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 โ€“ the United States, China, Japan and Germany โ€“ 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 countryโ€™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 Country GDP (T$) % of world GDP
1 ๐Ÿ‡บ๐Ÿ‡ธ US $22.9 24.4%
2 ๐Ÿ‡จ๐Ÿ‡ณ China $16.9 17.9%
3 ๐Ÿ‡ฏ๐Ÿ‡ต Japan $5.1 5.4%
4 ๐Ÿ‡ฉ๐Ÿ‡ช Germany $4.2 4.5%
5 ๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom $3.1 3.3%
6 ๐Ÿ‡ฎ๐Ÿ‡ณ India $2.9 3.1%
seven ๐Ÿ‡ฌ๐Ÿ‡งFrance $2.9 3.1%
8 ๐Ÿ‡ฎ๐Ÿ‡น Italy $2.1 2.3%
9 ๐Ÿ‡จ๐Ÿ‡ฆ Canada $2.0 2.1%
ten ๐Ÿ‡ฐ๐Ÿ‡ท Korea $1.8 1.9%
11 ๐Ÿ‡ท๐Ÿ‡บ Russia $1.6 1.7%
12 ๐Ÿ‡ง๐Ÿ‡ท Brazil $1.6 1.7%
13 ๐Ÿ‡ฆ๐Ÿ‡บ Australia $1.6 1.7%
14 ๐Ÿ‡ช๐Ÿ‡ธ Spain $1.4 1.5%
15 ๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico $1.3 1.4%
16 ๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia $1.2 1.2%
17 iran $1.1 1.1%
18 ๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands $1.0 1.1%
19 ๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia $0.8 0.9%
20 ๐Ÿ‡จ๐Ÿ‡ญ Switzerland $0.8 0.9%
21 ๐Ÿ‡น๐Ÿ‡ท Turkey $0.8 0.8%
22 ๐Ÿ‡น๐Ÿ‡ผ Taiwan $0.8 0.8%
23 ๐Ÿ‡ต๐Ÿ‡ฑ Poland $0.7 0.7%
24 ๐Ÿ‡ธ๐Ÿ‡ช Sweden $0.6 0.7%
25 ๐Ÿ‡ง๐Ÿ‡ช Belgium $0.6 0.6%
26 ๐Ÿ‡น๐Ÿ‡ญ Thailand $0.5 0.6%
27 ๐Ÿ‡ฎ๐Ÿ‡ช Ireland $0.5 0.5%
28 ๐Ÿ‡ฆ๐Ÿ‡น Austria $0.5 0.5%
29 ๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria $0.5 0.5%
30 ๐Ÿ‡ฎ๐Ÿ‡ฑ Israel $0.5 0.5%
31 ๐Ÿ‡ฆ๐Ÿ‡ท Argentina $0.5 0.5%
32 ๐Ÿ‡ณ๐Ÿ‡ด Norway $0.4 0.5%
33 ๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa $0.4 0.4%
34 ๐Ÿ‡ฆ๐Ÿ‡ช WATER $0.4 0.4%
35 ๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark $0.4 0.4%
36 ๐Ÿ‡ช๐Ÿ‡ฌ Egypt $0.4 0.4%
37 ๐Ÿ‡ต๐Ÿ‡ญ Philippines $0.4 0.4%
38 ๐Ÿ‡ธ๐Ÿ‡ฌ Singapore $0.4 0.4%
39 ๐Ÿ‡ฒ๐Ÿ‡พ Malaysia $0.4 0.4%
40 ๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong SAR $0.4 0.4%
41 ๐Ÿ‡ป๐Ÿ‡ณ Vietnam $0.4 0.4%
42 ๐Ÿ‡ง๐Ÿ‡ฉBangladesh $0.4 0.4%
43 ๐Ÿ‡จ๐Ÿ‡ฑ Chile $0.3 0.4%
44 ๐Ÿ‡จ๐Ÿ‡ด Colombia $0.3 0.3%
45 ๐Ÿ‡ซ๐Ÿ‡ฎ Finland $0.3 0.3%
46 ๐Ÿ‡ท๐Ÿ‡ด Romania $0.3 0.3%
47 ๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic $0.3 0.3%
48 ๐Ÿ‡ต๐Ÿ‡น Portugal $0.3 0.3%
49 ๐Ÿ‡ต๐Ÿ‡ฐ Pakistan $0.3* 0.3%
50 ๐Ÿ‡ณ๐Ÿ‡ฟ 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 countryโ€™s economy, followed by professional and business services ($2.7 trillion) and government ($2.7 trillion). .6 trillion dollars).

Chinaโ€™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.

Europeโ€™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 countryโ€™s GDP.

The world economy: 50 smallest countries

At the other end of the spectrum are the worldโ€™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 archipelagoโ€™s largest industry relies on territorial fishing rights.

In addition, the country derives significant revenue from its โ€œ.tvโ€ web domain. Between 2011 and 2019, he won $5 million every year from companies, including Amazon-owned Twitch, for licensing the domain name, which is equivalent to about 7% of the countryโ€™s GDP.

Countries Region GDP (B)
๐Ÿ‡น๐Ÿ‡ป Tuvalu Oceania $0.07
๐Ÿ‡ณ๐Ÿ‡ท Nauru Oceania $0.1
๐Ÿ‡ต๐Ÿ‡ผ Palau Oceania $0.2
๐Ÿ‡ฐ๐Ÿ‡ฎ Kiribati Oceania $0.2
๐Ÿ‡ฒ๐Ÿ‡ญ Marshall Islands Oceania $0.2
๐Ÿ‡ฌ๐Ÿ‡ฒ Micronesia Oceania $0.4
๐Ÿ‡จ๐Ÿ‡ฐ Cook Islands Oceania $0.4*
๐Ÿ‡น๐Ÿ‡ด Tonga Oceania $0.5
๐Ÿ‡ธ๐Ÿ‡น Sรฃo Tomรฉ and Prรญncipe Africa $0.5
๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica Caribbean $0.6
๐Ÿ‡ป๐Ÿ‡จ Saint Vincent and the Grenadines Caribbean $0.8
๐Ÿ‡ผ๐Ÿ‡ธ Samoa Oceania $0.8
๐Ÿ‡ฐ๐Ÿ‡ณ Saint Kitts and Nevis Caribbean $1.0
๐Ÿ‡ป๐Ÿ‡บ Vanuatu Oceania $1.0
๐Ÿ‡ฌ๐Ÿ‡ฉ Pomegranate Caribbean $1.1
๐Ÿ‡ฐ๐Ÿ‡ฒ Comoros Africa $1.3
๐Ÿ‡ธ๐Ÿ‡จ Seychelles Africa $1.3
๐Ÿ‡ฆ๐Ÿ‡ฌ Antigua and Barbuda Caribbean $1.4
๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau Africa $1.6
๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands Oceania $1.7
๐Ÿ‡น๐Ÿ‡ฑ East Timor Asia $1.7
๐Ÿ‡ฑ๐Ÿ‡จ Saint Lucia Caribbean $1.7
๐Ÿ‡ธ๐Ÿ‡ฒ San Marino Europe $1.7
๐Ÿ‡จ๐Ÿ‡ป Cape Verde Africa $1.9
๐Ÿ‡ง๐Ÿ‡ฟ Belize central America $1.9
๐Ÿ‡ฌ๐Ÿ‡ฒ Gambia Africa $2.0
๐Ÿ‡ช๐Ÿ‡ท Eritrea Africa $2.3
๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho Africa $2.5
๐Ÿ‡ง๐Ÿ‡น Bhutan Asia $2.5
๐Ÿ‡จ๐Ÿ‡ซ Central African Republic Africa $2.6
๐Ÿ‡ธ๐Ÿ‡ท Suriname South America $2.8
๐Ÿ‡ฆ๐Ÿ‡ผ Aruba Caribbean $2.9
๐Ÿ‡ง๐Ÿ‡ฎ Burundi Africa $3.2
๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra Europe $3.2
๐Ÿ‡ธ๐Ÿ‡ธ South Sudan Africa $3.3
๐Ÿ‡ฑ๐Ÿ‡ท Liberia Africa $3.4
๐Ÿ‡ฉ๐Ÿ‡ฏ Djibouti Africa $3.7
๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone Africa $4.4
๐Ÿ‡ธ๐Ÿ‡ฟ Eswatini Africa $4.5
๐Ÿ‡ฒ๐Ÿ‡ป Maldives Asia $4.6
๐Ÿ‡ฌ๐Ÿ‡ฏ Fiji Oceania $4.6
๐Ÿ‡ง๐Ÿ‡ง Barbados Caribbean $4.7
๐Ÿ‡ธ๐Ÿ‡ด Somalia Africa $5.4
๐Ÿ‡ฒ๐Ÿ‡ช Montenegro Europe $5.5
๐Ÿ‡ฑ๐Ÿ‡ฎ Liechtenstein Europe $6.8*
๐Ÿ‡ฌ๐Ÿ‡พ Guyana South America $7.4
๐Ÿ‡ฒ๐Ÿ‡จ Monaco Europe $7.4*
๐Ÿ‡น๐Ÿ‡ฏ Tajikistan Asia $8.1
๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyz Republic Asia $8.2
๐Ÿ‡น๐Ÿ‡ฌ Togo Africa $8.5

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

Like Tuvalu, many of the worldโ€™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 expected to experience 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 Country Region

Real GDP growth in 2021 (% annual change)

1 ๐Ÿ‡ฑ๐Ÿ‡พ Libya Africa 123.2%
2 ๐Ÿ‡ฌ๐Ÿ‡พ Guyana South America 20.4%
3 ๐Ÿ‡ฒ๐Ÿ‡ด Macau Asia 20.4%
4 ๐Ÿ‡ฒ๐Ÿ‡ป Maldives Asia 18.9%
5 ๐Ÿ‡ฎ๐Ÿ‡ช Ireland Europe 13.0%
6 ๐Ÿ‡ฆ๐Ÿ‡ผ Aruba Caribbean 12.8%
seven ๐Ÿ‡ต๐Ÿ‡ฆ Panama central America 12.0%
8 ๐Ÿ‡จ๐Ÿ‡ฑ Chile South America 11.0%
9 ๐Ÿ‡ต๐Ÿ‡ช Peru South America 10.0%
ten ๐Ÿ‡ฉ๐Ÿ‡ด 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.

Macauโ€™s economy rebounded after COVID-19 restrictions began to lift, but more storm clouds are looming for the Chinese district. The CCPโ€™s anti-corruption campaign and recent arrests could signal a more strained relationship between mainland China and the worldโ€™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.

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