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.
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: Tesla’s Unrivaled Profit Margins
This infographic compares Tesla’s impressive profit margins to various Western and Chinese competitors.
Chart: Tesla’s Unrivaled Profit Margins
In January this year, Tesla made the surprising announcement that it would be cutting prices on its vehicles by as much as 20%.
While price cuts are not new in the automotive world, they are for Tesla. The company, which historically has been unable to keep up with demand, has seen its order backlog shrink from 476,000 units in July 2022, to 74,000 in December 2022.
This has been attributed to Tesla’s robust production growth, which saw 2022 production increase 41% over 2021 (from 930,422 to 1,313,851 units).
With the days of “endless” demand seemingly over, Tesla is going on the offensive by reducing its prices—a move that puts pressure on competitors, but has also angered existing owners.
Cranking up the Heat
Tesla’s price cuts are an attempt to protect its market share, but they’re not exactly the desperation move some media outlets have claimed them to be.
Recent data compiled by Reuters shows that Tesla’s margins are significantly higher than those of its rivals, both in terms of gross and net profit. Our graphic only illustrates the net figures, but gross profits are also included in the table below.
|Company||Gross profit per car||Net profit per car|
Data from Q3 2022
Price cutting has its drawbacks, but one could argue that the benefits for Tesla are worth it based on this data—especially in a critical market like China.
Tesla has taken the nuclear option to bully the weaker, thin margin players off the table.
– Bill Russo, Automobility
In the case of Chinese EV startups Xpeng and Nio, net profits are non-existent, meaning it’s unlikely they’ll be able to match Tesla’s reductions in price. Both firms have reported year-on-year sales declines in January.
As for Tesla, Chinese media outlets have claimed that the firm received 30,000 orders within three days of its price cut announcement. Note that this hasn’t been officially confirmed by anyone within the company.
Tit for Tat
Ford made headlines recently for announcing its own price cuts on the Mustang Mach-E electric SUV. The model is a direct competitor to Tesla’s best-selling Model Y.
Chevrolet and Hyundai have also adjusted some of their EV prices in recent months, as listed in the following table.
|Model||Old Price||New Price||Discount|
|Tesla Model Y Long Range||$65,990||$53,490||18.9%|
|Chevrolet Bolt EUV 2023||$33,500||$27,200||18.8%|
|Tesla Model Y Performance||$69,990||$56,990||18.6%|
|Chevrolet Bolt 2023||$31,600||$26,500||16.1%|
|Tesla Model 3 Performance||$62,990||$53,990||14.3%|
|Hyundai Kona Electric 2022||$37,390||$34,000||9.1%|
|Ford Mustang Mach-E GT Extended Range||$69,900||$64,000||8.4%|
|Tesla Model 3 Long Range||$46,990||$43,990||6.4%|
|Ford Mustang Mach-E Premium AWD||$57,675||$53,995||6.4%|
|Ford Mustang Mach-E RWD Standard Range||$46,900||$46,000||1.9%|
Source: Observer (Feb 2023)
Volkswagen is a noteworthy player missing from this table. The company has been gaining ground on Tesla, especially in the European market.
We have a clear pricing strategy and are focusing on reliability. We trust in the strength of our products and brands.
– Oliver Blume, CEO, VW Group
This decision could hamper Volkswagen’s goal of becoming a dominant player in EVs, especially if more automakers join Tesla in cutting prices. For now, Tesla still holds a strong grip on the US market.
Recent Tesla buyers became outraged when the company announced it would be slashing prices on its cars. In China, buyers even staged protests at Tesla stores and delivery centers.
Recent buyers not only missed out on a better price, but their cars have effectively depreciated by the amount of the cut. This is a bitter turn of events, given Musk’s 2019 claims that a Tesla would be an appreciating asset.
I think the most profound thing is that if you buy a Tesla today, I believe you are buying an appreciating asset – not a depreciating asset.
– Elon Musk, CEO, Tesla
These comments were made in reference to Tesla’s full self-driving (FSD) capabilities, which Elon claimed would enable owners to turn their cars into robotaxis.
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