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.
Mapped: Renewable Energy and Battery Installations in the U.S. in 2023
This graphic describes new U.S. renewable energy installations by state along with nameplate capacity, planned to come online in 2023.
Renewable and Battery Installations in the U.S. in 2023
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Renewable energy, in particular solar power, is set to shine in 2023. This year, the U.S. plans to get over 80% of its new energy installations from sources like battery, solar, and wind.
The above map uses data from EIA to highlight planned U.S. renewable energy and battery storage installations by state for 2023.
Texas and California Leading in Renewable Energy
Nearly every state in the U.S. has plans to produce new clean energy in 2023, but it’s not a surprise to see the two most populous states in the lead of the pack.
Even though the majority of its power comes from natural gas, Texas currently leads the U.S. in planned renewable energy installations. The state also has plans to power nearly 900,000 homes using new wind energy.
California is second, which could be partially attributable to the passing of Title 24, an energy code that makes it compulsory for new buildings to have the equipment necessary to allow the easy installation of solar panels, battery storage, and EV charging.
New solar power in the U.S. isn’t just coming from places like Texas and California. In 2023, Ohio will add 1,917 MW of new nameplate solar capacity, with Nevada and Colorado not far behind.
|Top 10 States||Battery (MW)||Solar (MW)||Wind (MW)||Total (MW)|
The state of New York is also looking to become one of the nation’s leading renewable energy providers. The New York State Energy Research & Development Authority (NYSERDA) is making real strides towards this objective with 11% of the nation’s new wind power projects expected to come online in 2023.
According to the data, New Hampshire is the only state in the U.S. that has no new utility-scale renewable energy installations planned for 2023. However, the state does have plans for a massive hydroelectric plant that should come online in 2024.
Renewable energy is considered essential to reduce global warming and CO2 emissions.
In line with the efforts by each state to build new renewable installations, the Biden administration has set a goal of achieving a carbon pollution-free power sector by 2035 and a net zero emissions economy by no later than 2050.
The EIA forecasts the share of U.S. electricity generation from renewable sources rising from 22% in 2022 to 23% in 2023 and to 26% in 2024.
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