The $100 Trillion Global Economy in One Chart
Nigeria with a GDP of $511billion is the 31st largest economy in the world and the largest in Africa
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By Avery Koop
Visualizing the $100 Trillion Global Economy in One Chart
Surpassing the $100 trillion mark is a new milestone for global economic output.
We’ve covered this topic in the past when the world’s GDP was $88 trillion (2020) and then $94 trillion (2021), and now according to the latest projections, 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%.
Note: This data from the IMF represents the most recent nominal projections for end of year as of April 2022.
Gross Domestic Product (GDP) is a broad indicator of the economic activity within a country. It measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors.
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:
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RankCountryGDP (current prices, USD)#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
Showing 31 to 40 of 50 entries
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The frontrunner in Europe is Germany at $4.3 trillion, with the UK coming in second place. One significant change since the lastreported 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.
The 50 Smallest Economies in the World
Some of the world’s smallest economies were hit particularly hard by the pandemic, and have subsequently been the most affected by the inflation and food supply shortages resulting from the war in Ukraine.
Here’s a look at the countries worldwide with the lowest GDP in 2022:
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RankCountryGDP (current prices, USD)#191
Tuvalu$66 million#190
Nauru$134 million#189
Kiribati$216 million#188
Palau$244 million#187
Marshall Islands$267 million#186
Micronesia$427 million#185
São Tomé and Príncipe$1 billion#184
Tonga$1 billion#183
Dominica$1 billion#182
Samoa$1 billion
The smallest economy in the world measured in the IMF rankings is Tuvalu at $66 million. Most of the bottom 50 are considered low- to middle-income and emerging/developing countries. According to the World Bank, in developing countries, the level of per capita income in 2022 will be about 5% below the pre-pandemic trends.
Source: The VA App