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.
Weโve covered this topic in the past when the worldโs 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.
The 50 Largest Economies in the World
The United States is still the economic leader worldwide, with a GDP of $25.3 trillionโmaking up nearly one quarter of the global economy. China follows close behind at $19.9 trillion. Hereโs a look at the top 50 countries in terms of GDP:
Rank | Country | GDP (current prices, USD) |
---|---|---|
#1 | ๐บ๐ธ United States | $25.3 trillion |
#2 | ๐จ๐ณ China | $19.9 trillion |
#3 | ๐ฏ๐ต Japan | $4.9 trillion |
#4 | ๐ฉ๐ช Germany | $4.3 trillion |
#5 | ๐ฌ๐ง United Kingdom | $3.4 trillion |
#6 | ๐ฎ๐ณ India | $3.3 trillion |
#7 | ๐ซ๐ท France | $2.9 trillion |
#8 | ๐จ๐ฆ Canada | $2.2 trillion |
#9 | ๐ฎ๐น Italy | $2.1 trillion |
#10 | ๐ง๐ท Brazil | $1.8 trillion |
#11 | ๐ท๐บ Russia | $1.8 trillion |
#12 | ๐ฐ๐ท South Korea | $1.8 trillion |
#13 | ๐ฆ๐บ Australia | $1.7 trillion |
#14 | ๐ฎ๐ท Iran | $1.7 trillion |
#15 | ๐ช๐ธ Spain | $1.4 trillion |
#16 | ๐ฒ๐ฝ Mexico | $1.3 trillion |
#17 | ๐ฎ๐ฉ Indonesia | $1.3 trillion |
#18 | ๐ธ๐ฆ Saudi Arabia | $1.0 trillion |
#19 | ๐ณ๐ฑ Netherlands | $1.0 trillion |
#20 | ๐จ๐ญ Switzerland | $842 billion |
#21 | ๐น๐ผ Taiwan | $841 billion |
#22 | ๐ต๐ฑ Poland | $700 billion |
#23 | ๐น๐ท Turkey | $692 billion |
#24 | ๐ธ๐ช Sweden | $621 billion |
#25 | ๐ง๐ช Belgium | $610 billion |
#26 | ๐ฆ๐ท Argentina | $564 billion |
#27 | ๐ณ๐ด Norway | $542 billion |
#28 | ๐น๐ญ Thailand | $522 billion |
#29 | ๐ฎ๐ฑ Israel | $521 billion |
#30 | ๐ฎ๐ช Ireland | $516 billion |
#31 | ๐ณ๐ฌ Nigeria | $511 billion |
#32 | ๐ฆ๐ช United Arab Emirates | $501 billion |
#33 | ๐ฆ๐น Austria | $480 billion |
#34 | ๐ฒ๐พ Malaysia | $439 billion |
#35 | ๐ช๐ฌ Egypt | $436 billion |
#36 | ๐ฟ๐ฆ South Africa | $426 billion |
#37 | ๐ธ๐ฌ Singapore | $424 billion |
#38 | ๐ต๐ญ Philippines | $412 billion |
#39 | ๐ป๐ณ Vietnam | $409 billion |
#40 | ๐ฉ๐ฐ Denmark | $399 billion |
#41 | ๐ง๐ฉ Bangladesh | $397 billion |
#42 | ๐ญ๐ฐ Hong Kong SAR | $369 billion |
#43 | ๐จ๐ด Colombia | $351 billion |
#44 | ๐จ๐ฑ Chile | $318 billion |
#45 | ๐ซ๐ฎ Finland | $298 billion |
#46 | ๐ฎ๐ถ Iraq | $297 billion |
#47 | ๐จ๐ฟ Czechia | $296 billion |
#48 | ๐ท๐ด Romania | $287 billion |
#49 | ๐ณ๐ฟ New Zealand | $257 billion |
#50 | ๐ต๐น 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 Chinaโs GDP growth has slowed in recent years, projections still indicate that the country will overtake the U.S. by 2030, dethroning the worldโs economic leader.
One region also expected to experience growth in the near future is the Middle East and North Africa, thanks to higher oil pricesโIraq 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.
Hereโs a look at the countries worldwide with the lowest GDP in 2022:
Rank | Country | GDP (current prices, USD) |
---|---|---|
#191 | ๐น๐ป Tuvalu | $66 million |
#190 | ๐ณ๐ท Nauru | $134 million |
#189 | ๐ฐ๐ฎ Kiribati | $216 million |
#188 | ๐ต๐ผ Palau | $244 million |
#187 | ๐ฒ๐ญ Marshall Islands | $267 million |
#186 | ๐ซ๐ฒ Micronesia | $427 million |
#185 | ๐ธ๐น Sรฃo Tomรฉ and Prรญncipe | $1 billion |
#184 | ๐น๐ด Tonga | $1 billion |
#183 | ๐ฉ๐ฒ Dominica | $1 billion |
#182 | ๐ผ๐ธ Samoa | $1 billion |
#181 | ๐ป๐จ Saint Vincent and the Grenadines | $1 billion |
#180 | ๐ป๐บ Vanuatu | $1 billion |
#179 | ๐ฐ๐ณ Saint Kitts and Nevis | $1 billion |
#178 | ๐ฌ๐ฉ Grenada | $1 billion |
#177 | ๐ฐ๐ฒ Comoros | $1 billion |
#176 | ๐ฆ๐ฌ Antigua and Barbuda | $2 billion |
#175 | ๐ฌ๐ผ Guinea-Bissau | $2 billion |
#174 | ๐ธ๐ง Solomon Islands | $2 billion |
#173 | ๐ธ๐ฒ San Marino | $2 billion |
#172 | ๐ธ๐จ Seychelles | $2 billion |
#171 | ๐น๐ฑ Timor-Leste | $2 billion |
#170 | ๐ง๐ฟ Belize | $2 billion |
#169 | ๐จ๐ป Cabo Verde | $2 billion |
#168 | ๐ฑ๐จ Saint Lucia | $2 billion |
#167 | ๐ฌ๐ฒ The Gambia | $2 billion |
#166 | ๐ฑ๐ธ Lesotho | $3 billion |
#165 | ๐ช๐ท Eritrea | $3 billion |
#164 | ๐จ๐ซ Central African Republic | $3 billion |
#163 | ๐ง๐น Bhutan | $3 billion |
#162 | ๐ธ๐ท Suriname | $3 billion |
#161 | ๐ฆ๐ผ Aruba | $3 billion |
#160 | ๐ฆ๐ฉ Andorra | $3 billion |
#159 | ๐ง๐ฎ Burundi | $3 billion |
#158 | ๐ฑ๐ท Liberia | $4 billion |
#157 | ๐ฉ๐ฏ Djibouti | $4 billion |
#156 | ๐ธ๐ฑ Sierra Leone | $4 billion |
#155 | ๐ธ๐ฟ Eswatini | $5 billion |
#154 | ๐ซ๐ฏ Fiji | $5 billion |
#153 | ๐ฒ๐ป Maldives | $6 billion |
#152 | ๐ง๐ง Barbados | $6 billion |
#151 | ๐ธ๐ธ South Sudan | $6 billion |
#150 | ๐ฒ๐ช Montenegro | $6 billion |
#149 | ๐น๐ฏ Tajikistan | $8 billion |
#148 | ๐ธ๐ด Somalia | $8 billion |
#147 | ๐น๐ฌ Togo | $9 billion |
#146 | ๐ฐ๐ฌ Kyrgyzstan | $9 billion |
#145 | ๐ฒ๐ท Mauritania | $9 billion |
#144 | ๐ฝ๐ฐ Kosovo | $10 billion |
#143 | ๐ฒ๐บ Mauritius | $11 billion |
#142 | ๐ฒ๐ผ 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.
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.

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 | ๐น๐ท Tรผrkiye | 167.9 | 51.0 |
2 | ๐ท๐ธ Serbia | 23.1 | 7.0 |
3 | ๐ท๐บ Russia | 23.1 | 9.7 |
4 | ๐ฒ๐ฐ North Macedonia | 20.6 | 1.0 |
5 | ๐ฎ๐ธ Iceland | 20.3 | 9.9 |
6 | ๐ญ๐ท Croatia | 17.3 | 3.6 |
7 | ๐ช๐ช Estonia | 16.9 | -3.0 |
8 | ๐ฎ๐ฑ Israel | 16.8 | 11.0 |
9 | ๐ญ๐บ Hungary | 16.5 | -5.1 |
10 | ๐ฑ๐น Lithuania | 16.0 | -5.5 |
11 | ๐ธ๐ฎ Slovenia | 15.4 | 4.2 |
12 | ๐ง๐ฌ Bulgaria | 13.4 | -3.2 |
13 | ๐ฌ๐ท Greece | 12.2 | 3.7 |
14 | ๐ต๐น Portugal | 11.3 | 1.3 |
15 | ๐ฌ๐ง United Kingdom | 10.0 | -0.7 |
16 | ๐ธ๐ฐ Slovak Republic | 9.7 | -4.8 |
17 | ๐ฆ๐ช United Arab Emirates | 9.6 | 2.9 |
18 | ๐ต๐ฑ Poland | 9.3 | -6.9 |
19 | ๐ฑ๐ป Latvia | 9.1 | -10.2 |
20 | ๐ธ๐ฌ Singapore | 8.6 | 1.9 |
21 | ๐ฎ๐ช Ireland | 8.6 | -0.2 |
22 | ๐จ๐ฑ Chile | 8.2 | -3.0 |
23 | ๐ฏ๐ต Japan | 7.9 | 3.9 |
24 | ๐ฒ๐ฝ Mexico | 7.9 | -0.1 |
25 | ๐ต๐ญ Philippines | 7.7 | -0.2 |
26 | ๐บ๐ธ United States | 7.1 | 0.0 |
27 | ๐จ๐ฟ Czechia | 6.9 | -7.6 |
28 | ๐ท๐ด Romania | 6.7 | -7.5 |
29 | ๐ฒ๐น Malta | 6.3 | -0.7 |
30 | ๐จ๐พ Cyprus | 6.3 | -2.9 |
31 | ๐จ๐ด Colombia | 6.3 | -5.6 |
32 | ๐ฑ๐บ Luxembourg | 5.6 | -0.5 |
33 | ๐ช๐ธ Spain | 5.5 | -1.1 |
34 | ๐จ๐ญ Switzerland | 5.4 | 2.4 |
35 | ๐ณ๐ฑ Netherlands | 5.4 | -5.3 |
36 | ๐ฆ๐น Austria | 5.2 | -4.8 |
37 | ๐ซ๐ท France | 4.8 | -1.2 |
38 | ๐ง๐ช Belgium | 4.7 | -5.7 |
39 | ๐น๐ญ Thailand | 4.7 | -1.1 |
40 | ๐ฟ๐ฆ South Africa | 3.1 | -4.0 |
41 | ๐ฎ๐ณ India | 2.8 | -3.1 |
42 | ๐ฎ๐น Italy | 2.8 | -8.0 |
43 | ๐ณ๐ด Norway | 2.6 | -3.8 |
44 | ๐ฎ๐ฉ Indonesia | 2.0 | -3.4 |
45 | ๐ต๐ช Peru | 1.5 | -6.3 |
46 | ๐ฒ๐พ Malaysia | 1.2 | -2.6 |
47 | ๐ฐ๐ท South Korea | -0.1 | -5.0 |
48 | ๐ฒ๐ฆ Morocco | -0.1 | -7.7 |
49 | ๐ง๐ท Brazil | -0.1 | -5.8 |
50 | ๐ซ๐ฎ Finland | -2.3 | -10.2 |
51 | ๐ฉ๐ฐ Denmark | -2.4 | -10.6 |
52 | ๐ฆ๐บ Australia | -3.2 | -10.2 |
53 | ๐ฉ๐ช Germany | -3.6 | -12.1 |
54 | ๐ธ๐ช Sweden | -3.7 | -13.7 |
55 | ๐จ๐ณ China | -3.7 | -5.4 |
56 | ๐จ๐ฆ Canada | -3.8 | -9.8 |
57 | ๐ณ๐ฟ New Zealand | -10.4 | -16.5 |
58 | ๐ญ๐ฐ Hong Kong SAR | -13.5 | -15.1 |
Tรผrkiyeโs 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 territoryโnotably 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 canโt 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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