Visualizing the $94 Trillion World Economy in One Chart – Visual Capitalist

The $94 Trillion World Economy in One Chart

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Just four countriesthe U.S., China, Japan, and Germanymake up over half of the worlds 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).

GDP serves as a broad indicator for a countrys 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).

Who are the biggest contributors to the global economy? Here is the ranking of the 50 largest countries by GDP in 2021:

*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 countrys economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).

Chinas 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 worlds motor vehicles. In 2019, overall trade equaled nearly 90% of the countrys GDP.

On the other end of the spectrum are the worlds 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 companiesincluding Amazon-owned Twitch to license the Twitch.tv domain nameequivalent to roughly 7% of the countrys GDP.

*2019 GDP (latest available) used where IMF estimates for 2021 were unavailable.

Like Tuvalu, many of the worlds 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.

With 123% projected GDP growth, Libyas 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.

2021 Real GDP Growth (Annual % Change)

Irelands 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 rateor 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.

Macaos economy bounced back after COVID-19 restrictions began to lift, but more storm clouds are on the horizon for the Chinese district. The CCPs anti-corruption campaign and recent arrests could signal a more strained relationship between Mainland China and the worlds largest gambling hub.

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 GDPor 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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Visualizing the $94 Trillion World Economy in One Chart - Visual Capitalist