$94 trillion world's economy explained
Business
Pakistan is also among the top 50 biggest contributors to the global economy.
(Web Desk) – With the GDP of the United States alone greater than the combined GDP of 170 countries, the US, China, Japan, and Germany account for more than half of the world s economic output in terms of gross domestic product (GDP). Pakistan is also among the top 50 biggest contributors to the global economy.
Using IMF’s data and estimates, we will look at the GDP by country in 2021 in this image, how different economies of the world compare.
Image by Visual Capitalist
The industries including finance and real estate ($4.7 trillion) contribute the most to the US economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion) that accounts for about 25 per cent of the global economy at $22.9 trillion, a figure that has shifted dramatically over the previous 60 years.
China s economy is the second largest in nominal terms, with a GDP of almost $17 trillion. It is still the world s biggest manufacturer in terms of output, with considerable manufacturing of steel, electronics, and robots, among other things.
Germany is the biggest economy of Europe that exports around 20 percent of the motor cars around the world. The total overall trade in 2019 was equivalent to the 90 percent GD of the country.
On the other han, the world’s smallest economies by GDP include the developing and island nations.
Tuvalu has the world s smallest economy, with a GDP of $70 million. The biggest business of this volcanic archipelago, located between Hawaii and Australia, is based on territorial fishing rights.
Furthermore, the country gets a lot of revenue from its ".tv" web domain. Between 2011 and 2019, it collected $5 million every year from firms, notably Amazon-owned Twitch, to license the Twitch.tv domain name, which equated to nearly 7% of the country s GDP.
Many of the world s smallest economies, like Tuvalu, are in Oceania, including Nauru, Palau, and Kiribati. Furthermore, the tourist sector employs more than one-third of the people in some of the nations listed above.
