Surpassing the $100 trillion mark is a new milestone for global economic output. The IMF expects the global economy to reach nearly $104 trillion in nominal value by the end of 2022.
Although growth keeps trending upwards, the recovery that was expected in the post-pandemic period is looking strained. Because of recent conflicts, supply chain bottlenecks, and subsequent inflation, global economic projections are getting revised downwards.
Global annual GDP growth for 2022 was initially projected to be 4.4% as of January, but this has since been adjusted to 3.6%.
The 50 Largest Economies in the World
The United States is still the economic leader worldwide, with a GDP of $25.3 trillion—making up nearly one quarter of the global economy. China follows close behind at $19.9 trillion. Here’s a look at the top 50 countries in terms of GDP:
| Rank | Country | GDP (current prices, USD) |
|---|---|---|
| #1 | United States | $25.3 trillion |
| #2 | China | $19.9 trillion |
| #3 | Japan | $4.9 trillion |
| #4 | Germany | $4.3 trillion |
| #5 | United Kingdom | $3.4 trillion |
| #6 | India | $3.3 trillion |
| #7 | France | $2.9 trillion |
| #8 | Canada | $2.2 trillion |
| #9 | Italy | $2.1 trillion |
| #10 | Brazil | $1.8 trillion |
| #11 | Russia | $1.8 trillion |
| #12 | South Korea | $1.8 trillion |
| #13 | Australia | $1.7 trillion |
| #14 | Iran | $1.7 trillion |
| #15 | Spain | $1.4 trillion |
| #16 | Mexico | $1.3 trillion |
| #17 | Indonesia | $1.3 trillion |
| #18 | Saudi Arabia | $1.0 trillion |
| #19 | Netherlands | $1.0 trillion |
| #20 | Switzerland | $842 billion |
| #21 | Taiwan | $841 billion |
| #22 | Poland | $700 billion |
| #23 | Turkey | $692 billion |
| #24 | Sweden | $621 billion |
| #25 | Belgium | $610 billion |
| #26 | Argentina | $564 billion |
| #27 | Norway | $542 billion |
| #28 | Thailand | $522 billion |
| #29 | Israel | $521 billion |
| #30 | Ireland | $516 billion |
| #31 | Nigeria | $511 billion |
| #32 | United Arab Emirates | $501 billion |
| #33 | Austria | $480 billion |
| #34 | Malaysia | $439 billion |
| #35 | Egypt | $436 billion |
| #36 | South Africa | $426 billion |
| #37 | Singapore | $424 billion |
| #38 | Philippines | $412 billion |
| #39 | Vietnam | $409 billion |
| #40 | Denmark | $399 billion |
| #41 | Bangladesh | $397 billion |
| #42 | Hong Kong SAR | $369 billion |
| #43 | Colombia | $351 billion |
| #44 | Chile | $318 billion |
| #45 | Finland | $298 billion |
| #46 | Iraq | $297 billion |
| #47 | Czechia | $296 billion |
| #48 | Romania | $287 billion |
| #49 | New Zealand | $257 billion |
| #50 | Portugal | $252 billion |
The frontrunner in Europe is Germany at $4.3 trillion, with the UK coming in second place. One significant change since the last reported figures is that Brazil now cracks the top 10, having surpassed South Korea. Russia falls just outside, in 11th place, with a GDP of $1.8 trillion.
While China’s GDP growth has slowed in recent years, projections still indicate that the country will overtake the U.S. by 2030, dethroning the world’s economic leader.
One region also expected to experience growth in the near future is the Middle East and North Africa, thanks to higher oil prices—Iraq and Saudi Arabia in particular are leading this charge. Regional GDP growth in the area is expected to be around 5% in 2022.
Source: www.visualcapitalist.com
