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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.

Weโ€™ve covered this topic in the past when the worldโ€™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 nearlyย $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.

โ„น๏ธ Gross Domestic Product (GDP) is a broad indicator of the economic activity within a country. It measures the total value of economic outputโ€”goods and servicesโ€”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 trillionโ€”making up nearly one quarter of the global economy. China follows close behind at $19.9 trillion. Hereโ€™s a look at the top 50 countries in terms of GDP:

Rank CountryGDP (current prices, USD)
#1๐Ÿ‡บ๐Ÿ‡ธ United States$25.3 trillion
#2๐Ÿ‡จ๐Ÿ‡ณ China$19.9 trillion
#3๐Ÿ‡ฏ๐Ÿ‡ต Japan$4.9 trillion
#4๐Ÿ‡ฉ๐Ÿ‡ช Germany$4.3 trillion
#5๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom$3.4 trillion
#6๐Ÿ‡ฎ๐Ÿ‡ณ India$3.3 trillion
#7๐Ÿ‡ซ๐Ÿ‡ท France$2.9 trillion
#8๐Ÿ‡จ๐Ÿ‡ฆ Canada$2.2 trillion
#9๐Ÿ‡ฎ๐Ÿ‡น Italy$2.1 trillion
#10๐Ÿ‡ง๐Ÿ‡ท Brazil$1.8 trillion
#11๐Ÿ‡ท๐Ÿ‡บ Russia$1.8 trillion
#12๐Ÿ‡ฐ๐Ÿ‡ท South Korea$1.8 trillion
#13๐Ÿ‡ฆ๐Ÿ‡บ Australia$1.7 trillion
#14๐Ÿ‡ฎ๐Ÿ‡ท Iran$1.7 trillion
#15๐Ÿ‡ช๐Ÿ‡ธ Spain$1.4 trillion
#16๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$1.3 trillion
#17๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$1.3 trillion
#18๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia$1.0 trillion
#19๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$1.0 trillion
#20๐Ÿ‡จ๐Ÿ‡ญ Switzerland$842 billion
#21๐Ÿ‡น๐Ÿ‡ผ Taiwan$841 billion
#22๐Ÿ‡ต๐Ÿ‡ฑ Poland$700 billion
#23๐Ÿ‡น๐Ÿ‡ท Turkey$692 billion
#24๐Ÿ‡ธ๐Ÿ‡ช Sweden$621 billion
#25๐Ÿ‡ง๐Ÿ‡ช Belgium$610 billion
#26๐Ÿ‡ฆ๐Ÿ‡ท Argentina$564 billion
#27๐Ÿ‡ณ๐Ÿ‡ด Norway$542 billion
#28๐Ÿ‡น๐Ÿ‡ญ Thailand$522 billion
#29๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$521 billion
#30๐Ÿ‡ฎ๐Ÿ‡ช Ireland$516 billion
#31๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria$511 billion
#32๐Ÿ‡ฆ๐Ÿ‡ช United Arab Emirates$501 billion
#33๐Ÿ‡ฆ๐Ÿ‡น Austria$480 billion
#34๐Ÿ‡ฒ๐Ÿ‡พ Malaysia$439 billion
#35๐Ÿ‡ช๐Ÿ‡ฌ Egypt$436 billion
#36๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$426 billion
#37๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$424 billion
#38๐Ÿ‡ต๐Ÿ‡ญ Philippines$412 billion
#39๐Ÿ‡ป๐Ÿ‡ณ Vietnam$409 billion
#40๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$399 billion
#41๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh$397 billion
#42๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong SAR$369 billion
#43๐Ÿ‡จ๐Ÿ‡ด Colombia$351 billion
#44๐Ÿ‡จ๐Ÿ‡ฑ Chile$318 billion
#45๐Ÿ‡ซ๐Ÿ‡ฎ Finland$298 billion
#46๐Ÿ‡ฎ๐Ÿ‡ถ Iraq$297 billion
#47๐Ÿ‡จ๐Ÿ‡ฟ Czechia$296 billion
#48๐Ÿ‡ท๐Ÿ‡ด Romania$287 billion
#49๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$257 billion
#50๐Ÿ‡ต๐Ÿ‡น 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 Chinaโ€™s GDP growth has slowed in recent years, projections still indicate that the country will overtake the U.S. by 2030, dethroning the worldโ€™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 pricesโ€”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.

Hereโ€™s a look at the countries worldwide with the lowest GDP in 2022:

Rank CountryGDP (current prices, USD)
#191๐Ÿ‡น๐Ÿ‡ป Tuvalu$66 million
#190๐Ÿ‡ณ๐Ÿ‡ท Nauru$134 million
#189๐Ÿ‡ฐ๐Ÿ‡ฎ Kiribati$216 million
#188๐Ÿ‡ต๐Ÿ‡ผ Palau$244 million
#187๐Ÿ‡ฒ๐Ÿ‡ญ Marshall Islands$267 million
#186๐Ÿ‡ซ๐Ÿ‡ฒ Micronesia$427 million
#185๐Ÿ‡ธ๐Ÿ‡น Sรฃo Tomรฉ and Prรญncipe$1 billion
#184๐Ÿ‡น๐Ÿ‡ด Tonga$1 billion
#183๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica$1 billion
#182๐Ÿ‡ผ๐Ÿ‡ธ Samoa$1 billion
#181๐Ÿ‡ป๐Ÿ‡จ Saint Vincent and the Grenadines$1 billion
#180๐Ÿ‡ป๐Ÿ‡บ Vanuatu$1 billion
#179๐Ÿ‡ฐ๐Ÿ‡ณ Saint Kitts and Nevis$1 billion
#178๐Ÿ‡ฌ๐Ÿ‡ฉ Grenada$1 billion
#177๐Ÿ‡ฐ๐Ÿ‡ฒ Comoros$1 billion
#176๐Ÿ‡ฆ๐Ÿ‡ฌ Antigua and Barbuda$2 billion
#175๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau$2 billion
#174๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands$2 billion
#173๐Ÿ‡ธ๐Ÿ‡ฒ San Marino$2 billion
#172๐Ÿ‡ธ๐Ÿ‡จ Seychelles$2 billion
#171๐Ÿ‡น๐Ÿ‡ฑ Timor-Leste$2 billion
#170๐Ÿ‡ง๐Ÿ‡ฟ Belize$2 billion
#169๐Ÿ‡จ๐Ÿ‡ป Cabo Verde$2 billion
#168๐Ÿ‡ฑ๐Ÿ‡จ Saint Lucia$2 billion
#167๐Ÿ‡ฌ๐Ÿ‡ฒ The Gambia$2 billion
#166๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho$3 billion
#165๐Ÿ‡ช๐Ÿ‡ท Eritrea$3 billion
#164๐Ÿ‡จ๐Ÿ‡ซ Central African Republic$3 billion
#163๐Ÿ‡ง๐Ÿ‡น Bhutan$3 billion
#162๐Ÿ‡ธ๐Ÿ‡ท Suriname$3 billion
#161๐Ÿ‡ฆ๐Ÿ‡ผ Aruba$3 billion
#160๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra$3 billion
#159๐Ÿ‡ง๐Ÿ‡ฎ Burundi$3 billion
#158๐Ÿ‡ฑ๐Ÿ‡ท Liberia$4 billion
#157๐Ÿ‡ฉ๐Ÿ‡ฏ Djibouti$4 billion
#156๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone$4 billion
#155๐Ÿ‡ธ๐Ÿ‡ฟ Eswatini$5 billion
#154๐Ÿ‡ซ๐Ÿ‡ฏ Fiji$5 billion
#153๐Ÿ‡ฒ๐Ÿ‡ป Maldives$6 billion
#152๐Ÿ‡ง๐Ÿ‡ง Barbados$6 billion
#151๐Ÿ‡ธ๐Ÿ‡ธ South Sudan$6 billion
#150๐Ÿ‡ฒ๐Ÿ‡ช Montenegro$6 billion
#149๐Ÿ‡น๐Ÿ‡ฏ Tajikistan$8 billion
#148๐Ÿ‡ธ๐Ÿ‡ด Somalia$8 billion
#147๐Ÿ‡น๐Ÿ‡ฌ Togo$9 billion
#146๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyzstan$9 billion
#145๐Ÿ‡ฒ๐Ÿ‡ท Mauritania$9 billion
#144๐Ÿ‡ฝ๐Ÿ‡ฐ Kosovo$10 billion
#143๐Ÿ‡ฒ๐Ÿ‡บ Mauritius$11 billion
#142๐Ÿ‡ฒ๐Ÿ‡ผ 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 โ€“ 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 (%)
1๐Ÿ‡น๐Ÿ‡ท Tรผrkiye167.951.0
2๐Ÿ‡ท๐Ÿ‡ธ Serbia23.17.0
3๐Ÿ‡ท๐Ÿ‡บ Russia23.19.7
4๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia20.61.0
5๐Ÿ‡ฎ๐Ÿ‡ธ Iceland20.39.9
6๐Ÿ‡ญ๐Ÿ‡ท Croatia17.33.6
7๐Ÿ‡ช๐Ÿ‡ช Estonia16.9-3.0
8๐Ÿ‡ฎ๐Ÿ‡ฑ Israel16.811.0
9๐Ÿ‡ญ๐Ÿ‡บ Hungary16.5-5.1
10๐Ÿ‡ฑ๐Ÿ‡น Lithuania16.0-5.5
11๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia15.44.2
12๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria13.4-3.2
13๐Ÿ‡ฌ๐Ÿ‡ท Greece12.23.7
14๐Ÿ‡ต๐Ÿ‡น Portugal11.31.3
15๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom10.0-0.7
16๐Ÿ‡ธ๐Ÿ‡ฐ Slovak Republic9.7-4.8
17
๐Ÿ‡ฆ๐Ÿ‡ช United Arab Emirates
9.62.9
18๐Ÿ‡ต๐Ÿ‡ฑ Poland9.3-6.9
19๐Ÿ‡ฑ๐Ÿ‡ป Latvia9.1-10.2
20๐Ÿ‡ธ๐Ÿ‡ฌ Singapore8.61.9
21๐Ÿ‡ฎ๐Ÿ‡ช Ireland8.6-0.2
22๐Ÿ‡จ๐Ÿ‡ฑ Chile8.2-3.0
23๐Ÿ‡ฏ๐Ÿ‡ต Japan7.93.9
24๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico7.9-0.1
25๐Ÿ‡ต๐Ÿ‡ญ Philippines7.7-0.2
26๐Ÿ‡บ๐Ÿ‡ธ United States7.10.0
27๐Ÿ‡จ๐Ÿ‡ฟ Czechia6.9-7.6
28๐Ÿ‡ท๐Ÿ‡ด Romania6.7-7.5
29๐Ÿ‡ฒ๐Ÿ‡น Malta6.3-0.7
30๐Ÿ‡จ๐Ÿ‡พ Cyprus6.3-2.9
31๐Ÿ‡จ๐Ÿ‡ด Colombia6.3-5.6
32๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg5.6-0.5
33๐Ÿ‡ช๐Ÿ‡ธ Spain5.5-1.1
34๐Ÿ‡จ๐Ÿ‡ญ Switzerland5.42.4
35๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands5.4-5.3
36๐Ÿ‡ฆ๐Ÿ‡น Austria5.2-4.8
37๐Ÿ‡ซ๐Ÿ‡ท France4.8-1.2
38๐Ÿ‡ง๐Ÿ‡ช Belgium4.7-5.7
39๐Ÿ‡น๐Ÿ‡ญ Thailand4.7-1.1
40๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa3.1-4.0
41๐Ÿ‡ฎ๐Ÿ‡ณ India2.8-3.1
42๐Ÿ‡ฎ๐Ÿ‡น Italy2.8-8.0
43๐Ÿ‡ณ๐Ÿ‡ด Norway2.6-3.8
44๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia2.0-3.4
45๐Ÿ‡ต๐Ÿ‡ช Peru1.5-6.3
46๐Ÿ‡ฒ๐Ÿ‡พ Malaysia1.2-2.6
47๐Ÿ‡ฐ๐Ÿ‡ท South Korea-0.1-5.0
48๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco-0.1-7.7
49๐Ÿ‡ง๐Ÿ‡ท Brazil-0.1-5.8
50๐Ÿ‡ซ๐Ÿ‡ฎ Finland-2.3-10.2
51๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark-2.4-10.6
52๐Ÿ‡ฆ๐Ÿ‡บ Australia-3.2-10.2
53๐Ÿ‡ฉ๐Ÿ‡ช Germany-3.6-12.1
54๐Ÿ‡ธ๐Ÿ‡ช Sweden-3.7-13.7
55๐Ÿ‡จ๐Ÿ‡ณ China-3.7-5.4
56๐Ÿ‡จ๐Ÿ‡ฆ Canada-3.8-9.8
57๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand-10.4-16.5
58๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong SAR-13.5-15.1

Tรผrkiyeโ€™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 territoryโ€”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 canโ€™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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