Markets
The $86 Trillion World Economy in One Chart
Check out the latest 2023 update of the world economy in one chart.
The $86 Trillion World Economy in One Chart
Check out the latest 2023 update of the world economy by country GDPs in one chart.
The world economy is in a never-ending state of flux.
The fact is that billions of variables — both big and small — factor into any calculation of overall economic productivity, and these inputs are changing all of the time.
Buying this week’s groceries or filling up your car with gas may seem like a rounding error when we are talking about trillions of dollars, but every microeconomic decision or set of preferences can add up in aggregate.
And as consumer preferences, technology, trade relationships, interest rates, and currency valuations change — so does the final composition of the world’s $86 trillion economy.
Country GDPs, by Size
Today’s visualization comes to us from HowMuch.net, and it charts the most recent composition of the global economic landscape.
It should be noted that the diagram uses nominal GDP to measure economic output, which is different than using GDP adjusted for purchasing power parity (PPP). The data in the diagram and table below come from the World Bank’s latest update, published in July 2019.
The Top 15 Economies, by GDP
| Rank | Country | GDP (Nominal, USD) | Share of World Total (%) |
|---|---|---|---|
| #1 | 🇺🇸 United States | $20.49 trillion | 23.89% |
| #2 | 🇨🇳 China | $13.61 trillion | 15.86% |
| #3 | 🇯🇵 Japan | $4.97 trillion | 5.79% |
| #4 | 🇩🇪 Germany | $4.00 trillion | 4.66% |
| #5 | 🇬🇧 United Kingdom | $2.83 trillion | 3.29% |
| #6 | 🇫🇷 France | $2.78 trillion | 3.24% |
| #7 | 🇮🇳 India | $2.73 trillion | 3.18% |
| #8 | 🇮🇹 Italy | $2.07 trillion | 2.42% |
| #9 | 🇧🇷 Brazil | $1.87 trillion | 2.18% |
| #10 | 🇨🇦 Canada | $1.71 trillion | 1.99% |
| #11 | 🇷🇺 Russian Federation | $1.66 trillion | 1.93% |
| #12 | 🇰🇷 Korea, Rep. | $1.62 trillion | 1.89% |
| #13 | 🇦🇺 Australia | $1.43 trillion | 1.67% |
| #14 | 🇪🇸 Spain | $1.43 trillion | 1.66% |
| #15 | 🇲🇽 Mexico | $1.22 trillion | 1.43% |
The above 15 economies represent a whopping 75% of total global GDP, which added up to $85.8 trillion in 2018 according to the World Bank.
Most interestingly, the gap between China and the United States is narrowing — and in nominal terms, China’s economy is now 66.4% the size.
A Higher Level Look
The World Bank also provides a regional breakdown of global GDP, which we helps to give additional perspective:
| Rank | Geographic Region | GDP (Nominal, USD) | Global Share |
|---|---|---|---|
| #1 | East Asia & Pacific | $25.9 trillion | 30.2% |
| #2 | Europe & Central Asia | $23.0 trillion | 26.8% |
| #3 | North America | $22.2 trillion | 25.9% |
| #4 | Latin America & Caribbean | $5.8 trillion | 6.8% |
| #5 | Middle East & North Africa | $3.6 trillion | 4.2% |
| #6 | South Asia | $3.5 trillion | 4.1% |
| #7 | Sub-Saharan Africa | $1.7 trillion | 2.0% |
| World Total | $85.8 trillion | 100.0% |
The organization breaks it down by income levels, as well:
| Income Level | GDP (Nominal, USD) | Global Share |
|---|---|---|
| High income countries | $54.1 trillion | 63.1% |
| Upper middle income countries | $24.4 trillion | 28.4% |
| Lower middle income countries | $6.7 trillion | 7.8% |
| Low income countries | $0.6 trillion | 0.7% |
| World total | $85.8 trillion | 100.00% |
The low income countries — which have a combined population of about 705 million people — add up to only 0.6% of global GDP.
Looking Towards the Future
For more on the world economy and predictions on country GDPs on a forward-looking basis, we suggest looking at our animation on the Biggest Economies in 2030.
It is worth mentioning, however, that the animation uses GDP (PPP) calculations instead of the nominal ones above.
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+.
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