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The $100 Trillion Global Economy in One Chart

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This infographic visualizes the 100 trillion global economy by country GDP

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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.

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Real Estate

Mapped: The Growth in House Prices by Country

Global house prices were resilient in 2022, rising 6%. We compare nominal and real price growth by country as interest rates surged.

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The Growth in House Prices by Country

Mapped: The Growth in House Prices by Country

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Global housing prices rose an average of 6% annually, between Q4 2021 and Q4 2022.

In real terms that take inflation into account, prices actually fell 2% for the first decline in 12 years. Despite a surge in interest rates and mortgage costs, housing markets were noticeably stable. Real prices remain 7% above pre-pandemic levels.

In this graphic, we show the change in residential property prices with data from the Bank for International Settlements (BIS).

The Growth in House Prices, Ranked

The following dataset from the BIS covers nominal and real house price growth across 58 countries and regions as of the fourth quarter of 2022:

Price Growth
Rank
Country /
Region
Nominal Year-over-Year
Change (%)
Real Year-over-Year
Change (%)
1🇹🇷 Türkiye167.951.0
2🇷🇸 Serbia23.17.0
3🇷🇺 Russia23.19.7
4🇲🇰 North Macedonia20.61.0
5🇮🇸 Iceland20.39.9
6🇭🇷 Croatia17.33.6
7🇪🇪 Estonia16.9-3.0
8🇮🇱 Israel16.811.0
9🇭🇺 Hungary16.5-5.1
10🇱🇹 Lithuania16.0-5.5
11🇸🇮 Slovenia15.44.2
12🇧🇬 Bulgaria13.4-3.2
13🇬🇷 Greece12.23.7
14🇵🇹 Portugal11.31.3
15🇬🇧 United Kingdom10.0-0.7
16🇸🇰 Slovak Republic9.7-4.8
17
🇦🇪 United Arab Emirates
9.62.9
18🇵🇱 Poland9.3-6.9
19🇱🇻 Latvia9.1-10.2
20🇸🇬 Singapore8.61.9
21🇮🇪 Ireland8.6-0.2
22🇨🇱 Chile8.2-3.0
23🇯🇵 Japan7.93.9
24🇲🇽 Mexico7.9-0.1
25🇵🇭 Philippines7.7-0.2
26🇺🇸 United States7.10.0
27🇨🇿 Czechia6.9-7.6
28🇷🇴 Romania6.7-7.5
29🇲🇹 Malta6.3-0.7
30🇨🇾 Cyprus6.3-2.9
31🇨🇴 Colombia6.3-5.6
32🇱🇺 Luxembourg5.6-0.5
33🇪🇸 Spain5.5-1.1
34🇨🇭 Switzerland5.42.4
35🇳🇱 Netherlands5.4-5.3
36🇦🇹 Austria5.2-4.8
37🇫🇷 France4.8-1.2
38🇧🇪 Belgium4.7-5.7
39🇹🇭 Thailand4.7-1.1
40🇿🇦 South Africa3.1-4.0
41🇮🇳 India2.8-3.1
42🇮🇹 Italy2.8-8.0
43🇳🇴 Norway2.6-3.8
44🇮🇩 Indonesia2.0-3.4
45🇵🇪 Peru1.5-6.3
46🇲🇾 Malaysia1.2-2.6
47🇰🇷 South Korea-0.1-5.0
48🇲🇦 Morocco-0.1-7.7
49🇧🇷 Brazil-0.1-5.8
50🇫🇮 Finland-2.3-10.2
51🇩🇰 Denmark-2.4-10.6
52🇦🇺 Australia-3.2-10.2
53🇩🇪 Germany-3.6-12.1
54🇸🇪 Sweden-3.7-13.7
55🇨🇳 China-3.7-5.4
56🇨🇦 Canada-3.8-9.8
57🇳🇿 New Zealand-10.4-16.5
58🇭🇰 Hong Kong SAR-13.5-15.1

Türkiye’s property prices jumped the highest globally, at nearly 168% amid soaring inflation.

Real estate demand has increased alongside declining interest rates. The government drastically cut interest rates from 19% in late 2021 to 8.5% to support a weakening economy.

Many European countries saw some of the highest price growth in nominal terms. A strong labor market and low interest rates pushed up prices, even as mortgage rates broadly doubled across the continent. For real price growth, most countries were in negative territory—notably Sweden, Germany, and Denmark.

Nominal U.S. housing prices grew just over 7%, while real price growth halted to 0%. Prices have remained elevated given the stubbornly low supply of inventory. In fact, residential prices remain 45% above pre-pandemic levels.

How Do Interest Rates Impact Property Markets?

Global house prices boomed during the pandemic as central banks cut interest rates to prop up economies.

Now, rates have returned to levels last seen before the Global Financial Crisis. On average, rates have increased four percentage points in many major economies. Roughly three-quarters of the countries in the BIS dataset witnessed negative year-over-year real house price growth as of the fourth quarter of 2022.

Interest rates have a large impact on property prices. Cross-country evidence shows that for every one percentage point increase in real interest rates, the growth rate of housing prices tends to fall by about two percentage points.

When Will Housing Prices Fall?

The rise in U.S. interest rates has been counteracted by homeowners being reluctant to sell so they can keep their low mortgage rates. As a result, it is keeping inventory low and prices high. Homeowners can’t sell and keep their low mortgage rates unless they meet strict conditions on a new property.

Additionally, several other factors impact price dynamics. Construction costs, income growth, labor shortages, and population growth all play a role.

With a strong labor market continuing through 2023, stable incomes may help stave off prices from falling. On the other hand, buyers with floating-rate mortgages face steeper costs and may be unable to afford new rates. This could increase housing supply in the market, potentially leading to lower prices.

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