Markets
Animation: The World’s 10 Largest Economies by GDP (1960-Today)
Animation: The World’s 10 Largest Economies by GDP (1960-Today)
Just weeks ago, we showed you a colorful visualization that breaks down the $80 trillion global economy.
While such a view provides useful context on the relative size of national economies, it’s also a static snapshot that doesn’t show any movement over time. In other words, we can see the size of any given economy today, but not how it got there.
Today’s animation comes to us from WawamuStats and it charts how GDP has changed over the last 57 years for the world’s 10 largest economies.
It provides us with a lens through time, that helps show the rapid ascent of certain countries and the stagnation of others – and while there are many noteworthy changes that occur in the animation, the two most noticeable ones have been described as “economic miracles”.
Japan’s Economic Miracle
You may have heard of the “Japanese economic miracle”, a term that is used to describe the record-setting GDP growth in Japan between the end of World War II and the end of the Cold War.
Well, the above animation shows this event better than pretty much anything else.
In 1960, Japan had an economy that was only 10% of the size of the United States. But in just a decade, Japan would see sustained real GDP growth – often in the double digits each year – that allowed the country to rocket past both the United Kingdom and France to become the world’s second-largest economy.
It would hold this title consecutively between 1972 and 2010, until it was supplanted by another Asian economic miracle.
Economic Miracle, Part Deux
The other rapid ascent in this animation that can be obviously seen is that of China.
Despite falling off the top 10 list completely by 1980, new economic reforms in the 1980s and 1990s helped pave the way to the massive economy in China we know today, including the lifting of hundreds of millions of people out of extreme poverty.
By 1993, China was once again one of the world’s largest economies, just squeezing onto the above list.
By 2010 – just 17 years later – the country had surpassed titans like the United Kingdom, Germany, France, and even Japan to secure the second spot on the list, which it continues to hold today in nominal terms.
Economy
Economic Growth Forecasts for G7 and BRICS Countries in 2024
The IMF has released its economic growth forecasts for 2024. How do the G7 and BRICS countries compare?
G7 & BRICS Real GDP Growth Forecasts for 2024
The International Monetary Fund’s (IMF) has released its real gross domestic product (GDP) growth forecasts for 2024, and while global growth is projected to stay steady at 3.2%, various major nations are seeing declining forecasts.
This chart visualizes the 2024 real GDP growth forecasts using data from the IMF’s 2024 World Economic Outlook for G7 and BRICS member nations along with Saudi Arabia, which is still considering an invitation to join the bloc.
Get the Key Insights of the IMF’s World Economic Outlook
Want a visual breakdown of the insights from the IMF’s 2024 World Economic Outlook report?
This visual is part of a special dispatch of the key takeaways exclusively for VC+ members.
Get the full dispatch of charts by signing up to VC+.
Mixed Economic Growth Prospects for Major Nations in 2024
Economic growth projections by the IMF for major nations are mixed, with the majority of G7 and BRICS countries forecasted to have slower growth in 2024 compared to 2023.
Only three BRICS-invited or member countries, Saudi Arabia, the UAE, and South Africa, have higher projected real GDP growth rates in 2024 than last year.
| Group | Country | Real GDP Growth (2023) | Real GDP Growth (2024P) |
|---|---|---|---|
| G7 | 🇺🇸 U.S. | 2.5% | 2.7% |
| G7 | 🇨🇦 Canada | 1.1% | 1.2% |
| G7 | 🇯🇵 Japan | 1.9% | 0.9% |
| G7 | 🇫🇷 France | 0.9% | 0.7% |
| G7 | 🇮🇹 Italy | 0.9% | 0.7% |
| G7 | 🇬🇧 UK | 0.1% | 0.5% |
| G7 | 🇩🇪 Germany | -0.3% | 0.2% |
| BRICS | 🇮🇳 India | 7.8% | 6.8% |
| BRICS | 🇨🇳 China | 5.2% | 4.6% |
| BRICS | 🇦🇪 UAE | 3.4% | 3.5% |
| BRICS | 🇮🇷 Iran | 4.7% | 3.3% |
| BRICS | 🇷🇺 Russia | 3.6% | 3.2% |
| BRICS | 🇪🇬 Egypt | 3.8% | 3.0% |
| BRICS-invited | 🇸🇦 Saudi Arabia | -0.8% | 2.6% |
| BRICS | 🇧🇷 Brazil | 2.9% | 2.2% |
| BRICS | 🇿🇦 South Africa | 0.6% | 0.9% |
| BRICS | 🇪🇹 Ethiopia | 7.2% | 6.2% |
| 🌍 World | 3.2% | 3.2% |
China and India are forecasted to maintain relatively high growth rates in 2024 at 4.6% and 6.8% respectively, but compared to the previous year, China is growing 0.6 percentage points slower while India is an entire percentage point slower.
On the other hand, four G7 nations are set to grow faster than last year, which includes Germany making its comeback from its negative real GDP growth of -0.3% in 2023.
Faster Growth for BRICS than G7 Nations
Despite mostly lower growth forecasts in 2024 compared to 2023, BRICS nations still have a significantly higher average growth forecast at 3.6% compared to the G7 average of 1%.
While the G7 countries’ combined GDP is around $15 trillion greater than the BRICS nations, with continued higher growth rates and the potential to add more members, BRICS looks likely to overtake the G7 in economic size within two decades.
BRICS Expansion Stutters Before October 2024 Summit
BRICS’ recent expansion has stuttered slightly, as Argentina’s newly-elected president Javier Milei declined its invitation and Saudi Arabia clarified that the country is still considering its invitation and has not joined BRICS yet.
Even with these initial growing pains, South Africa’s Foreign Minister Naledi Pandor told reporters in February that 34 different countries have submitted applications to join the growing BRICS bloc.
Any changes to the group are likely to be announced leading up to or at the 2024 BRICS summit which takes place October 22-24 in Kazan, Russia.
Get the Full Analysis of the IMF’s Outlook on VC+
This visual is part of an exclusive special dispatch for VC+ members which breaks down the key takeaways from the IMF’s 2024 World Economic Outlook.
For the full set of charts and analysis, sign up for VC+.
-
Markets1 week agoU.S. Debt Interest Payments Reach $1 Trillion
-
Business2 weeks agoCharted: Big Four Market Share by S&P 500 Audits
-
Real Estate2 weeks agoRanked: The Most Valuable Housing Markets in America
-
Money2 weeks agoWhich States Have the Highest Minimum Wage in America?
-
AI2 weeks agoRanked: Semiconductor Companies by Industry Revenue Share
-
Markets2 weeks agoRanked: The World’s Top Flight Routes, by Revenue
-
Demographics2 weeks agoPopulation Projections: The World’s 6 Largest Countries in 2075
-
Markets2 weeks agoThe Top 10 States by Real GDP Growth in 2023