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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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Agriculture

Which Countries Produce the Most Wheat?

Global wheat production is concentrated in just a handful of countries. Here’s a look at the top wheat-producing countries worldwide.

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Visualizing Global Wheat Production by Country (2000-2020)

Wheat is a dietary staple for millions of people around the world.

After rice and corn (maize), wheat is the third most-produced cereal worldwide, and the second-most-produced for human consumption. And considering wheat’s importance in the global food system, any impact on major producers such as droughts, wars, or other events, can impact the entire world.

Which countries are the largest producers of wheat? This graphic by Kashish Rastogi visualizes the breakdown of 20 years of global wheat production by country.

Top 10 Wheat Producing Countries

While more than 80 different countries produce wheat around the world, the majority of global wheat production comes from just a handful of countries, according to data from The Food and Agriculture Organization of the United Nations (FAO).

Here’s a look at the top 10 wheat-producing countries worldwide, based on total yield in tonnes from 2000-2020:

RankCountryContinentTotal yield (tonnes, 2000-2020)% of total (2000-2020)
#1🇨🇳 ChinaAsia & Oceania2.4 B17.0%
#2🇮🇳 IndiaAsia & Oceania1.8 B12.5%
#3🇷🇺 RussiaAsia & Oceania1.2 B 8.4%
#4🇺🇸 U.S.Americas1.2 B 8.4%
#5🇫🇷 FranceEurope767 M 5.4%
#6🇨🇦 CanadaAmericas571 M 4.0%
#7🇩🇪 GermanyEurope491 M3.5%
#8🇵🇰 PakistanAsia & Oceania482 M3.4%
#9🇦🇺 AustraliaAsia & Oceania456 M3.2%
#10🇺🇦 UkraineEurope433 M3.1%

China, the world’s largest wheat producer, has yielded more than 2.4 billion tonnes of wheat over the last two decades, making up roughly 17% of total production from 2000-2020.

A majority of China’s wheat is used domestically to help meet the country’s rising food demand. China is the world’s largest consumer of wheat—in 2020/2021, the country accounted for approximately 19% of global wheat consumption.

The second-largest wheat-producing country is India. Over the last two decades, India has produced 12.5% of the world’s wheat. Like China, India keeps most of its wheat domestic because of significant food demand across the country.

Russia, the world’s third-largest wheat producer, is also the largest global exporter of wheat. The country exported more than $7.3 billion worth of wheat in 2021, accounting for approximately 13.1% of total wheat exports that year.

Russia-Ukraine Impact on Global Wheat Market

Because Russia and Ukraine are both significant global wheat producers, the ongoing conflict between the two countries has caused massive disruptions to the global wheat market.

The conflict has had an impact on adjacent industries as well. For instance, Russia is one of the world’s major fertilizer suppliers, and the conflict has led to a global fertilizer shortage which could lead to food shortages worldwide.

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Markets

3 Reasons for the Fertilizer and Food Shortage

Bad weather, the war in Ukraine, and a shortage of fertilizer have led to fears of a global food crisis. Here are three factors you should know.

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3 Reasons for the Fertilizer and Food Shortage

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

Bad weather, the Russian invasion of Ukraine, and a shortage of fertilizer have led to fears of a global food crisis.

This infographic will help you understand the problem by highlighting three key factors behind the mounting food crisis.

#1: The Fertilizer Shortage

Since the beginning of the Russian invasion of Ukraine in February 2022, the war has disrupted shipments of fertilizer, an essential source of nutrients for crops.

Russia is the world’s top exporter of nitrogen fertilizer and ranks second in phosphorus and potassium fertilizer exports. Belarus, a Russian ally also contending with Western sanctions, is another major fertilizer producer. In addition, both countries collectively account for over 40% of global exports of the crop nutrient potash.

Here are the top 20 fertilizer exporters globally:

RankCountryExports Value (Billions in USD)
#1🇷🇺 Russia$12.5
#2🇨🇳 China $10.9
#3🇨🇦 Canada$6.6
#4🇲🇦 Morocco$5.7
#5🇺🇸 United States$4.1
#6🇸🇦 Saudi Arabia $3.6
#7🇳🇱 Netherlands$2.9
#8🇧🇪 Belgium$2.6
#9🇴🇲 Oman$2.6
#10🇶🇦 Qatar$2.2
#11🇩🇪 Germany$1.5
#12🇮🇱I srael$1.5
#13🇪🇬 Egypt$1.5
#14🇱🇹 Lithuania$1.4
#15🇩🇿 Algeria$1.4
#16🇪🇸 Spain$1.3
#17🇯🇴 Jordan$1.3
#18🇵🇱 Poland$1.2
#19🇲🇾 Malaysia$1.0
#20🇳🇬 Nigeria$1.0

The main destination of fertilizer exports from Russia are large economies like India, Brazil, China, and the United States.

However, many developing countries—including Mongolia, Honduras, Cameroon, Ghana, Senegal, and Guatemala—rely on Russia for at least one-fifth of their fertilizer imports.

Furthermore, the war intensified trends that were already disrupting supply, such as increased hoarding by major producing nations like China and sharp jumps in the price of natural gas, a key feedstock for fertilizer production.

#2: Global Grain Exports

The blockade of Ukrainian ports by Russia’s Black Sea fleet, along with Western sanctions against Russia, has worsened global supply chain bottlenecks, causing inflation in food and energy prices around the world.

This is largely because Russia and Ukraine together account for nearly one-third of the global wheat supply. Wheat is one of the most-used crops in the world annually, used to make a variety of food products like bread and pasta. Additionally, Ukraine is also a major exporter of corn, barley, sunflower oil, and rapeseed oil.

ProducerGrain Exports in Million Tons (MT)
🇺🇸 United States93MT
🇷🇺 Russia & 🇺🇦 Ukraine87MT
🇦🇷 Argentina 56MT
🇪🇺 EU50MT
🇧🇷 Brazil44MT
Other87MT

As a result of the blockade, Ukraine’s exports of cereals and oilseed dropped from six million tonnes to two million tonnes per month. After two months of negotiations, the two countries signed a deal to reopen Ukrainian Black Sea ports for grain exports, raising hopes that the international food crisis can be eased.

#3: Recent Food Shortages

Besides the war in Ukraine, factors including the COVID-19 pandemic and climate change resulted in nearly one billion people going hungry last year, according to United Nations.

France’s wine industry saw its smallest harvest since 1957 in 2021, with an estimated loss of $2 billion in sales due to increasingly higher temperatures and extreme weather conditions.

Heat, drought, and floods also decimated crops in Latin America, North America, and India in recent months. Between April 2020 and December 2021, coffee prices increased 70% after droughts and frost destroyed crops in Brazil.

In the face of multiple crises, the World Bank recently announced financial support of up to $30 billion to existing and new projects in areas such as agriculture, nutrition, social protection, water, and irrigation.

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