The $100 Trillion Global Economy in One Chart
Visualizing the $100 Trillion Global Economy in One Chart
Surpassing the $100 trillion mark is a new milestone for global economic output.
We’ve covered this topic in the past when the world’s GDP was $88 trillion (2020) and then $94 trillion (2021), and now according to the latest projections, the IMF expects the global economy to reach nearly $104 trillion in nominal value by the end of 2022.
Although growth keeps trending upwards, the recovery that was expected in the post-pandemic period is looking strained. Because of recent conflicts, supply chain bottlenecks, and subsequent inflation, global economic projections are getting revised downwards.
Global annual GDP growth for 2022 was initially projected to be 4.4% as of January, but this has since been adjusted to 3.6%.
Note: This data from the IMF represents the most recent nominal projections for end of year as of April 2022.
The 50 Largest Economies in the World
The United States is still the economic leader worldwide, with a GDP of $25.3 trillion—making up nearly one quarter of the global economy. China follows close behind at $19.9 trillion. Here’s a look at the top 50 countries in terms of GDP:
|Rank||Country||GDP (current prices, USD)|
|#1||🇺🇸 United States||$25.3 trillion|
|#2||🇨🇳 China||$19.9 trillion|
|#3||🇯🇵 Japan||$4.9 trillion|
|#4||🇩🇪 Germany||$4.3 trillion|
|#5||🇬🇧 United Kingdom||$3.4 trillion|
|#6||🇮🇳 India||$3.3 trillion|
|#7||🇫🇷 France||$2.9 trillion|
|#8||🇨🇦 Canada||$2.2 trillion|
|#9||🇮🇹 Italy||$2.1 trillion|
|#10||🇧🇷 Brazil||$1.8 trillion|
|#11||🇷🇺 Russia||$1.8 trillion|
|#12||🇰🇷 South Korea||$1.8 trillion|
|#13||🇦🇺 Australia||$1.7 trillion|
|#14||🇮🇷 Iran||$1.7 trillion|
|#15||🇪🇸 Spain||$1.4 trillion|
|#16||🇲🇽 Mexico||$1.3 trillion|
|#17||🇮🇩 Indonesia||$1.3 trillion|
|#18||🇸🇦 Saudi Arabia||$1.0 trillion|
|#19||🇳🇱 Netherlands||$1.0 trillion|
|#20||🇨🇭 Switzerland||$842 billion|
|#21||🇹🇼 Taiwan||$841 billion|
|#22||🇵🇱 Poland||$700 billion|
|#23||🇹🇷 Turkey||$692 billion|
|#24||🇸🇪 Sweden||$621 billion|
|#25||🇧🇪 Belgium||$610 billion|
|#26||🇦🇷 Argentina||$564 billion|
|#27||🇳🇴 Norway||$542 billion|
|#28||🇹🇭 Thailand||$522 billion|
|#29||🇮🇱 Israel||$521 billion|
|#30||🇮🇪 Ireland||$516 billion|
|#31||🇳🇬 Nigeria||$511 billion|
|#32||🇦🇪 United Arab Emirates||$501 billion|
|#33||🇦🇹 Austria||$480 billion|
|#34||🇲🇾 Malaysia||$439 billion|
|#35||🇪🇬 Egypt||$436 billion|
|#36||🇿🇦 South Africa||$426 billion|
|#37||🇸🇬 Singapore||$424 billion|
|#38||🇵🇭 Philippines||$412 billion|
|#39||🇻🇳 Vietnam||$409 billion|
|#40||🇩🇰 Denmark||$399 billion|
|#41||🇧🇩 Bangladesh||$397 billion|
|#42||🇭🇰 Hong Kong SAR||$369 billion|
|#43||🇨🇴 Colombia||$351 billion|
|#44||🇨🇱 Chile||$318 billion|
|#45||🇫🇮 Finland||$298 billion|
|#46||🇮🇶 Iraq||$297 billion|
|#47||🇨🇿 Czechia||$296 billion|
|#48||🇷🇴 Romania||$287 billion|
|#49||🇳🇿 New Zealand||$257 billion|
|#50||🇵🇹 Portugal||$252 billion|
The frontrunner in Europe is Germany at $4.3 trillion, with the UK coming in second place. One significant change since the last reported figures is that Brazil now cracks the top 10, having surpassed South Korea. Russia falls just outside, in 11th place, with a GDP of $1.8 trillion.
While China’s GDP growth has slowed in recent years, projections still indicate that the country will overtake the U.S. by 2030, dethroning the world’s economic leader.
One region also expected to experience growth in the near future is the Middle East and North Africa, thanks to higher oil prices—Iraq and Saudi Arabia in particular are leading this charge. Regional GDP growth in the area is expected to be around 5% in 2022.
The 50 Smallest Economies in the World
Some of the world’s smallest economies were hit particularly hard by the pandemic, and have subsequently been the most affected by the inflation and food supply shortages resulting from the war in Ukraine.
Here’s a look at the countries worldwide with the lowest GDP in 2022:
|Rank||Country||GDP (current prices, USD)|
|#191||🇹🇻 Tuvalu||$66 million|
|#190||🇳🇷 Nauru||$134 million|
|#189||🇰🇮 Kiribati||$216 million|
|#188||🇵🇼 Palau||$244 million|
|#187||🇲🇭 Marshall Islands||$267 million|
|#186||🇫🇲 Micronesia||$427 million|
|#185||🇸🇹 São Tomé and Príncipe||$1 billion|
|#184||🇹🇴 Tonga||$1 billion|
|#183||🇩🇲 Dominica||$1 billion|
|#182||🇼🇸 Samoa||$1 billion|
|#181||🇻🇨 Saint Vincent and the Grenadines||$1 billion|
|#180||🇻🇺 Vanuatu||$1 billion|
|#179||🇰🇳 Saint Kitts and Nevis||$1 billion|
|#178||🇬🇩 Grenada||$1 billion|
|#177||🇰🇲 Comoros||$1 billion|
|#176||🇦🇬 Antigua and Barbuda||$2 billion|
|#175||🇬🇼 Guinea-Bissau||$2 billion|
|#174||🇸🇧 Solomon Islands||$2 billion|
|#173||🇸🇲 San Marino||$2 billion|
|#172||🇸🇨 Seychelles||$2 billion|
|#171||🇹🇱 Timor-Leste||$2 billion|
|#170||🇧🇿 Belize||$2 billion|
|#169||🇨🇻 Cabo Verde||$2 billion|
|#168||🇱🇨 Saint Lucia||$2 billion|
|#167||🇬🇲 The Gambia||$2 billion|
|#166||🇱🇸 Lesotho||$3 billion|
|#165||🇪🇷 Eritrea||$3 billion|
|#164||🇨🇫 Central African Republic||$3 billion|
|#163||🇧🇹 Bhutan||$3 billion|
|#162||🇸🇷 Suriname||$3 billion|
|#161||🇦🇼 Aruba||$3 billion|
|#160||🇦🇩 Andorra||$3 billion|
|#159||🇧🇮 Burundi||$3 billion|
|#158||🇱🇷 Liberia||$4 billion|
|#157||🇩🇯 Djibouti||$4 billion|
|#156||🇸🇱 Sierra Leone||$4 billion|
|#155||🇸🇿 Eswatini||$5 billion|
|#154||🇫🇯 Fiji||$5 billion|
|#153||🇲🇻 Maldives||$6 billion|
|#152||🇧🇧 Barbados||$6 billion|
|#151||🇸🇸 South Sudan||$6 billion|
|#150||🇲🇪 Montenegro||$6 billion|
|#149||🇹🇯 Tajikistan||$8 billion|
|#148||🇸🇴 Somalia||$8 billion|
|#147||🇹🇬 Togo||$9 billion|
|#146||🇰🇬 Kyrgyzstan||$9 billion|
|#145||🇲🇷 Mauritania||$9 billion|
|#144||🇽🇰 Kosovo||$10 billion|
|#143||🇲🇺 Mauritius||$11 billion|
|#142||🇲🇼 Malawi||$12 billion|
The smallest economy in the world measured in the IMF rankings is Tuvalu at $66 million. Most of the bottom 50 are considered low- to middle-income and emerging/developing countries. According to the World Bank, in developing countries, the level of per capita income in 2022 will be about 5% below the pre-pandemic trends.
Some countries are actually projected to experience negative GDP growth this year, particularly emerging and developing economies in Europe.
For example, Russia is expected to experience a GDP growth rate of -8.5% in 2022, though it still remains to be seen how the cost of war and increasingly harsh global sanctions impact the country’s economic prospects.
Inflation, Stagflation, Recession – How Bad is it?
While global economic growth has already been revised downwards, it’s possible the situation could be even more serious. Organizations like the World Bank say that risks of stagflation are rising. Stagflation, which hasn’t occurred since the 1970s, is defined as an economy that’s experiencing rising inflation combined with a stagnant economic output.
Currently, global consumer inflation is currently pegged at 7%. Daily goods are becoming increasingly difficult to purchase and interest rates are on the rise as central banks worldwide try to control the situation. As recent events in Sri Lanka demonstrate, low-income countries are particularly at risk to economic volatility.
Charted: Public Trust in the Federal Reserve
Public trust in the Federal Reserve chair has hit its lowest point in 20 years. Get the details in this infographic.
- Gallup conducts an annual poll to gauge the U.S. public’s trust in the Federal Reserve
- After rising during the COVID-19 pandemic, public trust has fallen to a 20-year low
Charted: Public Trust in the Federal Reserve
Each year, Gallup conducts a survey of American adults on various economic topics, including the country’s central bank, the Federal Reserve.
More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy. We’ve visualized these results from 2001 to 2023 to see how confidence levels have changed over time.
Methodology and Results
The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a “great deal” or “fair amount” of confidence.
|Year||Fed chair||% Great deal or Fair amount|
Data for 2023 collected April 3-25, with this statement put to respondents: “Please tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.”
We can see that trust in the Federal Reserve has fluctuated significantly in recent years.
For example, under Alan Greenspan, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble—which some attribute to Greenspan’s easy credit policies—resulted in a sharp decline.
On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell’s decisive actions to provide support to the U.S. economy throughout the crisis.
Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.
Confidence Now on the Decline
After peaking at 58%, those with a “great deal” or “fair amount” of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.
This is likely due to Powell’s hard stance on fighting post-pandemic inflation, which has involved raising interest rates at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:
- Negative impact on the stock market
- Increases the burden for those with variable-rate debts
- Makes mortgages and home buying less affordable
Higher rates have also prompted many U.S. tech companies to shrink their workforces, and have been a factor in the regional banking crisis, including the collapse of Silicon Valley Bank.
Where does this data come from?
Source: Gallup (2023)
Data Notes: Results are based on telephone interviews conducted April 3-25, 2023, with a random sample of –1,013—adults, ages 18+, living in all 50 U.S. states and the District of Columbia. For results based on this sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. See source for details.
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