Potential GDP is defined as the maximum output a country can produce, in a given period of time, without causing inflation to rise. Unlike actual GDP, potential GDP cannot be observed directly from the real world. Instead, its value is estimated from trends in a country’s labor supply, capital stock, and productivity level. Australians who think China is the world’s leading economic power are the most likely to say this is a bad thing for their country. Views of the international balance of economic power have changed little in most middle-income countries surveyed. As was the case in 2019, those in Brazil, India, Kenya and Mexico continue to see the U.S. as the top economy, while those in South Africa and Argentina are about as likely to name the U.S. as they are China.
China: USD 25.1 trillion in 2028
Turkey has a largely open economy, with large industrial and service sectors. Major industries include electronics, petrochemicals, and automotive production. Political turmoil and involvement in regional armed conflicts have led https://www.broker-review.org/ to some financial and currency market instability and uncertainty about Turkey’s economic future in recent years. Indonesia’s economy is the largest economy in Southeast Asia and is based largely on commodity export industries.
This data is based on the following sources
The table is initially ranked by the average of the available estimates for each country or territory, and can be reranked by either of the sources. The links in the «Country/Territory» row of the following table link to the article on the GDP or the economy of the respective country or territory. The first list includes estimates compiled by the International Monetary Fund’s World Economic Outlook, the second list shows the World Bank’s data, and the third list includes data compiled by the United Nations Statistics Division. The IMF’s definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo and Taiwan) are included in the list where they appear in the sources.
Major economies
The data given on this page are based on the international dollar, a standardized unit used by economists. Certain regions that are not widely considered countries such as Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities. India is set to become the world’s third largest economy by 2028, with nominal GDP of USD 5.0 trillion, overtaking both Germany and Japan. Growth will be spurred in the coming years by surging consumption, investment—from both domestic and foreign firms—and exports. Prime Minister Modi’s Make in India agenda, together with increasing interest with firms looking to diversify output away from China, is set to galvanize the manufacturing sector. GDP growth will average over 6% a year out to 2028, among the highest rates in Asia.
- Here at FocusEconomics, we will continue to provide succinct analysis and reliable forecasts to help clients navigate this shift in the tectonic plates of the global economy in the coming years.
- Heavy industry, including iron and steel production, machinery manufacturing, shipbuilding, and coal mining, is an important part of Poland’s economy.
- Argentina’s primary contributor to GDP is the industrial sector, followed by services and then agriculture.
- Nominal GDP is the value of all the finished goods and services produced in a country in a year based on current prices without adjusting for inflation.
Forbes India Lists
Swedes are now more likely to name the U.S. than China as the world’s leading economic power. Even in Australia, where more name China than the U.S. as the top economy, the share who holds this view has gone down by 5 percentage points since June 2020. People in Australia, Germany, Greece, Italy, the Netherlands and Spain – all high-income countries – name China as the world’s top economy. Italy especially stands out as the only country where more than half say that China is the world’s leading economic power. Italy switched to seeing China and not the U.S. as the world’s leading economic power in 2020, one year after the country’s ascension into the Belt and Road Initiative. Japan will slip to become the world’s fifth-largest economy over the next few years, with nominal GDP of 5.4 trillion in 2028—only marginally below that of Germany—according to our panelists’ forecasts.
Mexico has a nominal GDP of $1.29 trillion in 2021 and a GDP, PPP of $2.61 trillion in 2021. Given its population, resources, and proximity to the United States, the country also has substantial potential to expand its economy considerably in ifc markets review the future. Saudi Arabia is an energy superpower that had a GDP of $833.54 billion for 2021. Considering oil and gas prices have increased substantially this year given the Russia Ukraine war, the country’s GDP will likely be higher for 2022.
Impact of the coronavirus (COVID- on global GDP
This is the method used below, which is used for estimating worldwide economic activity in terms of real United States dollars or euros. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world’s 7.8 billion people (as of March 2020[update])[3][4] have most of their economic activity reflected in these valuations.
By 2030, India is expected to overtake the U.S. as the second-largest economy on the planet. At that time China is also supposed to be the biggest economy in the world in terms of nominal GDP, a record still held by the U.S. Its largest export partners are Brazil, the U.S., Chile, and China, with which it has seen a growing relationship. The international drug trade constitutes an ongoing challenge to Mexico’s development, contributing directly to violence and corruption in the country.
The most important key figures provide you with a compact summary of the topic of «Global economy» and take you straight to the corresponding statistics. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world. All our country, commodity and regional reports have forecasts out to at least 2028, with longer-term forecasts available via our FocusAnalytics online data platform or other delivery channels. To download one of our sample reports, click here or send an email to -economics.com for more information.
As countries take measures to reduce corruption, open their markets, and take advantage of their natural resources and new technologies, they can see their GDP grow. South Korea’s economy is a 20th-century success story that is today firmly established as an advanced, industrial economy. It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles. While developed economies will continue to dominate the list of the world’s largest in the coming years, emerging markets—particularly India—will move up the rankings.
GDP is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy and its impact on the global economy. Typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is, by definition, no legal market of any kind. Countries with positive growth rates are shaded in green; countries with negative growth rates, orange. To view changes over time, adjust the date using the slider at the top left of the map.
However, if one evaluates the economic performance of a country, the country not only provides the workers, but also land, machines, innovations and sales markets. The world’s fastest growing economy is said to be Guyana, which is experiencing rapid GDP growth in part due to its booming oil sector. Sweden is a competitive economy, with a high standard of living and a mix of free enterprise alongside a generous social welfare state. Sweden’s manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications. Australia combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim. Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common.
But rapid growth in Asia also comes with its own set of problems, like a quickly growing divide between rural and urban incomes, environmental degradation as well as the new challenge of population decline. The Global Growth Tracker allows you to gauge trends in economic growth through time across the globe. Russia has a nominal GDP of $1.78 trillion and a GDP, PPP of $4.79 trillion in 2021. Given it has considerable oil and gas reserves, the country is an energy superpower that also has substantial land resources. Australia has a fully developed economy with a GDP per capita of $59,934.13 in 2021, making it one of the wealthiest nations per capita in the Asian Pacific. With a GDP of $1.54 trillion in 2021, Australia also has one of the largest economies in the Asian Pacific.
Among these agencies include the USCS (US DoC) and FAS (USDA) in the United States, the EDC and AAFC in Canada, Ubifrance in France, the UKTI in the United Kingdom, the HKTDC and JETRO in Asia, Austrade and the NZTE in Oceania. This tracker charts the economic growth performance through time of ninety-one countries around the globe. Asian countries among the top 8 biggest economies exhibited the best growth prospects, even among a global pandemic. European economies like German and the UK are expected to struggle in 2020, a fate they share with industrialized nation Japan.
Japan has experienced a mixed fortune when it comes to economic growth with recessionary signs evident since 2008. However, the economy has remained steady in the midst of hard economic times and reports of positive gain in economic growth have been recorded. Spain has the fourth largest economy in the EU with a 2021 GDP of $1.43 trillion. In 2022, Spain’s economy likely expanded over 4.4% given government estimates.
GDP is the sum of the monetary value of the finished goods and services produced in a country in a year. All data and visualizations on Our World in Data rely on data sourced from one or several original data providers. If you have ever shopped or eaten in a restaurant abroad, you may have noticed a country as being a particularly expensive or particularly cheap place to live. A given amount of your own currency, when exchanged for another country’s currency, may buy you considerably more or less there than it would have done at home.