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.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.
Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.
The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.
“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.
“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”
Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.
The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.
The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.
Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.
More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.
Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.
“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.
Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.
“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.
Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.
Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.
Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”
“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.
This report by The Canadian Press was first published Sept. 18, 2024.
