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GDP Visualizing the $105 Trillion World Economy in One Chart
Published 9 months ago on August 9, 2023
By Pallavi Rao
Click to view this graphic in a higher-resolution.
A chart showing the breakup of the world economy, organized by the size
of each country's gross domestic product.
▼ Use This Visualization
Visualizing the $105 Trillion World Economy in One Chart
By the end of 2023, the world economy is expected to have a gross
domestic product (GDP) of $105 trillion, or $5 trillion higher than the
year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.
In nominal terms, that’s a 5.3% increase in global GDP. In
inflation-adjusted terms, that would be a 2.8% increase.
ℹ️ Gross Domestic Product (GDP) measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors. All numbers used in this article, unless
otherwise specified, are nominal figures, and do not account for inflation.
The year started with turmoil for the global economy, with financial
markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most
countries. Nevertheless, some economies have proven to be resilient, and
are expected to register growth from 2022.
Ranking Countries by Economic Size in 2023
The U.S. is expected to continue being the biggest economy in 2023 with
a projected GDP of $26.9 trillion for the year. This is more than the
sum of the GDPs of 174 countries ranked from Indonesia (17th) to Tuvalu (191st).
China stays steady at second place with a projected $19.4 trillion GDP
in 2023. Most of the top-five economies remain in the same positions
from 2022, with one notable exception.
India is expected to climb past the UK to become the fifth-largest
economy with a projected 2023 GDP of $3.7 trillion.
Here’s a look at the size of every country’s economy in 2023, according
to IMF’s estimates.
Search:
Rank Country GDP (USD) % of Total
1 🇺🇸 U.S. $26,855B 25.54%
2 🇨🇳 China $19,374B 18.43%
3 🇯🇵 Japan $4,410B 4.19%
4 🇩🇪 Germany $4,309B 4.10%
5 🇮🇳 India $3,737B 3.55%
6 🇬🇧 UK $3,159B 3.00%
7 🇫🇷 France $2,923B 2.78%
8 🇮🇹 Italy $2,170B 2.06%
9 🇨🇦 Canada $2,090B 1.99%
10 🇧🇷 Brazil $2,081B 1.98%
Showing 1 to 10 of 191 entriesPreviousNext
The year started with turmoil for the global economy, with financial
markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most
countries. Nevertheless, some economies have proven to be resilient, and
are expected to register growth from 2022.
Search:
Rank Country GDP (USD) % of Total
11 🇷🇺 Russia $2,063B 1.96%
12 🇰🇷 South Korea $1,722B 1.64%
13 🇦🇺 Australia $1,708B 1.62%
14 🇲🇽 Mexico $1,663B 1.58%
15 🇪🇸 Spain $1,492B 1.42%
16 🇮🇩 Indonesia $1,392B 1.32%
17 🇳🇱 Netherlands $1,081B 1.03%
18 🇸🇦 Saudi Arabia $1,062B 1.01%
19 🇹🇷 Türkiye $1,029B 0.98%
20 🇨🇭 Switzerland $870B 0.83%
21 🇹🇼 Taiwan $791B 0.75%
22 🇵🇱 Poland $749B 0.71%
23 🇦🇷 Argentina $641B 0.61%
24 🇧🇪 Belgium $624B 0.59%
25 🇸🇪 Sweden $599B 0.57%
26 🇮🇪 Ireland $594B 0.57%
27 🇹🇭 Thailand $574B 0.55%
28 🇳🇴 Norway $554B 0.53%
29 🇮🇱 Israel $539B 0.51%
30 🇸🇬 Singapore $516B 0.49%
Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and
Syria are missing from IMF’s database for 2023.
Here are the largest economies for each region of the world.
Africa: Nigeria ($506.6 billion)
Asia: China ($19.4 trillion)
Europe: Germany ($4.3 trillion)
Middle East: Saudi Arabia ($1.1 trillion)
North & Central America: U.S. ($26.9 trillion)
Oceania: Australia ($1.7 trillion)
South America: Brazil ($2.1 trillion)
Ranked: 2023’s Shrinking Economies
In fact, 29 economies are projected to shrink from their 2022 sizes,
leading to nearly $500 billion in lost output.
A bar chart showing the amount of nominal GDP shrinkage for several
countries.
Russia will see the biggest decline, with a projected $150 billion
contraction this year. This is equal to about one-third of total decline
of all 29 countries with shrinking economies.
Egypt (-$88 billion) and Canada (-$50 billion) combined make up another one-third of lost output.
In Egypt’s case, the drop can be partly explained by the country’s
currency (Egyptian pound), which has dropped in value against the U.S.
dollar by about 50% since mid-2022.
Russia and Canada are some of the world’s largest oil producers and the
oil price has fallen since 2022. A further complication for Russia is
that the country has been forced to sell oil at a steep discount because
of Western sanctions.
Here are the projected changes in GDP for all countries facing
year-over-year declines:
Search:
Country Region 2022–23 Change (USD) 2022–23 Change (%)
🇷🇺 Russia Europe -$152.65B -6.9%
🇪🇬 Egypt Africa -$88.12B -18.5%
🇨🇦 Canada North America -$50.17B -2.3%
🇸🇦 Saudi Arabia Middle East -$46.25B -4.2%
🇧🇩 Bangladesh Asia -$39.69B -8.6%
🇳🇴 Norway Europe -$25.16B -4.3%
🇰🇼 Kuwait Middle East -$19.85B -10.8%
🇴🇲 Oman Middle East -$9.77B -8.5%
🇨🇴 Colombia South America -$9.25B -2.7%
🇦🇪 UAE Middle East -$8.56B -1.7%
Showing 1 to 10 of 29 entriesPreviousNext
The presence of Saudi Arabia, Norway, Kuwait, and Oman in the top 10
biggest GDP contractions further highlights the potential impact on GDP
for oil-producing countries, according to the IMF’s projections.
More recently, producers have been cutting supply in an effort to boost
prices, but concerns of slowing global oil demand in the wake of a
subdued Chinese economy (the world’s second-largest oil consumer), have
kept oil prices lower than in 2022 regardless.
The Footnote on GDP Forecasts
While organizations like the IMF have gotten fairly good at GDP
forecasting, it’s still worth remembering that these are projections and assumptions made at the beginning of the year that may not hold true by
the end of 2023.
For example, JP Morgan has already changed their forecast for China’s
2023 real GDP growth six times in as many months after expectations of broad-based pandemic-recovery spending did not materialize in the country.
The key takeaway from IMF’s projections for 2023 GDP growth rests on how
well countries restrict inflation without stifling growth, all amidst
tense liquidity conditions.
Where Does This Data Come From?
Source: The International Monetary Fund’s Datamapper which uses
projections made in the April 2023 World Economic Outlook report.
Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and
Syria are missing from the IMF’s database. Furthermore, all figures used
in the article, unless specified, are nominal GDP numbers and rates.
Enjoying the data vis
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