The world's biggest economies in 2018
The United States has the largest economy in the world at $20.4 trillion, according to (click to see all GDP data) from the International Monetary Fund (IMF), which shows the US economy increased from around $19.4 trillion last year.
China follows, with $14 trillion, which is an increase of more than $2 trillion in comparison to 2017. Japan is in third place with an economy of $5.1 trillion, up from $4.87 trillion a year previously.
Click data to access IMF DataMapper.
European countries round off the top 5
Three European countries take up the next places on the list: Germany is fourth, with a $4.2 trillion economy, the United Kingdom is fifth with $2.94 trillion and France is sixth with $2.93 trillion.
Close behind the UK and France, in seventh, India’s economy is $2.85 trillion, and Italy is in eighth with an economy of $2.18 trillion. Ninth on the list is Brazil, with an economy of more than $2.14 trillion, while Canada is 10th with a $1.8 trillion economy.
The sheer scale of the United States’ economy puts others into perspective. It is larger than the combined economies of numbers four to 10 on the list above. Overall, the global economy is worth an estimated $79.98 trillion, meaning the US accounts for more than one-quarter of the world total.
China and India predicted to surge
However, its dominance looks to be waning. According to data from the World Bank (illustrated by visual capitalist), America’s GDP is expected to grow by 17.9% between 2017 and 2019. China’s, however, is predicted to grow by almost double this, at 35.2%.
China’s digital economy is also experiencing a boom period. It has grown from less than 1% of the global e-commerce market about 10 years ago to 42% today. In comparison, the United States’ share of the market is 24%, down from 35% in 2005.
China’s economy will also eclipse the US economy by 2050, according to a report by professional services firm PwC, which also predicts India will overtake the US.
China, the report says, will have an economy of nearly $58.5 trillion, while India’s will be around $44.1 trillion and America’s will total $34.1 trillion.
Interestingly, Japan ($6.7trn), Germany ($6.1trn), the United Kingdom ($5.3trn) and France ($4.7trn) are expected to fall to eighth, ninth, 10th and 12th in the list, respectively.
These countries will be replaced by Indonesia ($10.5trn), Brazil ($7.5trn), Russia ($7.1trn), and Mexico ($6.8trn), which climb to fourth, fifth, sixth, and seventh, respectively.
Source: World Economic Forum | JIC Media
Idea Man | Entrepreneur | Technologist (past)
6 年The graph leads me to the following two points: (a) Economies of Canada, Brazil and Russia are smaller than I thought (b) Japan is a proof of economic axiom: Power of Human Talent is a MAJOR economic growth force Additional note: (edit) The circle between China and Japan is most likely South Korea.
J??ining the d??ts
6 年The US debt is now $23 trillion, so bigger than their national output. Hmmmmmm
| Work Experience : WHO, CDC-Metabiota, USAID-Stop SpillOver| Clinton Health Access Initiative| Fellowship : US States Department William J. Fulbright Fellow, Germany DAAD Fellow.
6 年How comes I cannot see World's Best Sierra Leone there Jarrah? This map is rigged manually hahahahah
Marketing director at Zidong?Pump ------ Pump manufacturer & Solutions provider for mine dewatering,sand washing, dredging,steel,aquacuture industry,etc. Try to make every pump excellent like artwork！
6 年The map shows China's OBOR project is correct. More opportunities for Asia ,Europe and Africa.
Managing Director at Watershed Capital Pty Limited
6 年Where is Africa in all these projections?