Global Economy 2023

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Credits: Eric Prouzet/Unsplash

Countries by Share of the Global Economy

As 2022 draws to a close, we may look back on numerous significant historical events that occurred during the year, such as the Earth reaching 8 billion people and the global economy surpassing $100 trillion.

Using statistics from the IMF, we depict the world’s GDP in this graph, highlighting the largest economies and the percentage of global economic activity they account for.

The GDP Heavyweights

If the world economy were a pie, the size of each slice would correspond to the percentage of the global GDP that each nation contributes. The United States, China, Japan, Germany, and India currently hold the largest portions of the pie, accounting for more than half of the world’s GDP.

Here’s a look at every country’s share of the world’s $101.6 trillion economy:

In 2022, the GDP of only five countries—the United States, China, Japan, India, and Germany—will account for more than half of the global GDP. It’s interesting to note that India surpassed the UK this year to become a top-five economy.

The top 25 countries account for 84% of the world’s GDP after the top 10 countries (the top 5) are included.

The World’s Smallest Economies

16% of the world’s GDP is made up of the remaining 167 countries. Oceania contains many of the world’s smallest economies on islands.

Here are the 20 countries with the smallest economy in the world:

With a $64 million GDP, Tuvalu has the lowest GDP of any nation. Twelve countries, including Tuvalu, have a GDP of under $1 billion.

The Global Economy in 2023

There is a great deal of economic uncertainty going into 2023. Although perspectives on what constitutes “brief” vary, many analysts predict a recession that will last only a short while.

Some experts think China will defy the global trend of economic contraction. If this forecast is accurate, the nation may soon control a larger portion of the world’s GDP.

 

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Source: Visual Capitalist

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