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Top Heavy: Countries by Share of the Global Economy

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Countries by Share of the Global Economy
As 2022 comes to a close we can recap many historic milestones of the year, like the Earth’s population hitting 8 billion and the global economy surpassing $100 trillion .
In this chart, we visualize the world’s GDP using data from the IMF, showcasing the biggest economies and the share of global economic activity that they make up.
The GDP Heavyweights
The global economy can be thought of as a pie, with the size of each slice representing the share of global GDP contributed by each country. Currently, the largest slices of the pie are held by the United States, China, Japan, Germany, and India, which together account for more than half of global GDP.
Here’s a look at every country’s share of the world’s $101.6 trillion economy:
Rank | Country | GDP (Billions, USD) |
---|---|---|
#1 | 🇺🇸 United States | $25,035.2 |
#2 | 🇨🇳 China | $18,321.2 |
#3 | 🇯🇵 Japan | $4,300.6 |
#4 | 🇩🇪 Germany | $4,031.1 |
#5 | 🇮🇳 India | $3,468.6 |
#6 | 🇬🇧 United Kingdom | $3,198.5 |
#7 | 🇫🇷 France | $2,778.1 |
#8 | 🇨🇦 Canada | $2,200.4 |
#9 | 🇷🇺 Russia | $2,133.1 |
#10 | 🇮🇹 Italy | $1,997.0 |
#11 | 🇮🇷 Iran | $1,973.7 |
#12 | 🇧🇷 Brazil | $1,894.7 |
#13 | 🇰🇷 South Korea | $1,734.2 |
#14 | 🇦🇺 Australia | $1,724.8 |
#15 | 🇲🇽 Mexico | $1,424.5 |
#16 | 🇪🇸 Spain | $1,389.9 |
#17 | 🇮🇩 Indonesia | $1,289.4 |
#18 | 🇸🇦 Saudi Arabia | $1,010.6 |
#19 | 🇳🇱 Netherlands | $990.6 |
#20 | 🇹🇷 Turkey | $853.5 |
#21 | 🇹🇼 Taiwan | $828.7 |
#22 | 🇨🇭 Switzerland | $807.4 |
#23 | 🇵🇱 Poland | $716.3 |
#24 | 🇦🇷 Argentina | $630.7 |
#25 | 🇸🇪 Sweden | $603.9 |
#26 | 🇧🇪 Belgium | $589.5 |
#27 | 🇹🇭 Thailand | $534.8 |
#28 | 🇮🇱 Israel | $527.2 |
#29 | 🇮🇪 Ireland | $519.8 |
#30 | 🇳🇴 Norway | $504.7 |
#31 | 🇳🇬 Nigeria | $504.2 |
#32 | 🇦🇪 United Arab Emirates | $503.9 |
#33 | 🇪🇬 Egypt | $469.1 |
#34 | 🇦🇹 Austria | $468.0 |
#35 | 🇧🇩 Bangladesh | $460.8 |
#36 | 🇲🇾 Malaysia | $434.1 |
#37 | 🇸🇬 Singapore | $423.6 |
#38 | 🇻🇳 Vietnam | $413.8 |
#39 | 🇿🇦 South Africa | $411.5 |
#40 | 🇵🇭 Philippines | $401.7 |
#41 | 🇩🇰 Denmark | $386.7 |
#42 | 🇵🇰 Pakistan | $376.5 |
#43 | 🇭🇰 Hong Kong SAR | $368.4 |
#44 | 🇨🇴 Colombia | $342.9 |
#45 | 🇨🇱 Chile | $310.9 |
#46 | 🇷🇴 Romania | $299.9 |
#47 | 🇨🇿 Czech Republic | $295.6 |
#48 | 🇮🇶 Iraq | $282.9 |
#49 | 🇫🇮 Finland | $281.4 |
#50 | 🇵🇹 Portugal | $255.9 |
#51 | 🇳🇿 New Zealand | $242.7 |
#52 | 🇵🇪 Peru | $239.3 |
#53 | 🇰🇿 Kazakhstan | $224.3 |
#54 | 🇬🇷 Greece | $222.0 |
#55 | 🇶🇦 Qatar | $221.4 |
#56 | 🇩🇿 Algeria | $187.2 |
#57 | 🇭🇺 Hungary | $184.7 |
#58 | 🇰🇼 Kuwait | $183.6 |
#59 | 🇲🇦 Morocco | $142.9 |
#60 | 🇦🇴 Angola | $124.8 |
#61 | 🇵🇷 Puerto Rico | $118.7 |
#62 | 🇪🇨 Ecuador | $115.5 |
#63 | 🇰🇪 Kenya | $114.9 |
#64 | 🇸🇰 Slovakia | $112.4 |
#65 | 🇩🇴 Dominican Republic | $112.4 |
#66 | 🇪🇹 Ethiopia | $111.2 |
#67 | 🇴🇲 Oman | $109.0 |
#68 | 🇬🇹 Guatemala | $91.3 |
#69 | 🇧🇬 Bulgaria | $85.0 |
#70 | 🇱🇺 Luxembourg | $82.2 |
#71 | 🇻🇪 Venezuela | $82.1 |
#72 | 🇧🇾 Belarus | $79.7 |
#73 | 🇺🇿 Uzbekistan | $79.1 |
#74 | 🇹🇿 Tanzania | $76.6 |
#75 | 🇬🇭 Ghana | $76.0 |
#76 | 🇹🇲 Turkmenistan | $74.4 |
#77 | 🇱🇰 Sri Lanka | $73.7 |
#78 | 🇺🇾 Uruguay | $71.2 |
#79 | 🇵🇦 Panama | $71.1 |
#80 | 🇦🇿 Azerbaijan | $70.1 |
#81 | 🇭🇷 Croatia | $69.4 |
#82 | 🇨🇮 Côte d'Ivoire | $68.6 |
#83 | 🇨🇷 Costa Rica | $68.5 |
#84 | 🇱🇹 Lithuania | $68.0 |
#85 | 🇨🇩 Democratic Republic of the Congo | $63.9 |
#86 | 🇷🇸 Serbia | $62.7 |
#87 | 🇸🇮 Slovenia | $62.2 |
#88 | 🇲🇲 Myanmar | $59.5 |
#89 | 🇺🇬 Uganda | $48.4 |
#90 | 🇯🇴 Jordan | $48.1 |
#91 | 🇹🇳 Tunisia | $46.3 |
#92 | 🇨🇲 Cameroon | $44.2 |
#93 | 🇧🇭 Bahrain | $43.5 |
#94 | 🇧🇴 Bolivia | $43.4 |
#95 | 🇸🇩 Sudan | $42.8 |
#96 | 🇵🇾 Paraguay | $41.9 |
#97 | 🇱🇾 Libya | $40.8 |
#98 | 🇱🇻 Latvia | $40.6 |
#99 | 🇪🇪 Estonia | $39.1 |
#100 | 🇳🇵 Nepal | $39.0 |
#101 | 🇿🇼 Zimbabwe | $38.3 |
#102 | 🇸🇻 El Salvador | $32.0 |
#103 | 🇵🇬 Papua New Guinea | $31.4 |
#104 | 🇭🇳 Honduras | $30.6 |
#105 | 🇹🇹 Trinidad and Tobago | $29.3 |
#106 | 🇰🇭 Cambodia | $28.3 |
#107 | 🇮🇸 Iceland | $27.7 |
#108 | 🇾🇪 Yemen | $27.6 |
#109 | 🇸🇳 Senegal | $27.5 |
#110 | 🇿🇲 Zambia | $27.0 |
#111 | 🇨🇾 Cyprus | $26.7 |
#112 | 🇬🇪 Georgia | $25.2 |
#113 | 🇧🇦 Bosnia and Herzegovina | $23.7 |
#114 | 🇲🇴 Macao SAR | $23.4 |
#115 | 🇬🇦 Gabon | $22.2 |
#116 | 🇭🇹 Haiti | $20.2 |
#117 | 🇬🇳 Guinea | $19.7 |
#118 | West Bank and Gaza | $18.8 |
#119 | 🇧🇳 Brunei | $18.5 |
#120 | 🇲🇱 Mali | $18.4 |
#121 | 🇧🇫 Burkina Faso | $18.3 |
#122 | 🇦🇱 Albania | $18.3 |
#123 | 🇧🇼 Botswana | $18.0 |
#124 | 🇲🇿 Mozambique | $17.9 |
#125 | 🇦🇲 Armenia | $17.7 |
#126 | 🇧🇯 Benin | $17.5 |
#127 | 🇲🇹 Malta | $17.2 |
#128 | 🇬🇶 Equatorial Guinea | $16.9 |
#129 | 🇱🇦 Laos | $16.3 |
#130 | 🇯🇲 Jamaica | $16.1 |
#131 | 🇲🇳 Mongolia | $15.7 |
#132 | 🇳🇮 Nicaragua | $15.7 |
#133 | 🇲🇬 Madagascar | $15.1 |
#134 | 🇬🇾 Guyana | $14.8 |
#135 | 🇳🇪 Niger | $14.6 |
#136 | 🇨🇬 Republic of Congo | $14.5 |
#137 | 🇲🇰 North Macedonia | $14.1 |
#138 | 🇲🇩 Moldova | $14.0 |
#139 | 🇹🇩 Chad | $12.9 |
#140 | 🇧🇸 The Bahamas | $12.7 |
#141 | 🇳🇦 Namibia | $12.5 |
#142 | 🇷🇼 Rwanda | $12.1 |
#143 | 🇲🇼 Malawi | $11.6 |
#144 | 🇲🇺 Mauritius | $11.5 |
#145 | 🇲🇷 Mauritania | $10.1 |
#146 | 🇹🇯 Tajikistan | $10.0 |
#147 | 🇰🇬 Kyrgyzstan | $9.8 |
#148 | 🇽🇰 Kosovo | $9.2 |
#149 | 🇸🇴 Somalia | $8.4 |
#150 | 🇹🇬 Togo | $8.4 |
#151 | 🇲🇪 Montenegro | $6.1 |
#152 | 🇲🇻 Maldives | $5.9 |
#153 | 🇧🇧 Barbados | $5.8 |
#154 | 🇫🇯 Fiji | $4.9 |
#155 | 🇸🇸 South Sudan | $4.8 |
#156 | 🇸🇿 Eswatini | $4.7 |
#157 | 🇸🇱 Sierra Leone | $4.1 |
#158 | 🇱🇷 Liberia | $3.9 |
#159 | 🇩🇯 Djibouti | $3.7 |
#160 | 🇧🇮 Burundi | $3.7 |
#161 | 🇦🇼 Aruba | $3.5 |
#162 | 🇦🇩 Andorra | $3.3 |
#163 | 🇸🇷 Suriname | $3.0 |
#164 | 🇧🇹 Bhutan | $2.7 |
#165 | 🇧🇿 Belize | $2.7 |
#166 | 🇱🇸 Lesotho | $2.5 |
#167 | 🇨🇫 Central African Republic | $2.5 |
#168 | 🇹🇱 Timor-Leste | $2.4 |
#169 | 🇪🇷 Eritrea | $2.4 |
#170 | 🇬🇲 The Gambia | $2.1 |
#171 | 🇨🇻 Cabo Verde | $2.1 |
#172 | 🇸🇨 Seychelles | $2.0 |
#173 | 🇱🇨 St. Lucia | $2.0 |
#174 | 🇦🇬 Antigua and Barbuda | $1.7 |
#175 | 🇬🇼 Guinea-Bissau | $1.6 |
#176 | 🇸🇲 San Marino | $1.6 |
#177 | 🇸🇧 Solomon Islands | $1.6 |
#178 | 🇰🇲 Comoros | $1.2 |
#179 | 🇬🇩 Grenada | $1.2 |
#180 | 🇰🇳 St. Kitts and Nevis | $1.1 |
#181 | 🇻🇺 Vanuatu | $1.0 |
#182 | 🇻🇨 St. Vincent and the Grenadines | $1.0 |
#183 | 🇼🇸 Samoa | $0.83 |
#184 | 🇩🇲 Dominica | $0.60 |
#185 | 🇸🇹 São Tomé and Príncipe | $0.51 |
#186 | 🇹🇴 Tonga | $0.50 |
#187 | 🇫🇲 Micronesia | $0.43 |
#188 | 🇲🇭 Marshall Islands | $0.27 |
#189 | 🇵🇼 Palau | $0.23 |
#190 | 🇰🇮 Kiribati | $0.21 |
#191 | 🇳🇷 Nauru | $0.13 |
#192 | 🇹🇻 Tuvalu | $0.06 |
#193 | 🇺🇦 Ukraine | Data not available |
Total World GDP | $101,559.3 |
Just five countries make up more than half of the world’s entire GDP in 2022: the U.S., China, Japan, India, and Germany. Interestingly, India replaced the UK this year as a top five economy.
Adding on another five countries (the top 10) makes up 66% of the global economy, and the top 25 countries comprise 84% of global GDP.
The World’s Smallest Economies
The rest of the world — the remaining 167 nations — make up 16% of global GDP. Many of the smallest economies are islands located in Oceania.
Here’s a look at the 20 smallest economies in the world:
Country | GDP (Billions, USD) |
---|---|
🇹🇻 Tuvalu | $0.06 |
🇳🇷 Nauru | $0.13 |
🇰🇮 Kiribati | $0.21 |
🇵🇼 Palau | $0.23 |
🇲🇭 Marshall Islands | $0.27 |
🇫🇲 Micronesia | $0.43 |
🇹🇴 Tonga | $0.50 |
🇸🇹 São Tomé and Príncipe | $0.51 |
🇩🇲 Dominica | $0.60 |
🇼🇸 Samoa | $0.83 |
🇻🇨 St. Vincent and the Grenadines | $0.95 |
🇻🇺 Vanuatu | $0.98 |
🇰🇳 St. Kitts and Nevis | $1.12 |
🇬🇩 Grenada | $1.19 |
🇰🇲 Comoros | $1.24 |
🇸🇧 Solomon Islands | $1.60 |
🇸🇲 San Marino | $1.62 |
🇬🇼 Guinea-Bissau | $1.62 |
🇦🇬 Antigua and Barbuda | $1.69 |
🇱🇨 St. Lucia | $1.97 |
Tuvalu has the smallest GDP of any country at just $64 million. Tuvalu is one of a dozen nations with a GDP of less than one billion dollars.
The Global Economy in 2023
Heading into 2023, there is much economic uncertainty. Many experts are anticipating a brief recession, although opinions differ on the definition of “brief”.
Some experts believe that China will buck the trend of economic downturn. If this prediction comes true, the country could own an even larger slice of the global GDP pie in the near future.
See what hundreds of experts are predicting for 2023 with our Global Forecast Series .
Where does this data come from?
Source : IMF (International Monetary Fund)
Data note: Due to conflict and other issues, some countries are not included in this data set (e.g. Ukraine, Syria, Afghanistan). Major sources for GDP data differ widely on the size of Iran’s economy. It’s worth noting that this data from IMF ranks Iran’s GDP much higher than World Bank or the UN.
Technology
Timeline: The Shocking Collapse of Silicon Valley Bank
Silicon Valley Bank was shuttered by regulators becoming the largest bank to fail since the height of the Financial Crisis. What happened?

Timeline: The Shocking Collapse of Silicon Valley Bank
Just days ago, Silicon Valley Bank (SVB) was still viewed as a highly-respected player in the tech space, counting thousands of U.S. venture capital-backed startups as its customers.
But fast forward to the end of last week, and SVB was shuttered by regulators after a panic-induced bank run.
So, how exactly did this happen? We dig in below.
Road to a Bank Run
SVB and its customers generally thrived during the low interest rate era, but as rates rose, SVB found itself more exposed to risk than a typical bank. Even so, at the end of 2022, the bank’s balance sheet showed no cause for alarm.
As well, the bank was viewed positively in a number of places. Most Wall Street analyst ratings were overwhelmingly positive on the bank’s stock, and Forbes had just added the bank to its Financial All-Stars list .
Outward signs of trouble emerged on Wednesday, March 8th, when SVB surprised investors with news that the bank needed to raise more than $2 billion to shore up its balance sheet.
The reaction from prominent venture capitalists was not positive, with Coatue Management, Union Square Ventures, and Peter Thiel’s Founders Fund moving to limit exposure to the 40-year-old bank. The influence of these firms is believed to have added fuel to the fire, and a bank run ensued.
Also influencing decision making was the fact that SVB had the highest percentage of uninsured domestic deposits of all big banks. These totaled nearly $152 billion, or about 97% of all deposits.
By the end of the day, customers had tried to withdraw $42 billion in deposits.
What Triggered the SVB Collapse?
While the collapse of SVB took place over the course of 44 hours, its roots trace back to the early pandemic years.
In 2021, U.S. venture capital-backed companies raised a record $330 billion —double the amount seen in 2020. At the time, interest rates were at rock-bottom levels to help buoy the economy.
Matt Levine sums up the situation well: “When interest rates are low everywhere, a dollar in 20 years is about as good as a dollar today, so a startup whose business model is “we will lose money for a decade building artificial intelligence, and then rake in lots of money in the far future” sounds pretty good. When interest rates are higher, a dollar today is better than a dollar tomorrow, so investors want cash flows. When interest rates were low for a long time, and suddenly become high, all the money that was rushing to your customers is suddenly cut off.”
Year | U.S. Venture Capital Activity | Annual % Change |
---|---|---|
2021 | $330B | 98% |
2020 | $167B | 15% |
2019 | $145B | 1% |
2018 | $144B | 64% |
2017 | $88B | 6% |
2016 | $83B | -3% |
Source: Pitchbook
Why is this important? During this time, SVB received billions of dollars from these venture-backed clients. In one year alone, their deposits increased 100%. They took these funds and invested them in longer-term bonds. As a result, this created a dangerous trap as the company expected rates would remain low.
During this time, SVB invested in bonds at the top of the market. As interest rates rose higher and bond prices declined, SVB started taking major losses on their long-term bond holdings.
Losses Fueling a Liquidity Crunch
When SVB reported its fourth quarter results in early 2023, Moody’s Investor Service, a credit rating agency took notice . In early March, it said that SVB was at high risk for a downgrade due to its significant unrealized losses.
In response, SVB looked to sell $2 billion of its investments at a loss to help boost liquidity for its struggling balance sheet. Soon, more hedge funds and venture investors realized SVB could be on thin ice. Depositors withdrew funds in droves, spurring a liquidity squeeze and prompting California regulators and the FDIC to step in and shut down the bank.
What Happens Now?
While much of SVB’s activity was focused on the tech sector, the bank’s shocking collapse has rattled a financial sector that is already on edge.
The four biggest U.S. banks lost a combined $52 billion the day before the SVB collapse. On Friday, other banking stocks saw double-digit drops, including Signature Bank (-23%), First Republic (-15%), and Silvergate Capital (-11%).
Name | Stock Price Change, March 10 2023 | Unrealized Losses / Tangible Equity |
---|---|---|
SVB Financial | -60%* | -99% |
First Republic Bank | -15% | -29% |
Zions Bancorp | -2% | -47% |
Comerica | -5% | -47% |
U.S. Bancorp | -4% | -55% |
Fifth Third Bancorp | -4% | -38% |
Bank of America | -1% | -54% |
Wells Fargo | 1% | -33% |
JPMorgan | -1% | -21% |
Source: Morningstar Direct. *Represents March 9 data, trading halted on March 10.
When the dust settles, it’s hard to predict the ripple effects that will emerge from this dramatic event. For investors, the Secretary of the Treasury Janet Yellen announced confidence in the banking system remaining resilient, noting that regulators have the proper tools in response to the issue.
But others have seen trouble brewing as far back as 2020 (or earlier) when commercial banking assets were skyrocketing and banks were buying bonds when rates were low.
The whole sector is in crisis, and the banks and investors that support these assets are going to have to figure out what to do. -Christopher Whalen, The Institutional Risk Analyst
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