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Visualizing the $94 Trillion World Economy in One Chart
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Visualizing the $94 Trillion World Economy in One Chart
The article notes that only four countries, including the U.S., Japan, Germany and China make up more than half of the global economic output through gross domestic product using nominal terms. As a matter of fact, USA’s gross domestic product alone is more than that of 170 countries combined. The article notes that GDP functions as a broad indicator of the economic output for a given country. It evaluates the total market value for final services and products that are produced in a given time frame, such as a year or quarter. The article notes that when the DGP of a given country increases, it indicates greater economic activity which benefits businesses and workers.
The article notes that the United States GDP accounts for more than 25% of the global economy, which has changed drastically over the past 60 years. The insurance, real estate, and finance sectors add the most to the US economy, followed by business and professional services and government. China which has the second largest GDP of around $17 trillion remains to be the biggest manufacturer globally according to output on extensive production of electronics, steel and robotics. Germany is the biggest economy in Europe and export about 20% of global motor cars. The article also mentions the smallest economies by GDP in the world including island and developing nations. Tuvalu, with a $70 million GDP, is the smallest in the world. It is located between Australia and Hawaii. Additionally, Tuvalu earns considerable revenue from its web domain “.tv”. Tuvalu earned $5 million annually between 2011 and 2019 from companies including Twitch which Amazon owns in licensing Twitch.tv domain name, which accounts for equivalently 7% of the GDP. The article also talks about countries with the fastest-growing economies, including Libya, Macao, Guyana, Ireland, Maldives, Panama, Peru, Chile, Aruba, and the Dominican Republic. Libya is at the top of the list, with a projected economy of 123%.
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