Global Economy Hits $100 Trillion!

avatar



Over on visualcapitalist.com they have recently developed a graphic depiction of the IMF's summation of the global economy surpassing $104 trillion as of April 2022. Here is my comments in regards to the graphic depiction.

Asia and North/Central America Neck and Neck

America still leads the world at $25.3 trillion but not far behind is China at $19.9 trillion. However when we combine all Asia countries it appears Asia has a bigger economy than in North and Central America combined. I am not surprised since hearing so much news over the years regarding the growth of China's economy. In addition how tech hardware seems to rain supreme in Asia over the past decade or more such as South Korea's Samsung, Taiwan's TSMC, China's Foxconn and so on.

(Courtesy of China Daily

America's Lead Dwindling

Visualcapital states USA had been leading the world in global domestic production (GDP) since 1871, which is 162 years. As we move forward the gap between USA and second place appears to be shrinking. A few years old but still relevant below is top 10 countries by GDP in 1970 compare to 2017.

(Courtesy from this YouTube Clip from WawamuStats)

Now into 2022 the gap between China and USA is much smaller and it only seems certain that China will take the lead in the next few years.

Smaller Players

Although the continent of Africa is much bigger than United States or Europe for that matter Africa makes up a small portion of the overall global GDP. I would assume as they grow prosperous this will change too. Then there is Middle East making its mark as multiple countries have some of the world's largest oil reserves. I never knew Iran, Saudi Arabia, or even Turkey had a higher GDP than Israel. This was an interesting stats to see.

Conclusions

With all the inflation and global conflicts and supply chain issues and many other problems the global economy still reached over $100 trillion in total for 2022. What a feat!

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!



LeoFinance = Financial Blog
LeoDex = Hive trading exchange for Secondary Tokens, Low 0.25% fees for deposits and withdraws.
HiveStats = Hive stats per user
LeoPedia = Informative content related to anything about Crypto and how to make financial gains in crypto!
CubDefi = LEO Finance's Defi with CUB Token

hive-167922 leofinance palnet archon ctp hive neoxian hive-engine bee hivehustler
0
0
0.000
7 comments
avatar

The GDP of Canada is quite low. I thought they were almost on par with USA. I guess sharing a border is the closest !

0
0
0.000
Reply
avatar

For Canada I always thought a lot of the land is ice and can’t easily be populated hence population is a lot less than the USA. So not as high gdp? I am not sure how accurate that is. !LOL !PIZZA

0
0
0.000
Reply
avatar

Actually, I am not sure if China will be taking a lead as they still have to deal with all the housing issues caused by Evergrande. It definitely has had an effect on things and I think the lockdowns are still continuing so it's rough for them to simulate economic activity.

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

I don’t know either and nothing is for sure but trend is our friend and China definitely appears to be catching up with the US. !WINE !PIZZA

0
0
0.000
Reply
avatar

The industry of oil will become obsolete in a few decades. We are moving rapidly in the era of electric cars.

0
0
0.000
Reply