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The U.S. Share of the Global Economy Over Time

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The U.S. share of global economy

The Briefing

  • The U.S. share of the global economy has nearly halved since 1960
  • America’s nominal GDP in current U.S. dollars is $21.4 trillion, or about 24% of the share of the global economy

The World’s Largest Economy

The U.S. is the world’s largest economy by nominal GDP, and its influence on the global economy is quite remarkable.

As of 2019, the U.S. made up almost a quarter of the global economy. But how has America’s share of the economic pie changed over time?

The U.S. Share of the Global Economy Over Time

While the U.S. economy has grown quickly over time, the global economy has grown quicker.

Since peaking at 40% in 1960, the U.S. share of the world economy has been cut almost in half, despite a rising national GDP and being the birthplace of some of the biggest companies on the planet.

YearGlobal GDPU.S. GDPU.S. Share of Global Economy
1960$1.37T$0.53T40%
1965$1.97T$0.74T38%
1970$2.96T$1.07T36%
1975$5.92T$1.69T28%
1980$11.23T$2.86T25%
1985$12.79T$4.34T34%
1990$22.63T$5.96T26%
1995$30.89T$7.64T25%
2000$33.62T$10.25T30%
2005$47.53T$13.04T28%
2010$66.13T$14.99T23%
2015$75.22T$18.23T24%
2019$87.80T$21.43T24%

The decline of America’s contribution to global GDP has been slow and uneven, with crests and troughs along the way.

Between 1965 and 1980, the country’s share fell by 13 percentage points, mainly due to stagflation of the 1970s. This decline was followed by Reaganomics and a period of strong recovery, which helped propel the U.S. share of the global economy back up to 34% by 1985.

The whipsawing would continue. Between 1985 and 1995, the U.S share fell by another 11 percentage points, only to bounce back to a local peak of 30% by the year 2000.

Downhill From Here?

Since the beginning of the 21st century, growth in many developing markets has continued at a rapid pace—and the U.S. share of the global economy has decreased as a result.

Until 2005, the U.S. still accounted for 28% of global GDP, but the Global Financial Crisis left a big dent, and its share fell to 23% by 2010. It has since remained relatively stable at 24%.

It’s important to put this decline into perspective. For instance, China’s share of the global economy grew from 4% in 1960 to 16.3% in 2019. Over that same time period, other countries like South Korea, Brazil, Mexico, Indonesia, and India also saw their emergence on the economic world stage, as well.

What the Future Holds

The COVID-19 pandemic has changed the course of the global economy, with most countries experiencing a recession in 2020. America’s economic position will depend on how quickly it can recover compared to the rest of the world.

Where does this data come from?

Source: The World Bank
Details: Data is in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates.

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Datastream

Visualizing the World’s Population by Age Group

33% of the world’s population is under 20, making young people the largest demographic worldwide. But this might not be the case forever.

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World's Age Distribution

The Briefing

  • According to the United Nations, the global median age has increased by 7 years since 1950, from 24 to 31
  • That said, young people accounted for 33% of the global population in 2020, making them the largest demographic across the globe

Visualizing the World’s Population, By Age Group

An aging population can have far-reaching consequences on a country’s economy.

With this in mind, today’s graphic looks at the age composition of the global population in 2020, based on the latest figures from the United Nations.

The Global Age Composition

Our global population is getting older, largely because of increasing life expectancies and declining birth rates.

In 2020, more than 147 million people around the world were between the ages of 80-99, accounting for 1.9% of the global population.

Age GroupNumber of People (2020)% of Global Population
<20 years2.6 billion33.2%
20-39 years2.3 billion29.9%
40-59 years1.8 billion23.1%
60-79 years918 million11.8%
80-99 years147 million1.9%
100+ years0.6 million0.01%

While that percentage may seem small, that particular demographic accounted for merely 0.05% of the population in 1950, meaning our world has a notably higher percentage of older people than it did 70 years ago.

Why is this significant? An aging population typically means a declining workforce and an increase of people looking to cash in their pensions. This can put pressure on the working class if taxes are raised.

Of course, an aging population can have positive impacts on society as well. For instance, elderly citizens tend to volunteer more than other age groups. And research has shown that older communities have lower crime rates. By 2050, the crime rate in Australia expected to drop by 16% as the country’s population gets older.

To mitigate some of the risks associated with a rapidly aging population, certain countries are working towards more sustainable pension systems, to support aging citizens while taking the stress off the working population.

» Like this? Then you might like this article on The World’s Youngest and Oldest Countries

Where does this data come from?

Source: United Nations World Population Prospects 2019 (accessed Feb 12, 2021)

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Datastream

Euro 2020: Qualified Nations and Past Winners

After a year-long delay, the 2020 UEFA European Championship is back with new rules, reduced spectators, and fierce competition.

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Euro 2020 past winners

The Briefing

  • The 2020 UEFA European Football Championship will kick off Friday, June 11th 2021 after a year-long delay due to COVID-19
  • The tournament will take place across 11 host cities and feature new rules, reduced spectators, and fierce competition

The 2020 European Championship Returns with New Rules

After a year-long delay, the 2020 UEFA European Championship is set to kick off what will be the largest international sports tournament to take place since the pandemic.

While the final stage of the tournament typically takes place in one or two nations, this year’s will be played across 11 different countries.

Running from June 11th to July 11th 2021, the opening game between Italy and Turkey will kick off at the Stadio Olimpico in Rome, and the final will take place at London’s Wembley Stadium.

COVID-19’s Impact on Teams and Spectators

Aside from the initial year-long delay, COVID-19 has changed how teams and spectators will participate in the tournament.

Squads have been expanded from 23 to 26 players, and coaches will be permitted to call up more players if COVID-19 infections force players into isolation.

For spectators, individual stadiums within host cities have announced varying capacities ranging from 20-100%, with strict stadium entry requirements across the board. Since these capacities are pre-tournament estimates, we’ll have to wait until matchday to see how many ticket-holders are comfortable attending the fixtures in person.

Host Stadium and CitySpectator Capacity
Johann Cruijff ArenA, Amsterdam25-45%
Baku Olympic Stadium, Baku50%
Arena Națională, Bucharest25-45%
Puskás Aréna, BudapestAiming for 100%
Parken Stadium, Copenhagen25-45%
Hampden Park, Glasgow25-45%
Wembley Stadium, LondonMinimum of 25%
Football Arena Munich (Allianz Arena), MunichMinimum of 14,500 spectators (~22%)
Stadio Olimpico, Rome25-45%
Estadio La Cartuja, Seville25-45%
Krestovsky Stadium (Gazprom Arena), Saint Petersburg50%

Source: UEFA

More Substitutions and the Video Assistant Referee System

This edition of the tournament will also feature two new rule changes to the action on the field.

Coaches will now be able to make up to five substitutions (six if the match goes to extra time), a change first introduced in domestic leagues to allow players more rest as match calendars became congested.

Another key change which was already in play at the 2018 FIFA World Cup is the Video Assistant Referee (VAR) system. This system appoints a match official who reviews the head referee’s decisions with video footage, and allows the head referee to conduct an on-field video review and potentially change decisions.

Strong Competition Among Euro 2020’s Favorites

Despite current world champions France remaining as undeniable favorites, bookies are putting England to win the tournament (despite a fairly young squad) partially due to the home field advantage in the semi-finals and final.

Spain, Germany, and Italy remain formidable competitors, and Belgium’s golden generation will have one final shot at silverware after their third place finish at the 2018 FIFA World Cup.

European champions Portugal are another obvious threat, as Cristiano Ronaldo will be looking to become the tournament’s top goalscorer of all time (currently tied with Michel Platini at 9 goals).

While the 2020 edition of UEFA’s European Championship features a variety of on-field and off-the-field changes, the trophy truly feels up for grabs and is a welcome return to international football for fans around the world.

»Like this? Then you might enjoy this article, The Top 10 Football Clubs by Market Value

Where does this data come from?

Source: UEFA

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