According to data and based on nominal GDP, only four countries, including the United States, China, Japan and Germany, more than half of production They make up the world economy. This study shows that the US GDP alone is more than the total GDP of 170 countries.
But how do the various economies of the world compare? In this chart, using the data and estimates of the International Monetary Fund (IMF), we look at the GDP of countries in 2021.
Overview of Gross Domestic Product (Gross Domestic Product)
Gross Domestic Product (GDP) serves as a general indicator of a country's economic output. This measure measures the total market value of the final goods and services produced in a country over a period of time, such as a quarter or a year.
In addition, GDP is the output of services provided by The government treats it like money spent on defense, health care or education. In general, when a country's GDP is rising, it is a sign of greater economic activity and, as a result, in favor of workers and various occupations.
The world Economy: Top 50
At $ 22.9 trillion, US GDP accounts for almost 25 percent of the global economy, a share that has changed over the past 60 years. The financial, insurance and real estate industries ($ 4.7 trillion) are the fastest growing economies in the country, followed by professional and commercial services ($ 2.7 trillion) and government ($ 2.6 trillion).
China's economy ranks second in terms of nominal valuation with a GDP of nearly $ 17 trillion. It remains the world's largest producer in terms of output with large production of steel, electronics and robotics.
Europe's largest economy is Germany, which exports about 20% of the world's motor vehicles. In 2019, total trade in the motor industry accounted for nearly 90% of the country's GDP.
In this list, Iran is ranked 17th with a GDP of $ 1.1 trillion.p>
world Economy: 50 Smaller Countries
On the other side of this ranking are the world's smallest economies in terms of GDP, mainly developing countries and islands.
Tuvalu is the world's smallest economy with a gross domestic product of $ 70 million. Located between Hawaii and Australia, the volcanic archipelago's largest industry relies on inland fishing.
It also broadcasts on TV. He earns a considerable income himself. Between 2011 and 2019, the country earned $ 5 million annually from companies, including Amazon-owned Twitch, for the Twitch domain license (Twitch.tv) for this domain extension, which is equivalent to approximately 7% of the country's gross domestic product. Like Tuvalu, many of the world's smallest economies, including Nauru, Palau, and Kiribati, are located in Oceania. They also rely on the tourism industry for more than a third of their job creation. Libya's economy will grow the most. The country's oil is accelerating its economic growth and 1.2 million barrels of oil are pumped daily in the country. In addition, exports and the exchange rate slump are key factors in improving it.
The Irish economy is supported by the world's largest multinational corporations, which are projected to grow by 13% of GDP. Facebook, TickTock, Google, Apple and Pfizer all have European offices in the country, which have a tax rate of 12.5 percent, or about half the global average for companies. But those rates are set to change soon as Ireland joins the OECD 15% corporate tax rate agreement, which was finalized in October 2021.
Macau's economy after restrictions were lifted The Covid-19 epidemic has returned to normal, but the outlook for this special area of China is not very clear. The CCP's anti-corruption campaign and recent arrests in the country could signal a darker relationship between mainland China and the world's largest gambling hub.
A look at the future of world GDPThe world's GDP of $ 94 trillion may seem large to us today, but such a figure as a whole could be considered small in the future.
50 years ago, in 1970, the world economy was only about $ 3 trillion. The dollar was 30 times lower in gross domestic product than it is today. The world economy is expected to more or less double again in the next 30 years, and by 2050 global GDP could reach close to $ 180 trillion.
Source: Visual CapitalistTags: see, entire, trillion, world, economy, infographic