Visualizing the $94 Trillion World Economy in One Chart

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Visualizing the $94 Trillion World Economy in One Chart
Published 3 weeks ago on December 22, 2021
By Dorothy Neufeld
Graphics/Design:
Sabrina Fortin
Harrison Schell

View the expanded version of this infographic to see all countries.

Global GDP by Country 2021

▼ Use This Visualization
The $94 Trillion World Economy in One Chart
View the expanded version of this infographic.

Just four countries—the U.S., China, Japan, and Germany—make up over
half of the world’s economic output by gross domestic product (GDP) in
nominal terms. In fact, the GDP of the U.S. alone is greater than the
combined GDP of 170 countries.

How do the different economies of the world compare? In this
visualization we look at GDP by country in 2021, using data and
estimates from the International Monetary Fund (IMF).

An Overview of GDP
GDP serves as a broad indicator for a country’s economic output. It
measures the total market value of final goods and services produced in
a country in a specific timeframe, such as a quarter or year. In
addition, GDP also takes into consideration the output of services
provided by the government, such as money spent on defense, healthcare,
or education.

Generally speaking, when GDP is increasing in a country, it is a sign of
greater economic activity that benefits workers and businesses (while
the reverse is true for a decline).

The World Economy: Top 50 Countries
Who are the biggest contributors to the global economy? Here is the
ranking of the 50 largest countries by GDP in 2021:

Search:
Rank Country GDP ($T) % of Global GDP
1 🇺🇸 U.S. $22.9 24.4%
2 🇨🇳 China $16.9 17.9%
3 🇯🇵 Japan $5.1 5.4%
4 🇩🇪 Germany $4.2 4.5%
5 🇬🇧 UK $3.1 3.3%
6 🇮🇳 India $2.9 3.1%
7 🇫🇷 France $2.9 3.1%
8 🇮🇹 Italy $2.1 2.3%
9 🇨🇦 Canada $2.0 2.1%
10 🇰🇷 Korea $1.8 1.9%
Showing 1 to 10 of 50 entriesPreviousNext
*2020 GDP (latest available) used where IMF estimates for 2021 were
unavailable.

At $22.9 trillion, the U.S. GDP accounts for roughly 25% of the global
economy, a share that has actually changed significantly over the last
60 years. The finance, insurance, and real estate ($4.7 trillion)
industries add the most to the country’s economy, followed by
professional and business services ($2.7 trillion) and government ($2.6
trillion).

China’s economy is second in nominal terms, hovering at near $17
trillion in GDP. It remains the largest manufacturer worldwide based on
output with extensive production of steel, electronics, and robotics,
among others.

The largest economy in Europe is Germany, which exports roughly 20% of
the world’s motor vehicles. In 2019, overall trade equaled nearly 90% of
the country’s GDP.

The World Economy: 50 Smallest Countries
On the other end of the spectrum are the world’s smallest economies by
GDP, primarily developing and island nations.

With a GDP of $70 million, Tuvalu is the smallest economy in the world.
Situated between Hawaii and Australia, the largest industry of this
volcanic archipelago relies on territorial fishing rights.

In addition, the country earns significant revenue from its “.tv” web
domain. Between 2011 and 2019, it earned $5 million annually from
companies—including Amazon-owned Twitch to license the Twitch.tv domain
name—equivalent to roughly 7% of the country’s GDP.

Search:
Countries Region GDP (B)
🇹🇻 Tuvalu Oceania $0.07
🇳🇷 Nauru Oceania $0.1
🇵🇼 Palau Oceania $0.2
🇰🇮 Kiribati Oceania $0.2
🇲🇭 Marshall Islands Oceania $0.2
🇫🇲 Micronesia Oceania $0.4
🇨🇰 Cook Islands Oceania $0.4*
🇹🇴 Tonga Oceania $0.5
🇸🇹 São Tomé and Príncipe Africa $0.5
🇩🇲 Dominica Caribbean $0.6
Showing 1 to 10 of 50 entriesPreviousNext
*2019 GDP (latest available) used where IMF estimates for 2021 were
unavailable.

Like Tuvalu, many of the world’s smallest economies are in Oceania,
including Nauru, Palau, and Kiribati. Additionally, several countries
above rely on the tourism industry for over one-third of their employment.

The Fastest Growing Economies in the World in 2021
With 123% projected GDP growth, Libya’s economy is estimated to have the
sharpest rise.

Oil is propelling its growth, with 1.2 million barrels being pumped in
the country daily. Along with this, exports and a depressed currency are
among the primary factors behind its recovery.

Rank Country Region
2021 Real GDP Growth (Annual % Change)
1 🇱🇾 Libya Africa 123.2%
2 🇬🇾 Guyana South America 20.4%
3 🇲🇴 Macao Asia 20.4%
4 🇲🇻 Maldives Asia 18.9%
5 🇮🇪 Ireland Europe 13.0%
6 🇦🇼 Aruba Caribbean 12.8%
7 🇵🇦 Panama Central America 12.0%
8 🇨🇱 Chile South America 11.0%
9 🇵🇪 Peru South America 10.0%
10 🇩🇴 Dominican Republic Caribbean 9.5%
Ireland’s economy, with a projected 13% real GDP growth, is being
supported by the largest multinational corporations in the world.
Facebook, TikTok, Google, Apple, and Pfizer all have their European
headquarters in the country, which has a 12.5% corporate tax rate—or
about half the global average. But these rates are set to change soon,
as Ireland joined the OECD 15% minimum corporate tax rate agreement
which was finalized in October 2021.

Macao’s economy bounced back after COVID-19 restrictions began to lift,
but more storm clouds are on the horizon for the Chinese district. The
CCP’s anti-corruption campaign and recent arrests could signal a more
strained relationship between Mainland China and the world’s largest
gambling hub.

Looking Ahead at the World’s GDP
The global GDP figure of $94 trillion may seem massive to us today, but
such a total might seem much more modest in the future.

In 1970, the world economy was only about $3 trillion in GDP—or 30 times
smaller than it is today. Over the next thirty years, the global economy
is expected to more or less double again. By 2050, global GDP could
total close to $180 trillion.

Correction: In earlier versions of this graphic, countries such as
Vietnam and Pakistan were inadvertently not included in the
visualization. They have now been added. In cases where the IMF has no
data for 2021 (specifically Pakistan, Syria, Afghanistan, and Lebanon),
the latest available data is used.
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