Visualize the $94 trillion global economy in a single chart

The $94 trillion global economy in a single graph

See the expanded version of this infographic.

Only four countries – the United States, China, Japan and Germany – represent more than half of world economic output by gross domestic product (GDP) in nominal terms. In fact, the GDP of the United States alone is greater than the combined GDP of 170 countries.

How do you compare different economies around the world? 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 general indicator of a country’s economic output. It measures the total market value of final goods and services produced in a country during a given period, such as a quarter or a year. In addition, GDP also takes into consideration the production of services provided by the government, such as money spent on defense, health or education.

Generally speaking, when GDP increases in a country, it is a sign of greater economic activity which 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 The country GDP (T$) % of world GDP
1 🇺🇸 US $22.9 24.4%
2 🇨🇳 China $16.9 17.9%
3 🇯🇵 Japan $5.1 5.4%
4 🇩🇪 Germany $4.2 4.5%
5 🇬🇧 United Kingdom $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%
ten 🇰🇷 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 🇦🇪 WATER $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 🇵🇰 Pakistan $0.3* 0.3%
50 🇳🇿 New Zealand $0.2 0.3%

* GDP 2020 (latest available) used when IMF estimates for 2021 were not available.

AT $22.9 trillion, US GDP accounts for about 25% of the global economy, a share that has actually changed significantly over the past 60 years. The finance, insurance and real estate sectors ($4.7 trillion) contribute the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.7 trillion). .6 trillion dollars).

China’s economy is second in nominal terms, hovering around $17 trillion in GDP. It remains the largest manufacturer in the world in terms of production with extensive production of steel, electronics and robotics, among others.

Europe’s largest economy is Germany, which exports around 20% motor vehicles in the world. In 2019, overall trade was equivalent to almost 90% of the country’s GDP.

The world economy: 50 smallest countries

At the other end of the spectrum are the world’s smallest economies by GDP, mostly developing and island nations.

With a GDP of $70 million, Tuvalu is the smallest economy in the world. Located between Hawaii and Australia, this volcanic archipelago’s largest industry relies on territorial fishing rights.

In addition, the country derives significant revenue from its “.tv” web domain. Between 2011 and 2019, he won $5 million every year from companies, including Amazon-owned Twitch, for licensing the domain name Twitch.tv, which is equivalent to about 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
🇨🇰 Cook Islands Oceania $0.4*
🇹🇴 Tonga Oceania $0.5
🇸🇹 São Tomé and Príncipe Africa $0.5
🇩🇲 Dominica Caribbean $0.6
🇻🇨 Saint Vincent and the Grenadines Caribbean $0.8
🇼🇸 Samoa Oceania $0.8
🇰🇳 Saint Kitts and Nevis Caribbean $1.0
🇻🇺 Vanuatu Oceania $1.0
🇬🇩 Pomegranate 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
🇹🇱 East Timor Asia $1.7
🇱🇨 Saint Lucia Caribbean $1.7
🇸🇲 San Marino Europe $1.7
🇨🇻 Cape 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
🇱🇮 Liechtenstein Europe $6.8*
🇬🇾 Guyana South America $7.4
🇲🇨 Monaco Europe $7.4*
🇹🇯 Tajikistan Asia $8.1
🇰🇬 Kyrgyz Republic Asia $8.2
🇹🇬 Togo Africa $8.5

* 2019 GDP (latest available) used where IMF estimates for 2021 were not available.

Like Tuvalu, many of the world’s smallest economies are in Oceania, including Nauru, Palau and Kiribati. Additionally, several of the above countries depend on the tourism industry for more than a third of their employment.

The fastest growing economies in the world in 2021

With 123% According to GDP growth forecasts, the Libyan economy is estimated to have the strongest growth.

Oil propels its growth, with 1.2 million barrels pumped daily in the country. Along with this, exports and a depressed currency are among the main factors behind its recovery.

Rank The country Region

Real GDP growth in 2021 (% annual change)

1 🇱🇾 Libya Africa 123.2%
2 🇬🇾 Guyana South America 20.4%
3 🇲🇴 Macau 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%
ten 🇩🇴 Dominican Republic Caribbean 9.5%

The Irish economy, with a projection 13% real GDP growth, is 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 corporate tax rate of 12.5%, about half the global average. But those rates are set to change soon, as Ireland joined the OECD agreement on a minimum corporate tax rate of 15% which was finalized in October 2021.

Macau’s economy rebounded after COVID-19 restrictions began to lift, but more storm clouds are looming 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.

Future outlook on global GDP

The global GDP figure of $94 trillion may seem huge to us today, but such a total might seem much more modest in the future.

In 1970, the global economy was only around $3 trillion in GDP, 30 times less 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 nearly $180 trillion.

Fix: In earlier versions of this chart, countries such as Vietnam and Pakistan were inadvertently not included in the visualization. They have now been added. In cases where the IMF does not have data for 2021 (especially Pakistan, Syria, Afghanistan and Lebanon), the latest available data is used.

About Sharon Joseph

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