Datastream
The U.S. Share of the Global Economy Over Time
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.
Year | Global GDP | U.S. GDP | U.S. Share of Global Economy |
---|---|---|---|
1960 | $1.37T | $0.53T | 40% |
1965 | $1.97T | $0.74T | 38% |
1970 | $2.96T | $1.07T | 36% |
1975 | $5.92T | $1.69T | 28% |
1980 | $11.23T | $2.86T | 25% |
1985 | $12.79T | $4.34T | 34% |
1990 | $22.63T | $5.96T | 26% |
1995 | $30.89T | $7.64T | 25% |
2000 | $33.62T | $10.25T | 30% |
2005 | $47.53T | $13.04T | 28% |
2010 | $66.13T | $14.99T | 23% |
2015 | $75.22T | $18.23T | 24% |
2019 | $87.80T | $21.43T | 24% |
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.
Central Banks
Charted: Public Trust in the Federal Reserve
Public trust in the Federal Reserve chair has hit its lowest point in 20 years. Get the details in this infographic.

The Briefing
- Gallup conducts an annual poll to gauge the U.S. public’s trust in the Federal Reserve
- After rising during the COVID-19 pandemic, public trust has fallen to a 20-year low
Charted: Public Trust in the Federal Reserve
Each year, Gallup conducts a survey of American adults on various economic topics, including the country’s central bank, the Federal Reserve.
More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy. We’ve visualized these results from 2001 to 2023 to see how confidence levels have changed over time.
Methodology and Results
The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a “great deal” or “fair amount” of confidence.
Year | Fed chair | % Great deal or Fair amount |
---|---|---|
2023 | Jerome Powell | 36% |
2022 | Jerome Powell | 43% |
2021 | Jerome Powell | 55% |
2020 | Jerome Powell | 58% |
2019 | Jerome Powell | 50% |
2018 | Jerome Powell | 45% |
2017 | Janet Yellen | 45% |
2016 | Janet Yellen | 38% |
2015 | Janet Yellen | 42% |
2014 | Janet Yellen | 37% |
2013 | Ben Bernanke | 42% |
2012 | Ben Bernanke | 39% |
2011 | Ben Bernanke | 41% |
2010 | Ben Bernanke | 44% |
2009 | Ben Bernanke | 49% |
2008 | Ben Bernanke | 47% |
2007 | Ben Bernanke | 50% |
2006 | Ben Bernanke | 41% |
2005 | Alan Greenspan | 56% |
2004 | Alan Greenspan | 61% |
2003 | Alan Greenspan | 65% |
2002 | Alan Greenspan | 69% |
2001 | Alan Greenspan | 74% |
Data for 2023 collected April 3-25, with this statement put to respondents: “Please tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.”
We can see that trust in the Federal Reserve has fluctuated significantly in recent years.
For example, under Alan Greenspan, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble—which some attribute to Greenspan’s easy credit policies—resulted in a sharp decline.
On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell’s decisive actions to provide support to the U.S. economy throughout the crisis.
Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.
Confidence Now on the Decline
After peaking at 58%, those with a “great deal” or “fair amount” of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.
This is likely due to Powell’s hard stance on fighting post-pandemic inflation, which has involved raising interest rates at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:
- Negative impact on the stock market
- Increases the burden for those with variable-rate debts
- Makes mortgages and home buying less affordable
Higher rates have also prompted many U.S. tech companies to shrink their workforces, and have been a factor in the regional banking crisis, including the collapse of Silicon Valley Bank.
Where does this data come from?
Source: Gallup (2023)
Data Notes: Results are based on telephone interviews conducted April 3-25, 2023, with a random sample of –1,013—adults, ages 18+, living in all 50 U.S. states and the District of Columbia. For results based on this sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. See source for details.
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