Visualizing the $94 Trillion World Economy in One Chart

The $94 Trillion World Economy in One Chart

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Just four countriesโ€”the U.S., China, Japan, and Germanyโ€”make up over half of the worldโ€™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 countryโ€™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 ๐Ÿ‡บ๐Ÿ‡ธ U.S. $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 UK $3.1 3.3%
6 ๐Ÿ‡ฎ๐Ÿ‡ณ India $2.9 3.1%
7 ๐Ÿ‡ซ๐Ÿ‡ท France $2.9 3.1%
8 ๐Ÿ‡ฎ๐Ÿ‡น Italy $2.1 2.3%
9 ๐Ÿ‡จ๐Ÿ‡ฆ Canada $2.0 2.1%
10 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 ๐Ÿ‡ฎ๐Ÿ‡ท 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 UAE $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‡ฉ Bangladesh $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%

*2020 GDP (latest available) used where IMF estimates for 2021 were unavailable.

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 countryโ€™s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).

Chinaโ€™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 worldโ€™s motor vehicles. In 2019, overall trade equaled nearly 90% of the countryโ€™s GDP.

The World Economy: 50 Smallest Countries

On the other end of the spectrum are the worldโ€™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 โ€œ.tvโ€ web domain. Between 2011 and 2019, it earned $5 million annually from companiesโ€”including Amazon-owned Twitch to license the Twitch.tv domain nameโ€”equivalent to roughly 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‡ซ๐Ÿ‡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 Central America $0.5
๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica Caribbean $0.6
๐Ÿ‡ป๐Ÿ‡จ St. Vincent and the Grenadines Caribbean $0.8
๐Ÿ‡ผ๐Ÿ‡ธ Samoa Oceania $0.8
๐Ÿ‡ฐ๐Ÿ‡ณ St. Kitts and Nevis Caribbean $1.0
๐Ÿ‡ป๐Ÿ‡บ Vanuatu Oceania $1.0
๐Ÿ‡ฌ๐Ÿ‡ฉ Grenada 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 Timor-Leste Asia $1.7
๐Ÿ‡ฑ๐Ÿ‡จ St. Lucia Caribbean $1.7
๐Ÿ‡ธ๐Ÿ‡ฒ San Marino Europe $1.7
๐Ÿ‡จ๐Ÿ‡ป Cabo 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‡ซ๐Ÿ‡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 where IMF estimates for 2021 were unavailable.

Like Tuvalu, many of the worldโ€™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, Libyaโ€™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 ๐Ÿ‡ฑ๐Ÿ‡พ Libya Africa 123.2%
2 ๐Ÿ‡ฌ๐Ÿ‡พ Guyana South America 20.4%
3 ๐Ÿ‡ฒ๐Ÿ‡ด Macao 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%
7 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%
10 ๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic Caribbean 9.5%

Irelandโ€™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 rateโ€”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.

Macaoโ€™s economy bounced back after COVID-19 restrictions began to lift, but more storm clouds are on the horizon 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.

Looking Ahead at the Worldโ€™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 GDPโ€”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.

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