Four major producer countries hold the largest share of the global economy according to data unveiled by Visual Capitalist based on IMF dataset reports. However, the agency noted that the fastest-growing economies are not among those countries that lead the top 20 largest economies in the world ranking.
Just four countries, the USA, China, Japan, and Germany, account for more than half of the global GDP in nominal terms. The USA alone has a bigger GDP than the aggregate GDP of 170 and accounts for 25% of the global economy, Visual Capitalist noted.
To be more specific, in 2021 the global GDP level Global gross domestic product (GDP) reached US$94 trillion which is eight times more than the level in 1980, and over half of that amount was generated by the four above-mentioned countries. The USA tops the ranking with over US$22 trillion followed by China with almost US$17 trillion and Japan and Germany with over US5 trillion and US$4 trillion respectively.
Nevertheless, the richest countries are not among those recording the sharpest growth, according to the agency’s findings. The list of the fastest-growing economies is led by Libya with an estimated 123% GDP growth. This country, which has an oil-rich economy and is a member of the Organization of the Petroleum Exporting Countries (OPEC), recorded a sharp rise in the economy mainly due to significant growth in crude oil production together with exports and a depressed currency. Libya is an upper-middle-income country according to the World Bank Classification.
The second-fastest growing economy on the list is Guyana, an upper-middle-income country. Back in early 2021, Guyana’s Senior Minister of Finance. Dr. Ashni Singh, commenting on the GDP growth, highlighted:
“We’re anticipating a rapid expansion in the services sector, including transport and logistics, construction of infrastructure including roads, bridges, office buildings in the private sector, etc., along with expansion in other services such as financial services, all of which will contribute to rapid expansion in real output. So, you’re going to see Guyana being one of the fastest-growing economies in real GDP terms…globally in the hemisphere and certainly in the Caribbean…a lot of the real GDP growth in the region will be driven by Guyana.”
The third-ranking country is Macao, a high-income region according to the World Bank which is a special administrative region of China that adopted the law on the “Legal Framework for the Operations of Casino Games of Fortune” in 2001. Today, with a liberalized gaming market and the largest amusement park, the country is recording significant economic growth.
The list of the 10 fastest-growing economies also includes Maldives, Ireland, Aruba, Panama, Chile, Peru, and the Dominican Republic. The only European country on the list, Ireland, with 13% real GDP growth, is home to the headquarters of multinational corporations such as Facebook, TikTok, Google, Apple, and Pfizer.
Fig.1. Fastest growing economies in 2021
In terms of the smallest economies around the world, with US$70 million GDP, Tuvalu leads this ranking followed by Nauru, Palau, Kiribati, and the Marshal Islands. Tuvalu is located between Hawaii and Australia and, in fact, is the most industrial in this volcanic archipelago, with an economy predominantly based on territorial fishing rights.
