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Visualizing the Future Global Economy by GDP in 2050

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9 months ago

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Visualizing the Future Global Economy by GDP in 2050

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Visualizing the Future Global Economy by GDP in 2050

According to a recent report from Goldman Sachs, the balance of global economic power is projected to shift dramatically in the coming decades.

More specifically, analysts believe that Asia could soon become the largest regional contributor to world GDP, surpassing the traditional economic powerhouses grouped together in the Developed Markets (DM) category.

In the graphic above, we’ve visualized Goldman Sachs’ real GDP forecasts for the year 2050 using a voronoi diagram.

Data and Highlights

The following table includes a regional breakdown of expected real GDP in 2050. All figures are based on 2021 USD.

RegionReal GDP In 2050
(USD trillions)		% of Total
Asia (ex DM)$90.640%
Developed Markets (DM)$82.936%
Central & Eastern Europe, Middle East and Africa$38.317%
Latin America$16.07%
World Total
(Figures rounded)		$227.9100%

Based on these projections, Asia (ex DM) will represent 40% of global GDP, slightly ahead of Developed Markets’ expected share of 36%. This would mark a massive shift from 50 years ago (2000), when DMs represented over 77% of global GDP.

Asia

Focusing on Asia, China and India will account for the majority of the region’s expected GDP in 2050, though growth in China will have tapered off significantly. In fact, Goldman Sachs expects annual real GDP growth in the country to average 1.1% through the 2050s. This is surprisingly slower than America’s expected 1.4% annual growth during the same decade.

The fastest growing economies in Asia during the 2050s will be India (3.1% annually), Bangladesh (3.0% annually), and the Philippines (3.5% annually). These countries are expected to thrive thanks to their high population growth rates and relatively low median age, which translates into a larger work force.

Latin America

Turning our attention to Latin America, we can see that the region will account for a relatively small 7% of global GDP in 2050. According to Goldman Sachs’ previous projections from 2011, many Latin American countries have underperformed over the past decade. For example, Brazil’s real GDP shrank from $2.7 trillion in 2010, to $1.5 trillion in 2020.

Because of these setbacks, Goldman Sachs believes Indonesia will be able to overtake Brazil as the world’s largest emerging market before 2050.

That said, Brazil’s economic ranking is still expected to climb above France and Canada by then, if these projections prove to be accurate.

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Mapped: Europe’s GDP Per Capita, by Country

Which European economies are richest on a GDP per capita basis? This map shows the results for 44 countries across the continent.

Published

4 days ago

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May 6, 2024

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A cropped map of GDP per capita levels for 44 European countries.

Mapped: Europe’s GDP Per Capita, by Country (2024)

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Europe is home to some of the largest and most sophisticated economies in the world. But how do countries in the region compare with each other on a per capita productivity basis?

In this map, we show Europe’s GDP per capita levels across 44 nations in current U.S. dollars. Data for this visualization and article is sourced from the International Monetary Fund (IMF) via their DataMapper tool, updated April 2024.

Europe’s Richest and Poorest Nations, By GDP Per Capita

Luxembourg, Ireland, and Switzerland, lead the list of Europe’s richest nations by GDP per capita, all above $100,000.

RankCountryGDP Per Capita (2024)
1🇱🇺 Luxembourg$131,380
2🇮🇪 Ireland$106,060
3🇨🇭 Switzerland$105,670
4🇳🇴 Norway$94,660
5🇮🇸 Iceland$84,590
6🇩🇰 Denmark$68,900
7🇳🇱 Netherlands$63,750
8🇸🇲 San Marino$59,410
9🇦🇹 Austria$59,230
10🇸🇪 Sweden$58,530
11🇧🇪 Belgium$55,540
12🇫🇮 Finland$55,130
13🇩🇪 Germany$54,290
14🇬🇧 UK$51,070
15🇫🇷 France$47,360
16🇦🇩 Andorra$44,900
17🇲🇹 Malta$41,740
18🇮🇹 Italy$39,580
19🇨🇾 Cyprus$37,150
20🇪🇸 Spain$34,050
21🇸🇮 Slovenia$34,030
22🇪🇪 Estonia$31,850
23🇨🇿 Czech Republic$29,800
24🇵🇹 Portugal$28,970
25🇱🇹 Lithuania$28,410
26🇸🇰 Slovakia$25,930
27🇱🇻 Latvia$24,190
28🇬🇷 Greece$23,970
29🇭🇺 Hungary$23,320
30🇵🇱 Poland$23,010
31🇭🇷 Croatia$22,970
32🇷🇴 Romania$19,530
33🇧🇬 Bulgaria$16,940
34🇷🇺 Russia$14,390
35🇹🇷 Türkiye$12,760
36🇲🇪 Montenegro$12,650
37🇷🇸 Serbia$12,380
38🇦🇱 Albania$8,920
39🇧🇦 Bosnia & Herzegovina$8,420
40🇲🇰 North Macedonia$7,690
41🇧🇾 Belarus$7,560
42🇲🇩 Moldova$7,490
43🇽🇰 Kosovo$6,390
44🇺🇦 Ukraine$5,660
N/A🇪🇺 EU Average$44,200

Note: Figures are rounded.

Three Nordic countries (Norway, Iceland, Denmark) also place highly, between $70,000-90,000. Other Nordic peers, Sweden and Finland rank just outside the top 10, between $55,000-60,000.

Meanwhile, Europe’s biggest economies in absolute terms, Germany, UK, and France, rank closer to the middle of the top 20, with GDP per capitas around $50,000.

Finally, at the end of the scale, Eastern Europe as a whole tends to have much lower per capita GDPs. In that group, Ukraine ranks last, at $5,660.

A Closer Look at Ukraine

For a broader comparison, Ukraine’s per capita GDP is similar to Iran ($5,310), El Salvador ($5,540), and Guatemala ($5,680).

According to experts, Ukraine’s economy has historically underperformed to expectations. After the fall of the Berlin Wall, the economy contracted for five straight years. Its transition to a Western, liberalized economic structure was overshadowed by widespread corruption, a limited taxpool, and few revenue sources.

Politically, its transformation from authoritarian regime to civil democracy has proved difficult, especially when it comes to institution building.

Finally, after the 2022 invasion of the country, Ukraine’s GDP contracted by 30% in a single year—the largest loss since independence. Large scale emigration—to the tune of six million refugees—is also playing a role.

Despite these challenges, the country’s economic growth has somewhat stabilized while fighting continues.

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