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, thatโs a 5.3% increase in global GDP. In inflation-adjusted terms, that would be a 2.8% increase.
โน๏ธ Gross Domestic Product (GDP) measures the total value of economic outputโgoods and servicesโproduced 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.
Hereโs a look at the size of every countryโs economy in 2023, according to IMFโs estimates.
Rank | Country | GDP (USD) | % of Total |
---|---|---|---|
1 | ๐บ๐ธ U.S. | $26,855B | 25.54% |
2 | ๐จ๐ณ China | $19,374B | 18.43% |
3 | ๐ฏ๐ต Japan | $4,410B | 4.19% |
4 | ๐ฉ๐ช Germany | $4,309B | 4.10% |
5 | ๐ฎ๐ณ India | $3,737B | 3.55% |
6 | ๐ฌ๐ง UK | $3,159B | 3.00% |
7 | ๐ซ๐ท France | $2,923B | 2.78% |
8 | ๐ฎ๐น Italy | $2,170B | 2.06% |
9 | ๐จ๐ฆ Canada | $2,090B | 1.99% |
10 | ๐ง๐ท Brazil | $2,081B | 1.98% |
11 | ๐ท๐บ Russia | $2,063B | 1.96% |
12 | ๐ฐ๐ท South Korea | $1,722B | 1.64% |
13 | ๐ฆ๐บ Australia | $1,708B | 1.62% |
14 | ๐ฒ๐ฝ Mexico | $1,663B | 1.58% |
15 | ๐ช๐ธ Spain | $1,492B | 1.42% |
16 | ๐ฎ๐ฉ Indonesia | $1,392B | 1.32% |
17 | ๐ณ๐ฑ Netherlands | $1,081B | 1.03% |
18 | ๐ธ๐ฆ Saudi Arabia | $1,062B | 1.01% |
19 | ๐น๐ท Tรผrkiye | $1,029B | 0.98% |
20 | ๐จ๐ญ Switzerland | $870B | 0.83% |
21 | ๐น๐ผ Taiwan | $791B | 0.75% |
22 | ๐ต๐ฑ Poland | $749B | 0.71% |
23 | ๐ฆ๐ท Argentina | $641B | 0.61% |
24 | ๐ง๐ช Belgium | $624B | 0.59% |
25 | ๐ธ๐ช Sweden | $599B | 0.57% |
26 | ๐ฎ๐ช Ireland | $594B | 0.57% |
27 | ๐น๐ญ Thailand | $574B | 0.55% |
28 | ๐ณ๐ด Norway | $554B | 0.53% |
29 | ๐ฎ๐ฑ Israel | $539B | 0.51% |
30 | ๐ธ๐ฌ Singapore | $516B | 0.49% |
31 | ๐ฆ๐น Austria | $515B | 0.49% |
32 | ๐ณ๐ฌ Nigeria | $507B | 0.48% |
33 | ๐ฆ๐ช UAE | $499B | 0.47% |
34 | ๐ป๐ณ Vietnam | $449B | 0.43% |
35 | ๐ฒ๐พ Malaysia | $447B | 0.43% |
36 | ๐ต๐ญ Philippines | $441B | 0.42% |
37 | ๐ง๐ฉ Bangladesh | $421B | 0.40% |
38 | ๐ฉ๐ฐ Denmark | $406B | 0.39% |
39 | ๐ฟ๐ฆ South Africa | $399B | 0.38% |
40 | ๐ช๐ฌ Egypt | $387B | 0.37% |
41 | ๐ญ๐ฐ Hong Kong | $383B | 0.36% |
42 | ๐ฎ๐ท Iran | $368B | 0.35% |
43 | ๐จ๐ฑ Chile | $359B | 0.34% |
44 | ๐ท๐ด Romania | $349B | 0.33% |
45 | ๐จ๐ด Colombia | $335B | 0.32% |
46 | ๐จ๐ฟ Czech Republic | $330B | 0.31% |
47 | ๐ซ๐ฎ Finland | $302B | 0.29% |
48 | ๐ต๐ช Peru | $268B | 0.26% |
49 | ๐ฎ๐ถ Iraq | $268B | 0.25% |
50 | ๐ต๐น Portugal | $268B | 0.25% |
51 | ๐ณ๐ฟ New Zealand | $252B | 0.24% |
52 | ๐ฐ๐ฟ Kazakhstan | $246B | 0.23% |
53 | ๐ฌ๐ท Greece | $239B | 0.23% |
54 | ๐ถ๐ฆ Qatar | $220B | 0.21% |
55 | ๐ฉ๐ฟ Algeria | $206B | 0.20% |
56 | ๐ญ๐บ Hungary | $189B | 0.18% |
57 | ๐ฐ๐ผ Kuwait | $165B | 0.16% |
58 | ๐ช๐น Ethiopia | $156B | 0.15% |
59 | ๐บ๐ฆ Ukraine | $149B | 0.14% |
60 | ๐ฒ๐ฆ Morocco | $139B | 0.13% |
61 | ๐ธ๐ฐ Slovak Republic |
$128B | 0.12% |
62 | ๐ช๐จ Ecuador | $121B | 0.12% |
63 | ๐ฉ๐ด Dominican Republic |
$121B | 0.12% |
64 | ๐ต๐ท Puerto Rico | $121B | 0.11% |
65 | ๐ฐ๐ช Kenya | $118B | 0.11% |
66 | ๐ฆ๐ด Angola | $118B | 0.11% |
67 | ๐ด๐ฒ Oman | $105B | 0.10% |
68 | ๐ฌ๐น Guatemala | $102B | 0.10% |
69 | ๐ง๐ฌ Bulgaria | $101B | 0.10% |
70 | ๐ป๐ช Venezuela | $97B | 0.09% |
71 | ๐บ๐ฟ Uzbekistan | $92B | 0.09% |
72 | ๐ฑ๐บ Luxembourg | $87B | 0.08% |
73 | ๐น๐ฟ Tanzania | $85B | 0.08% |
74 | ๐น๐ฒ Turkmenistan | $83B | 0.08% |
75 | ๐ญ๐ท Croatia | $79B | 0.08% |
76 | ๐ฑ๐น Lithuania | $78B | 0.07% |
77 | ๐จ๐ท Costa Rica | $78B | 0.07% |
78 | ๐บ๐พ Uruguay | $77B | 0.07% |
79 | ๐ต๐ฆ Panama | $77B | 0.07% |
80 | ๐จ๐ฎ Cรดte d’Ivoire | $77B | 0.07% |
81 | ๐ท๐ธ Serbia | $74B | 0.07% |
82 | ๐ง๐พ Belarus | $74B | 0.07% |
83 | ๐ฆ๐ฟ Azerbaijan | $70B | 0.07% |
84 | ๐จ๐ฉ DRC | $69B | 0.07% |
85 | ๐ธ๐ฎ Slovenia | $68B | 0.06% |
86 | ๐ฌ๐ญ Ghana | $67B | 0.06% |
87 | ๐ฒ๐ฒ Myanmar | $64B | 0.06% |
88 | ๐ฏ๐ด Jordan | $52B | 0.05% |
89 | ๐น๐ณ Tunisia | $50B | 0.05% |
90 | ๐บ๐ฌ Uganda | $50B | 0.05% |
91 | ๐จ๐ฒ Cameroon | $49B | 0.05% |
92 | ๐ฑ๐ป Latvia | $47B | 0.05% |
93 | ๐ธ๐ฉ Sudan | $47B | 0.04% |
94 | ๐ฑ๐พ Libya | $46B | 0.04% |
95 | ๐ง๐ด Bolivia | $46B | 0.04% |
96 | ๐ง๐ญ Bahrain | $45B | 0.04% |
97 | ๐ต๐พ Paraguay | $43B | 0.04% |
98 | ๐ณ๐ต Nepal | $42B | 0.04% |
99 | ๐ช๐ช Estonia | $42B | 0.04% |
100 | ๐ฒ๐ด Macao | $36B | 0.03% |
101 | ๐ญ๐ณ Honduras | $34B | 0.03% |
102 | ๐ธ๐ป El Salvador | $34B | 0.03% |
103 | ๐ต๐ฌ Papua New Guinea |
$33B | 0.03% |
104 | ๐ธ๐ณ Senegal | $31B | 0.03% |
105 | ๐จ๐พ Cyprus | $31B | 0.03% |
106 | ๐ฐ๐ญ Cambodia | $31B | 0.03% |
107 | ๐ฟ๐ผ Zimbabwe | $30B | 0.03% |
108 | ๐ฟ๐ฒ Zambia | $29B | 0.03% |
109 | ๐ฎ๐ธ Iceland | $29B | 0.03% |
110 | ๐ง๐ฆ Bosnia & Herzegovina |
$28B | 0.03% |
111 | ๐น๐น Trinidad & Tobago |
$28B | 0.03% |
112 | ๐ฌ๐ช Georgia | $28B | 0.03% |
113 | ๐ญ๐น Haiti | $27B | 0.03% |
114 | ๐ฆ๐ฒ Armenia | $24B | 0.02% |
115 | ๐ฌ๐ณ Guinea | $23B | 0.02% |
116 | ๐ง๐ซ Burkina Faso | $21B | 0.02% |
117 | ๐ฒ๐ฑ Mali | $21B | 0.02% |
118 | ๐ฌ๐ฆ Gabon | $20B | 0.02% |
119 | ๐ฆ๐ฑ Albania | $20B | 0.02% |
120 | ๐ฒ๐ฟ Mozambique | $20B | 0.02% |
121 | ๐ง๐ผ Botswana | $20B | 0.02% |
122 | ๐พ๐ช Yemen | $20B | 0.02% |
123 | ๐ฒ๐น Malta | $19B | 0.02% |
124 | ๐ง๐ฏ Benin | $19B | 0.02% |
125 | ๐ต๐ธ West Bank & Gaza |
$19B | 0.02% |
126 | ๐ณ๐ฎ Nicaragua | $17B | 0.02% |
127 | ๐ฏ๐ฒ Jamaica | $17B | 0.02% |
128 | ๐ฒ๐ณ Mongolia | $17B | 0.02% |
129 | ๐ณ๐ช Niger | $17B | 0.02% |
130 | ๐ฌ๐พ Guyana | $16B | 0.02% |
131 | ๐ฒ๐ฌ Madagascar | $16B | 0.02% |
132 | ๐ฒ๐ฉ Moldova | $16B | 0.02% |
133 | ๐ง๐ณ Brunei Darussalam | $16B | 0.01% |
134 | ๐ฒ๐ฐ North Macedonia | $15B | 0.01% |
135 | ๐ฌ๐ถ Equatorial Guinea | $15B | 0.01% |
136 | ๐ฒ๐บ Mauritius | $15B | 0.01% |
137 | ๐ง๐ธ Bahamas | $14B | 0.01% |
138 | ๐ฑ๐ฆ Laos | $14B | 0.01% |
139 | ๐ณ๐ฆ Namibia | $13B | 0.01% |
140 | ๐ท๐ผ Rwanda | $13B | 0.01% |
141 | ๐จ๐ฉ Congo | $13B | 0.01% |
142 | ๐น๐ฏ Tajikistan | $13B | 0.01% |
143 | ๐ฐ๐ฌ Kyrgyz Republic | $12B | 0.01% |
144 | ๐น๐ฉ Chad | $12B | 0.01% |
145 | ๐ฒ๐ผ Malawi | $11B | 0.01% |
146 | ๐ฒ๐ท Mauritania | $11B | 0.01% |
147 | ๐ฝ๐ฐ Kosovo | $10B | 0.01% |
148 | ๐น๐ฌ Togo | $9B | 0.01% |
149 | ๐ธ๐ด Somalia | $9B | 0.01% |
150 | ๐ฒ๐ช Montenegro | $7B | 0.01% |
151 | ๐ธ๐ธ South Sudan | $7B | 0.01% |
152 | ๐ฒ๐ป Maldives | $7B | 0.01% |
153 | ๐ง๐ง Barbados | $6B | 0.01% |
154 | ๐ซ๐ฏ Fiji | $5B | 0.01% |
155 | ๐ธ๐ฟ Eswatini | $5B | 0.00% |
156 | ๐ฑ๐ท Liberia | $4B | 0.00% |
157 | ๐ฉ๐ฏ Djibouti | $4B | 0.00% |
158 | ๐ฆ๐ฉ Andorra | $4B | 0.00% |
159 | ๐ฆ๐ผ Aruba | $4B | 0.00% |
160 | ๐ธ๐ฑ Sierra Leone | $4B | 0.00% |
161 | ๐ธ๐ท Suriname | $3B | 0.00% |
162 | ๐ง๐ฎ Burundi | $3B | 0.00% |
163 | ๐ง๐ฟ Belize | $3B | 0.00% |
164 | ๐จ๐ซ Central African Republic |
$3B | 0.00% |
165 | ๐ง๐น Bhutan | $3B | 0.00% |
166 | ๐ช๐ท Eritrea | $3B | 0.00% |
167 | ๐ฑ๐ธ Lesotho | $3B | 0.00% |
168 | ๐จ๐ป Cabo Verde | $2B | 0.00% |
169 | ๐ฌ๐ฒ Gambia | $2B | 0.00% |
170 | ๐ฑ๐จ Saint Lucia | $2B | 0.00% |
171 | ๐น๐ฑ East Timor | $2B | 0.00% |
172 | ๐ธ๐จ Seychelles | $2B | 0.00% |
173 | ๐ฌ๐ผ Guinea-Bissau | $2B | 0.00% |
174 | ๐ฆ๐ฌ Antigua & Barbuda | $2B | 0.00% |
175 | ๐ธ๐ฒ San Marino | $2B | 0.00% |
176 | ๐ธ๐ง Solomon Islands | $2B | 0.00% |
177 | ๐ฐ๐ฒ Comoros | $1B | 0.00% |
178 | ๐ฌ๐ฉ Grenada | $1B | 0.00% |
179 | ๐ป๐บ Vanuatu | $1B | 0.00% |
180 | ๐ฐ๐ณ Saint Kitts & Nevis |
$1B | 0.00% |
181 | ๐ป๐จ Saint Vincent & the Grenadines |
$1B | 0.00% |
182 | ๐ผ๐ธ Samoa | $1B | 0.00% |
183 | ๐ฉ๐ฒ Dominica | $1B | 0.00% |
184 | ๐ธ๐น Sรฃo Tomรฉ & Prรญncipe |
$1B | 0.00% |
185 | ๐น๐ด Tonga | $1B | 0.00% |
186 | ๐ซ๐ฒ Micronesia | $0.5B | 0.00% |
187 | ๐ฒ๐ญ Marshall Islands | $0.3B | 0.00% |
188 | ๐ต๐ผ Palau | $0.3B | 0.00% |
189 | ๐ฐ๐ฎ Kiribati | $0.2B | 0.00% |
190 | ๐ณ๐ท Nauru | $0.2B | 0.00% |
191 | ๐น๐ป Tuvalu | $0.1B | 0.00% |
Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from IMFโs 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: 2023โs Shrinking Economies
In fact, 29 economies are projected to shrink from their 2022 sizes, leading to nearly $500 billion in lost output.
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 Egyptโs case, the drop can be partly explained by the countryโs 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 worldโs 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:
Country | Region | 2022โ23 Change (USD) | 2022โ23 Change (%) |
---|---|---|---|
๐ท๐บ Russia | Europe | -$152.65B | -6.9% |
๐ช๐ฌ Egypt | Africa | -$88.12B | -18.5% |
๐จ๐ฆ Canada | North America | -$50.17B | -2.3% |
๐ธ๐ฆ Saudi Arabia | Middle East | -$46.25B | -4.2% |
๐ง๐ฉ Bangladesh | Asia | -$39.69B | -8.6% |
๐ณ๐ด Norway | Europe | -$25.16B | -4.3% |
๐ฐ๐ผ Kuwait | Middle East | -$19.85B | -10.8% |
๐ด๐ฒ Oman | Middle East | -$9.77B | -8.5% |
๐จ๐ด Colombia | South America | -$9.25B | -2.7% |
๐ฆ๐ช UAE | Middle East | -$8.56B | -1.7% |
๐ฟ๐ฆ South Africa | Africa | -$6.69B | -1.6% |
๐ฌ๐ญ Ghana | Africa | -$6.22B | -8.5% |
๐ถ๐ฆ Qatar | Middle East | -$5.91B | -2.6% |
๐ฆ๐ด Angola | Africa | -$3.54B | -2.9% |
๐ฟ๐ผ Zimbabwe | Africa | -$3.09B | -9.4% |
๐บ๐ฆ Ukraine | Europe | -$2.79B | -1.8% |
๐ธ๐ฉ Sudan | Africa | -$2.72B | -5.5% |
๐ฎ๐ถ Iraq | Middle East | -$2.47B | -0.9% |
๐น๐ฑ East Timor | Asia | -$1.67B | -45.7% |
๐ฌ๐ฆ Gabon | Africa | -$1.60B | -7.3% |
๐ฌ๐ถ Equatorial Guinea | Africa | -$1.35B | -8.2% |
๐ฒ๐ผ Malawi | Africa | -$1.24B | -9.9% |
๐ฑ๐ฆ Laos | Asia | -$1.21B | -7.9% |
๐ง๐ณ Brunei | Asia | -$1.13B | -6.8% |
๐พ๐ช Yemen | Middle East | -$1.12B | -5.4% |
๐ธ๐ธ South Sudan | Africa | -$0.86B | -10.9% |
๐ง๐ฎ Burundi | Africa | -$0.66B | -16.9% |
๐ธ๐ฑ Sierra Leone | Africa | -$0.42B | -10.6% |
๐ธ๐ท Suriname | South America | -$0.05B | -1.4% |
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 IMFโs 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 worldโs 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, itโs 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 Chinaโs 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 IMFโs 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 Fundโs 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 IMFโs database. Furthermore, all figures used in the article, unless specified, are nominal GDP numbers and rates.
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