By the end of 2023, the global economy is expected to have a gross domestic product (GDP) of US$105 trillion, or US$5 trillion more than the previous year, according to the latest forecasts from the International Monetary Fund (IMF), Visual Capitalist reported.
The United States of America is estimated to be the world’s largest economy with a gross domestic product of $27 trillion.
The year began with turmoil for the global economy, with financial markets rocked by the collapse of several mid-sized US banks along with persistent inflation and tightening of monetary conditions in most countries. However, some economies have proved resilient and are expected to register growth.
In second place in the ranking is China with a GDP of 19.4 trillion dollars. It was followed by Japan ($4.4 trillion), Germany ($4.3 trillion), India ($3.7 trillion) and Great Britain ($3.1 trillion). France, Italy, Canada and Brazil complete the top 10 in the ranking.
Russia, especially compared to the US and China, remains an economic dwarf. The GDP estimate is $2 trillion. The country is on a massive decline with a projected $150 billion contraction this year. A further complication for Russia is that the country is forced to sell oil at a heavy loss due to Western sanctions.
Visualizing the $105 Trillion World Economy in One Chart 🌎️https://t.co/zVC0dtQMrm pic.twitter.com/AyJ6RHR3wE
— Visual Capitalist (@VisualCap) August 9, 2023
Place a rating:
☆
☆
☆
☆
☆
2.7
Rating 2.7 from 24 votes.
2023-08-10 15:49:00
#USA #continues #powerful #economy #Russia #ranking
