Connect with us

Economy

The $100 Trillion Global Economy in One Chart

Published

11 months ago

on

This infographic visualizes the 100 trillion global economy by country GDP

Can I share this graphic?
Yes. Visualizations are free to share and post in their original form across the web—even for publishers. Please link back to this page and attribute Visual Capitalist.
When do I need a license?
Licenses are required for some commercial uses, translations, or layout modifications. You can even whitelabel our visualizations. Explore your options.
Interested in this piece?
Click here to license this visualization.

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.

ℹ️ Gross Domestic Product (GDP) is a broad indicator of the economic activity within a country. It measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors.

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 CountryGDP (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 CountryGDP (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.

Subscribe to Visual Capitalist
Related Topics:
Click for Comments

Markets

Mapped: The State of Economic Freedom in 2023

How free are people to control their own labor, property, and finances? This map reveals the state of economic freedom globally.

Published

1 day ago

on

June 6, 2023

By

economic freedom

Mapped: The State of Economic Freedom in 2023

The concept of economic freedom serves as a vital framework for evaluating the extent to which individuals and businesses have the freedom to make economic decisions. In countries with low economic freedom, governments exert coercion and constraints on liberties, restricting choice for individuals and businesses, which can ultimately hinder prosperity.

The map above uses the annual Index of Economic Freedom from the Heritage Foundation to showcase the level of economic freedom in every country worldwide on a scale of 0-100, looking at factors like property rights, tax burdens, labor freedom, and so on.

The ranking categorizing scores of 80+ as free economies, 70-79.9 as mostly free, 60-69.9 as moderately free, 50-59.9 as mostly unfree, and 0-49.9 as repressed.

Measuring Economic Freedom

This ranking uses four broad categories with three key indicators each, both qualitative and quantitative, to measure economic freedom.

  1. Rule of law: property rights, judicial effectiveness, government integrity
  2. Size of government: tax burdens, fiscal health, government spending
  3. Regulatory efficiency: labor freedom, monetary freedom, business freedom
  4. Open markets: financial freedom, trade freedom, investment freedom

The 12 indicators are weighted equally and scored from 0-100. The overall score is then determined from the average of the 12 indicators.

Here’s a closer look at every country’s score:

RankCountry2023 Score
#1🇸🇬 Singapore83.9
#2🇨🇭 Switzerland83.8
#3🇮🇪 Ireland82.0
#4🇹🇼 Taiwan 80.7
#5🇳🇿 New Zealand78.9
#6🇪🇪 Estonia78.6
#7🇱🇺 Luxembourg78.4
#8🇳🇱 Netherlands78.0
#9🇩🇰 Denmark77.6
#10🇸🇪 Sweden77.5
#11🇫🇮 Finland77.1
#12🇳🇴 Norway76.9
#13🇦🇺 Australia74.8
#14🇩🇪 Germany73.7
#15🇰🇷 South Korea 73.7
#16🇨🇦 Canada73.7
#17🇱🇻 Latvia72.8
#18🇨🇾 Cyprus72.3
#19🇮🇸 Iceland72.2
#20🇱🇹 Lithuania72.2
#21🇨🇿 Czechia71.9
#22🇨🇱 Chile71.1
#23🇦🇹 Austria71.1
#24🇦🇪 United Arab Emirates70.9
#25🇺🇸 United States70.6
#26🇲🇺 Mauritius70.6
#27🇺🇾 Uruguay70.2
#28🇬🇧 United Kingdom69.9
#29🇧🇧 Barbados69.8
#30🇵🇹 Portugal69.5
#31🇯🇵 Japan69.3
#32🇧🇬 Bulgaria69.3
#33🇸🇰 Slovakia69.0
#34🇮🇱 Israel68.9
#35🇬🇪 Georgia68.7
#36🇶🇦 Qatar68.6
#37🇸🇮 Slovenia68.5
#38🇼🇸 Samoa68.3
#39🇯🇲 Jamaica68.1
#40🇵🇱 Poland67.7
#41🇲🇹 Malta67.5
#42🇲🇾 Malaysia67.3
#43🇧🇪 Belgium67.1
#44🇵🇪 Peru66.5
#45🇨🇷 Costa Rica66.5
#46🇭🇷 Croatia66.4
#47🇨🇻 Cabo Verde65.8
#48🇧🇳 Brunei Darussalam65.7
#49🇦🇱 Albania65.3
#50🇦🇲 Armenia65.1
#51🇪🇸 Spain65.0
#52🇧🇼 Botswana64.9
#53🇷🇴 Romania64.5
#54🇭🇺 Hungary64.1
#55🇵🇦 Panama63.8
#56🇲🇰 North Macedonia63.7
#57🇫🇷 France63.6
#58🇷🇸 Serbia63.5
#59🇻🇨 Saint Vincent and the Grenadines63.5
#60🇮🇩 Indonesia63.5
#61🇲🇽 Mexico63.2
#62🇨🇴 Colombia63.1
#63🇧🇦 Bosnia and Herzegovina62.9
#64🇬🇹 Guatemala62.7
#65🇩🇴 Dominican Republic62.6
#66🇧🇸 The Bahamas62.6
#67🇫🇲 Micronesia62.6
#68🇧🇭 Bahrain62.5
#69🇮🇹 Italy62.3
#70🇻🇺 Vanuatu62.1
#71🇰🇿 Kazakhstan62.1
#72🇻🇳 Vietnam61.8
#73🇲🇳 Mongolia61.7
#74🇸🇹 São Tomé and Príncipe61.5
#75🇦🇿 Azerbaijan61.4
#76🇵🇾 Paraguay61.0
#77🇲🇪 Montenegro60.9
#78🇽🇰 Kosovo60.7
#79🇱🇨 Saint Lucia60.7
#80🇹🇭 Thailand60.6
#81🇨🇮 Côte d'Ivoire60.4
#82🇹🇴 Tonga60.0
#83🇹🇿 Tanzania60.0
#84🇧🇯 Benin59.8
#85🇧🇿 Belize59.8
#86🇩🇲 Dominica59.7
#87🇸🇨 Seychelles59.5
#88🇹🇹 Trinidad and Tobago59.5
#89🇵🇭 Philippines59.3
#90🇧🇹 Bhutan59.0
#91🇲🇬 Madagascar58.9
#92🇰🇮 Kiribati58.8
#93🇯🇴 Jordan58.8
#94🇭🇳 Honduras58.7
#95🇴🇲 Oman58.5
#96🇲🇩 Moldova58.5
#97🇲🇦 Morocco58.4
#98🇸🇦 Saudi Arabia58.3
#99🇬🇭 Ghana58.0
#100🇫🇯 Fiji58.0
#101🇬🇲 The Gambia57.9
#102🇳🇦 Namibia57.7
#103🇸🇳 Senegal57.7
#104🇹🇷 Türkiye56.9
#105🇬🇾 Guyana56.9
#106🇬🇷 Greece56.9
#107🇸🇧 Solomon Islands56.9
#108🇰🇼 Kuwait56.7
#109🇺🇿 Uzbekistan56.5
#110🇰🇭 Cambodia56.5
#111🇧🇫 Burkina Faso56.2
#112🇬🇦 Gabon56.1
#113🇩🇯 Djibouti56.1
#114🇸🇻 El Salvador56.0
#115🇰🇬 Kyrgyzstan55.8
#116🇿🇦 South Africa55.7
#117🇲🇷 Mauritania55.3
#118🇹🇬 Togo55.3
#119🇪🇨 Ecuador55.0
#120🇸🇿 Eswatini54.9
#121🇳🇮 Nicaragua54.9
#122🇲🇱 Mali54.5
#123🇧🇩 Bangladesh54.4
#124🇳🇬 Nigeria53.9
#125🇷🇺 Russia53.8
#126🇳🇪 Niger53.7
#127🇧🇷 Brazil53.5
#128🇰🇲 Comoros53.5
#129🇬🇳 Guinea53.2
#130🇦🇴 Angola53.0
#131🇮🇳 India52.9
#132🇹🇳 Tunisia52.9
#133🇲🇼 Malawi52.8
#134🇲🇿 Mozambique52.5
#135🇰🇪 Kenya52.5
#136🇱🇰 Sri Lanka52.2
#137🇷🇼 Rwanda52.2
#138🇹🇩 Chad52.0
#139🇨🇲 Cameroon51.9
#140🇵🇬 Papua New Guinea51.7
#141🇱🇸 Lesotho51.6
#142🇳🇵 Nepal51.4
#143🇺🇬 Uganda51.4
#144🇦🇷 Argentina51.0
#145🇧🇾 Belarus51.0
#146🇹🇯 Tajikistan50.6
#147🇱🇦 Laos50.3
#148🇸🇱 Sierra Leone50.2
#149🇭🇹 Haiti49.9
#150🇱🇷 Liberia49.6
#151🇪🇬 Egypt49.6
#152🇵🇰 Pakistan49.4
#153🇬🇶 Equatorial Guinea48.3
#154🇨🇳 China48.3
#155🇪🇹 Ethiopia48.3
#156🇨🇬 Congo48.1
#157🇨🇩 Democratic Republic of the Congo47.9
#158🇿🇲 Zambia47.8
#159🇹🇱 Timor-Leste47.2
#160🇲🇻 Maldives46.6
#161🇹🇲 Turkmenistan46.5
#162🇲🇲 Myanmar46.5
#163🇸🇷 Suriname46.1
#164🇱🇧 Lebanon45.6
#165🇬🇼 Guinea-Bissau44.6
#166🇨🇫 Central African Republic43.8
#167🇧🇴 Bolivia43.4
#168🇩🇿 Algeria43.2
#169🇮🇷 Iran42.2
#170🇧🇮 Burundi41.9
#171🇪🇷 Eritrea39.5
#172🇿🇼 Zimbabwe39.0
#173🇸🇩 Sudan32.8
#174🇻🇪 Venezuela25.8
#175🇨🇺 Cuba24.3
#176🇰🇵 North Korea2.9
-🇮🇶 IraqN/A
-🇱🇾 LibyaN/A
-🇱🇮 LiechtensteinN/A
-AfghanistanN/A

Only four countries in the world have a score of 80 or above, Ireland, Singapore, Switzerland, and Taiwan, categorizing them as completely free economically.

Let’s now look at things from a more regional perspective.

Europe

map of economic freedom in europe in 2023

From a regional perspective, Europe ranks the strongest in economic freedom.

Despite being a powerhouse within Europe, Germany ranks 10th in the continent, with a score of 73.7. One of the categories Germany scored the weakest in was government spending (28.3/100). Over the last three years, government spending has averaged 49% of GDP.

Ireland ranks third globally, scoring particularly high in categories like property rights and judicial effectiveness. The country also has no minimum capital requirement—which is typically a banking regulation and corporate law issue determining how many assets an organization must hold—making it attractive for businesses to set up shop on the Emerald Isle.

Africa

map of economic freedom in Africa in 2023

Currently, Africa is the continent with the least economic freedom in the world, however, it is also the region with the highest potential for economic growth. A booming population, and thus, labor force, are promising for future innovation. In fact, it’s anticipated that Africa will see an increase of 2.5 billion people by the end of the century.

The lowest scoring country in Africa is Sudan, a country under further strain thanks to rife civil conflict. Historically, economic development has been constrained by rampant corruption and a lack of institutional capacity.

Conversely, Botswana registered the highest score on continental Africa (64.9), ranking higher than countries like France and Italy.

The Americas

map of economic freedom in the americas in 2023

In the Americas, the United States ranks 3rd regionally—25th overall—with a score of 70.6. The report attributes the categorization of U.S. as only “mostly free” to issues like inflation, increasing government debt, and unchecked deficit spending. Public debt currently sits at a figure equivalent to more than 128% of GDP.

In South America, Chile comes out on top, ranking above many other economic powerhouses like the U.S., the UK, and Japan. However, the 2021 election of a new Constitutional Assembly could risk the current economic state, as it favors a much more socialist approach to the economy.

East Asia and Oceania

map of economic freedom in asia and oceania in 2023

China’s score is among the lowest in East Asia & Oceania, ranking 154th in the world categorizing it as a repressed economy. The ruling Chinese Communist Party routinely exercises direct control over economic activity. China’s protectionist stance towards foreign investment and a plethora of trade tariffs imposed by other nations also factor in here.

In India, where public debt is equivalent to about 84% of GDP, fiscal health is the worst-scoring category. Additionally, much of the economy remains quite informal; a large share of people work in jobs without tax slips, recorded income, or formal contracts protecting them, which challenges labor freedoms.

The Middle East and Central Asia

map of economic freedom in the middle east and central asia in 2023

It may come as no surprise that the United Arab Emirates has the highest score in the Middle East. The UAE has implemented various measures and initiatives, such as tax exemptions, duty-free zones, streamlined business registration processes, and flexible regulatory frameworks to encourage entrepreneurship and foreign direct investment. As well, the top individual and corporate tax rates in the country are 0%.

Türkiye’s lowest scoring category relates to judiciary effectiveness and the rule of law. President Recep Tayyip Erdoğan, who has already been in power for two decades, recently won the country’s election, again cementing his authority over Turkish politics. This makes it unlikely that Türkiye’s economic freedom score will recover in the short to medium term.

Where Does This Data Come From?

Source: The Index of Economic Freedom from the Heritage Foundation

Data notes: A number of countries were not ranked due to unavailable data or other factors, like ongoing war, that made it difficult to properly assess the economy. These countries include: Ukraine, Afghanistan, Iraq, Libya, Liechtenstein, Somalia, Syria, and Yemen.

Continue Reading

Subscribe

Popular