession since the pandemic.
Even so, the start of the year “didn’t go great,” according to Fuest.
“What we’re seeing at the moment confirms the forecasts, which are saying that growth will be weak in Germany, but at least it won’t be negative,” he told Bloomberg Television. “So this is the stabilization we expected. It’s not a complete recovery. But at least it’s a start.”
Monthly purchasing managers’ surveys for April brought more cheer this week as Germany returned to expansion for the first time since June 2023. Weak spots remain, however — notably in industry, which is still mired in a slump that’s being offset by a surge in services activity.
“We see an improving worldwide economy,” Fuest said. “But this doesn’t seem to reach German manufacturing, which is puzzling in a way.”
Germany, which was the only Group of Seven economy to shrink last year and has been weighing on the wider region, helped private-sector output in the 20-nation euro area strengthen this month, S&P Global said.
–With assistance from Joel Rinneby, Kristian Siedenburg and Francine Lacqua.
(Updates with more comments from Fuest starting in sixth paragraph.)
©2024 Bloomberg L.P.
Economy
Parallel economy: How Russia is defying the West’s boycott
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When Moscow resident Zoya, 62, was planning a trip to Italy to visit her daughter last August, she saw the perfect opportunity to buy the Apple Watch she had long dreamed of owning.
Officially, Apple does not sell its products in Russia.
The California-based tech giant was one of the first companies to announce it would exit the country in response to Russian President Vladimir Putin’s full-scale invasion of Ukraine on February 24, 2022.
But the week before her trip, Zoya made a surprise discovery while browsing Yandex.Market, one of several Russian answers to Amazon, where she regularly shops.
Not only was the Apple Watch available for sale on the website, it was cheaper than in Italy.
Zoya bought the watch without a moment’s delay.
The serial code on the watch that was delivered to her home confirmed that it was manufactured by Apple in 2022 and intended for sale in the United States.
“In the store, they explained to me that these are genuine Apple products entering Russia through parallel imports,” Zoya, who asked to be only referred to by her first name, told Al Jazeera.
“I thought it was much easier to buy online than searching for a store in an unfamiliar country.”
Nearly 1,400 companies, including many of the most internationally recognisable brands, have since February 2022 announced that they would cease or dial back their operations in Russia in protest of Moscow’s military aggression against Ukraine.
But two years after the invasion, many of these companies’ products are still widely sold in Russia, in many cases in violation of Western-led sanctions, a months-long investigation by Al Jazeera has found.
Aided by the Russian government’s legalisation of parallel imports, Russian businesses have established a network of alternative supply chains to import restricted goods through third countries.
The companies that make the products have been either unwilling or unable to clamp down on these unofficial distribution networks.
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