This year, the world economy will be worth more than $100 trillion for the first time in history. It is interesting that this will happen despite the fact that the world is in an economic crisis. The world’s GDP was $88 trillion in 2020 and then $94 trillion in 2021, and now according to the latest projections, the IMF expects the global economy to reach nearly $104 trillion in nominal value by the end of 2022. The world economy is growing and it has not significantly affected nor the conflict with Russia, the coronavirus pandemic and problems with the supply of key raw materials for individual fields.
A growing economy does not mean the world is doing well
Individual countries of the world are facing record inflation. Many countries also experience stagflation, a situation in which inflation is combined with a stagnant economy. Global inflation is around 7%. Low-income countries are most at risk. Global annual GDP growth for 2022 was initially projected to be 4.4% as of January, but this has since been adjusted to 3.6%. The largest world economic leader is the USA with a GDP of $25.3 trillion, followed by China at $19.9 trillion. See below what the world’s $100 trillion economy looks like in a single chart. This chart was developed by Visualcapitalist.com.
Source & credit: https://www.visualcapitalist.com/100-trillion-global-economy/
Featured photo: Pixabay