The graph that compares the size of all economies in 2021: the curious case of the country with the smallest GDP in the world

The Visual Capitalist chart showing world economies in 2021

According to estimates from the International Monetary Fund (IMF), The United States and China, two countries that have been involved in a fierce trade war in recent years, represent 42% of the world’s Gross Domestic Product (GDP). In fact, the GDP of the United States alone is greater than that of 170 countries together.

The portal Visual Capitalist drew up a graph showing the size of each of the economies during 2021.

Amid trade tensions with China, The United States continues to be the world’s largest economy. At $ 22.9 trillion, its GDP represents about 25% of the world economy, a percentage that has changed significantly in the last 60 years.

At $ 4.7 trillion, the sectors of finance, insurance Y real estate are those that contribute the most to the North American economy, followed by professional services Y business (2.7 trillion dollars) and the management public (2.6 trillion dollars).

While, the Chinese economy is the second in nominal terms, with a GDP close to 17 trillion dollars. The Asian giant is still the largest manufacturer in the world in terms of production, with a large production of steel, electronics Y robotic, among others.

As indicated Visual Capitalist, the manufacturing industry China accounts for about 25% of GDP.

The third country that contributed the most to the world economy in 2021 was Japan (5.1 trillion dollars), followed by Germany, the largest economy in Europe, which exports approximately 20% of the world’s motor vehicles. In 2019, global trade was equivalent to almost 90% of the country’s GDP.

These four countries they represent more than half of the world’s economic output by gross domestic product in nominal terms.

The United States and China remain the world's largest economies (REUTERS / Aly Song)
The United States and China remain the world’s largest economies (REUTERS / Aly Song) (ALY SONG /)

The other nations that ranked in the top ten largest economies were: the UK ($ 3.1 trillion), India ($ 2.9 trillion), France ($ 2.9 trillion), Italy ($ 2.1 trillion), Canada ($ 2.0 trillion) ) and South Korea ($ 1.8 trillion).

At the other end of the graph are the economies smaller of the world, mainly the developing countries and insular.

With a GDP of 70 million dollars, Tuvalu is the smallest economy in the world. This volcanic archipelago is located between Hawaii and Australia. Its largest industry is based on territorial fishing rights.

In addition, he earns significant income from his web domain “.tv”. Between 2011 and 2019, the country obtained $ 5 million annually of companies – including Twitch, owned by Amazon, for the license of the domain name This equates to about 7% of the island nation’s GDP.

Like Tuvalu, many of the world’s smallest economies are in Oceania, What Nauru, Palau and Kiribati. In addition, several of these countries depend on the sightseeing for more than a third of your employment.

On the other hand, in Latin America those that remained the largest regional economies were Brazil ($ 1.65 trillion) and Mexico ($ 1.29 trillion), followed by Argentina (0.46 trillion), Chile (0.33 trillion) and Colombia (0.3 trillion). Further back are located Venezuela, Bolivia and Paraguay, the three with a GDP close to 0.04 trillion.

Globally, according to the graph of Visual Capitalist, Asia is the one with the highest percentage of GDP per continent, with a 33.7%. It is followed by North America (27.9%), Europe (25%), Middle East (4.6%), South America (3.4%), Africa (2.8%), Oceania (two%), and Central America and the Caribbean (0.6%).

The Brazilian economy is the largest in Latin America (REUTERS / Nacho Doce)
The Brazilian economy is the largest in Latin America (REUTERS / Nacho Doce) (NACHO DOCE /)

With a GDP growth forecast of 123%, Libya’s economy is the fastest growing in the world, mainly driven by oil, with 1.2 million barrels pumped daily in the country. Likewise, exports and a depressed currency are some of the main factors that contributed to its recovery.

The Irish economy, with a real GDP growth forecast of 13%, ranks as the fifth fastest recovering. A recovery driven mainly by the largest multinational companies, such as Facebook, TikTok, Google, Manzana Y Pfizer, which have their European headquarters in the country. The Irish system is very friendly to these companies, as it offers a corporate tax rate of 12.5%. That is to say, almost half of the world average.

Between the The fastest growing Latin American countries in 2021 were Panama (12%), Chile (11%), Peru (10%) and the Dominican Republic (9.5%).

With a world GDP currently of 94 trillion dollars, it is expected that in the next 30 years the world economy will return to double. According to estimates, in 2050 global GDP could amount to around 180 trillion dollars.

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