Markets
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.
Markets
The Top Google Searches Related to Investing in 2022
What was on investors’ minds in 2022? Discover the top Google searches and how the dominant trends played out in portfolios.


The Top Google Searches Related to Investing in 2022
It was a turbulent year for the markets in 2022, with geopolitical conflict, rising prices, and the labor market playing key roles. Which stories captured investors’ attention the most?
This infographic from New York Life Investments outlines the top Google searches related to investing in 2022, and offers a closer look at some of the trends.
Top Google Searches: Year in Review
We picked some of the top economic and investing stories that saw peak search interest in the U.S. each month, according to Google Trends.
Month of Peak Interest | Search Term |
---|---|
January | Great Resignation |
February | Russian Stock Market |
March | Oil Price |
April | Housing Bubble |
May | Value Investing |
June | Bitcoin |
July | Recession |
August | Inflation |
September | US Dollar |
October | OPEC |
November | Layoffs |
December | Interest Rate Forecast |
Data based on exact searches in the U.S. from December 26, 2021 to December 18, 2022.
Let’s look at each quarter in more detail, to see how these top Google searches were related to activity in the economy and investors’ portfolios.
Q1 2022
The start of the year was marked by U.S. workers quitting their jobs in record numbers, and the effects of the Russia-Ukraine war. For instance, the price of crude oil skyrocketed after the war caused supply uncertainties. Early March’s peak of $125 per barrel was a 13-year high.
Date | Closing Price of WTI Crude Oil (USD/Barrel) |
---|---|
January 2, 2022 | $76 |
March 3, 2022 | $125 |
December 29, 2022 | $80 |
While crude oil lost nearly all its gains by year-end, the energy sector in general performed well. In fact, the S&P 500 Energy Index gained 57% over the year compared to the S&P 500’s 19% loss.
Q2 2022
The second quarter of 2022 saw abnormal house price growth, renewed interest in value investing, and a bitcoin crash. In particular, value investing performed much better than growth investing over the course of the year.
Index | Price Return in 2022 |
---|---|
S&P 500 Value Index | -7.4% |
S&P 500 Growth Index | -30.1% |
Value stocks have typically outperformed during periods of rising rates, and 2022 was no exception.
Q3 2022
The third quarter was defined by worries about a recession and inflation, along with interest in the rising U.S. dollar. In fact, the U.S. dollar gained against nearly every major currency.
Currency | USD Appreciation Against Currency (Dec 31 2020-Sep 30 2022) |
---|---|
Japanese Yen | 40.1% |
Chinese Yuan | 9.2% |
Euro | 25.1% |
Canadian Dollar | 7.2% |
British Pound | 22.0% |
Australian Dollar | 18.1% |
Higher interest rates made the U.S. dollar more attractive to investors, since it meant they would get a higher return on their fixed income investments.
Q4 2022
The end of the year was dominated by OPEC cutting oil production, high layoffs in the tech sector, and curiosity about the future of interest rates. The Federal Reserve’s December 2022 economic projections offer clues about the trajectory of the policy rate.
2023 | 2024 | 2025 | Longer Run | |
---|---|---|---|---|
Minimum Projection | 4.9% | 3.1% | 2.4% | 2.3% |
Median Projection | 5.1% | 4.1% | 3.1% | 2.5% |
Maximum Projection | 5.6% | 5.6% | 5.6% | 3.3% |
The Federal Reserve expects interest rates to peak in 2023, with rates to remain elevated above pre-pandemic levels for the foreseeable future.
The Top Google Searches to Come
After a year of volatility across asset classes, economic uncertainty remains. Which themes will become investors’ top Google searches in 2023?
Find out how New York Life Investments can help you make sense of market trends.

-
Automotive17 hours ago
The Most Fuel Efficient Cars From 1975 to Today
This infographic lists the most fuel efficient cars over the past 46 years, including the current leader for 2023.
-
Technology3 days ago
Ranked: The Top 50 Most Visited Websites in the World
In this visualization, we rank the top 50 websites that receive the most internet traffic, from Google to CNN.
-
Markets4 days ago
Charted: The Dipping Cost of Shipping
After a dramatic spike during the pandemic, shipping costs have now fallen back to Earth. What does that mean for shippers and the economy?
-
VC+7 days ago
Access Our Exclusive Report and Upcoming ‘2023 Global Forecast’ Webinar on VC+
See what the beginning of 2023 may hold, starting with our Global Forecast Report which summarizes hundreds of expert predictions.
-
Energy1 week ago
Visualizing China’s Dominance in Battery Manufacturing (2022-2027P)
This infographic breaks down battery manufacturing capacity by country in 2022 and 2027.
-
Politics1 week ago
Which Countries are the Most Polarized?
This chart plots polarization for various countries based on the Edelman Trust Institute’s annual survey of 32,000+ people.
-
Markets2 weeks ago
The Biggest Global Risks of 2023
-
Markets4 weeks ago
Top Heavy: Countries by Share of the Global Economy
-
Politics1 week ago
Visualizing the World’s Top 25 Fleets of Combat Tanks
-
Money4 weeks ago
U.S. Inflation: How Much Have Prices Increased?
-
Energy1 week ago
The Periodic Table of Commodity Returns (2013-2022)
-
Misc4 weeks ago
Infographic: The Longest Lasting Cars, in Miles
-
Politics1 week ago
Which Countries are the Most Polarized?
-
Markets3 weeks ago
The U.S. Stock Market: Best and Worst Performing Sectors in 2022