Global economic output reached $94 trillion in 2021, and only four countries - the United States, China, Japan and Germany - accounted for more than half of global economic output by GDP in nominal terms.
In fact, the GDP of the United States alone is greater than the combined GDP of 170 countries, according to Visual Capitalist.
The gross domestic product of the US ($22.9 trillion) made up about 25% of global economic output in 2021, a share that has changed dramatically over the past 60 years.
The finance, insurance and real estate industries ($4.7 trillion) contribute a large proportion to the economy of the US.
These industries are followed by professional and commercial services ($2.7 trillion), then government services ($2.6 trillion).
China ranked second in terms of nominal GDP, which amounted to about $17 trillion in 2021, and it is still the largest manufacturing country in the world.
Germany is the largest economy in Europe, and the country exports about 20% of the total exported cars in the world.
In 2019, the total volume of trade amounted to about 90% of Germany’s GDP, and the following table shows the 10 largest economies in the world in 2021, and the size of each country’s contribution to global economic output.
The biggest contributors to the global economy
Libya’s economy is estimated to have the sharpest rise with 123% projected GDP growth, with 1.2 million barrels being pumped in the country daily.
The Irish economy, with a projected real GDP growth of 13%, is supported by the world's largest multinational corporations.
Facebook, TikTok, Google, Apple and Pfizer are all based in Ireland, where the corporate tax rate is 12.5% - or about half the global average. But those rates are set to change soon, with Ireland acceding to the Organization for Economic Co-operation and Development (OECD) agreement for a lower 15% corporate tax rate that was finalized in October 2021.
Macau's economy bounced back after COVID-19 restrictions began to rise, but more storm clouds loom for the Chinese region. CCP's anti-corruption campaign and recent arrests may indicate a more tense relationship between mainland China and the world's largest gambling hub.
A global GDP figure of $94 trillion may seem huge to us today, but that total may look more modest in the future. By 2050, global GDP could reach nearly $180 trillion.
Egypt stood as the 36th largest economy in the world, contributing to around 0.4% of the world economy with its $0.4 trillion GDP in 2021.
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