In 2022, the United States remained the world’s largest economy, with a GDP of nearly 25.5 trillion U.S. dollars. China closely followed behind, with a GDP of around 18.1 trillion U.S. dollars. Turkey climbed to the 19th spot in 2022, pushing Taiwan out of the list of the world’s top economies for the first time in decades.
The global GDP totaled almost 95 trillion U.S. dollars, with the United States contributing more than one-fifth of this amount alone. The twelve largest economies in the world include seven developed countries (G7), four emerging markets (BRICS), and South Korea. Despite holding this position for several decades since World War II, projections suggest that China may soon surpass the United States as the world’s largest economy by 2030 or earlier.
A country’s GDP is calculated by taking into account its spending and trade activities over a specific period, typically a year, which reflects its ability to produce goods and services within that timeframe. It represents the total value of all products and services created during that period.
Emerging and developing economies have contributed significantly to global growth in recent years, accounting for nearly six out of every ten dollars of global GDP in 2021 alone.
However, advanced economies still dominate much of global economic output, accounting for more than forty percent of worldwide GDP in 2019.
As such, it is important to keep an eye on both emerging and developed markets when evaluating global economic trends and forecasting future growth prospects.
