Visualizing the $105 Trillion World Economy in One Chart

By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.

In nominal terms, that’s a 5.3% increase in global GDP. In inflation-adjusted terms, that would be a 2.8% increase.

Gross Domestic Product (GDP) measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors. All numbers used in this article, unless otherwise specified, are nominal figures, and do not account for inflation.

The year started with turmoil for the global economy, with financial markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most countries. Nevertheless, some economies have proven to be resilient, and are expected to register growth from 2022.

Ranking Countries by Economic Size in 2023

The U.S. is expected to continue being the biggest economy in 2023 with a projected GDP of $26.9 trillion for the year. This is more than the sum of the GDPs of 174 countries ranked from Indonesia (17th) to Tuvalu (191st).

China stays steady at second place with a projected $19.4 trillion GDP in 2023. Most of the top-five economies remain in the same positions from 2022, with one notable exception.

India is expected to climb past the UK to become the fifth-largest economy with a projected 2023 GDP of $3.7 trillion.

Here’s a look at the size of every country’s economy in 2023, according to IMF’s estimates.

Rank	Country	GDP (USD)	% of Total
1	U.S.	$26,855B	25.54%
2	China	$19,374B	18.43%
3	Japan	$4,410B	4.19%
4	Germany	$4,309B	4.10%
5	India	$3,737B	3.55%
6	UK	$3,159B	3.00%
7	France	$2,923B	2.78%
8	Italy	$2,170B	2.06%
9	Canada	$2,090B	1.99%
10	Brazil	$2,081B	1.98%
11	Russia	$2,063B	1.96%
12	South Korea	$1,722B	1.64%
13	Australia	$1,708B	1.62%
14	Mexico	$1,663B	1.58%
15	Spain	$1,492B	1.42%
16	Indonesia	$1,392B	1.32%
17	Netherlands	$1,081B	1.03%
18	Saudi Arabia	$1,062B	1.01%
19	Türkiye	$1,029B	0.98%
20	Switzerland	$870B	0.83%
21	Taiwan	$791B	0.75%
22	Poland	$749B	0.71%
23	Argentina	$641B	0.61%
24	Belgium	$624B	0.59%
25	Sweden	$599B	0.57%
26	Ireland	$594B	0.57%
27	Thailand	$574B	0.55%
28	Norway	$554B	0.53%
29	Israel	$539B	0.51%
30	Singapore	$516B	0.49%
31	Austria	$515B	0.49%
32	Nigeria	$507B	0.48%
33	UAE	$499B	0.47%
34	Vietnam	$449B	0.43%
35	Malaysia	$447B	0.43%
36	Philippines	$441B	0.42%
37	Bangladesh	$421B	0.40%
38	Denmark	$406B	0.39%
39	South Africa	$399B	0.38%
40	Egypt	$387B	0.37%
41	Hong Kong	$383B	0.36%
42	Iran	$368B	0.35%
43	Chile	$359B	0.34%
44	Romania	$349B	0.33%
45	Colombia	$335B	0.32%
46	Czech Republic	$330B	0.31%
47	Finland	$302B	0.29%
48	Peru	$268B	0.26%
49	Iraq	$268B	0.25%
50	Portugal	$268B	0.25%
51	New Zealand	$252B	0.24%
52	Kazakhstan	$246B	0.23%
53	Greece	$239B	0.23%
54	Qatar	$220B	0.21%
55	Algeria	$206B	0.20%
56	Hungary	$189B	0.18%
57	Kuwait	$165B	0.16%
58	Ethiopia	$156B	0.15%
59	Ukraine	$149B	0.14%
60	Morocco	$139B	0.13%
61	Slovak Republic	$128B	0.12%
62	Ecuador	$121B	0.12%
63	Dominican Republic	$121B	0.12%
64	Puerto Rico	$121B	0.11%
65	Kenya	$118B	0.11%
66	Angola	$118B	0.11%
67	Oman	$105B	0.10%
68	Guatemala	$102B	0.10%
69	Bulgaria	$101B	0.10%
70	Venezuela	$97B	0.09%
71	Uzbekistan	$92B	0.09%
72	Luxembourg	$87B	0.08%
73	Tanzania	$85B	0.08%
74	Turkmenistan	$83B	0.08%
75	Croatia	$79B	0.08%
76	Lithuania	$78B	0.07%
77	Costa Rica	$78B	0.07%
78	Uruguay	$77B	0.07%
79	Panama	$77B	0.07%
80	Côte d’Ivoire	$77B	0.07%
81	Serbia	$74B	0.07%
82	Belarus	$74B	0.07%
83	Azerbaijan	$70B	0.07%
84	DRC	$69B	0.07%
85	Slovenia	$68B	0.06%
86	Ghana	$67B	0.06%
87	Myanmar	$64B	0.06%
88	Jordan	$52B	0.05%
89	Tunisia	$50B	0.05%
90	Uganda	$50B	0.05%
91	Cameroon	$49B	0.05%
92	Latvia	$47B	0.05%
93	Sudan	$47B	0.04%
94	Libya	$46B	0.04%
95	Bolivia	$46B	0.04%
96	Bahrain	$45B	0.04%
97	Paraguay	$43B	0.04%
98	Nepal	$42B	0.04%
99	Estonia	$42B	0.04%
100	Macao	$36B	0.03%
101	Honduras	$34B	0.03%
102	El Salvador	$34B	0.03%
103	Papua New Guinea	$33B	0.03%
104	Senegal	$31B	0.03%
105	Cyprus	$31B	0.03%
106	Cambodia	$31B	0.03%
107	Zimbabwe	$30B	0.03%
108	Zambia	$29B	0.03%
109	Iceland	$29B	0.03%
110	Bosnia & Herzegovina	$28B	0.03%
111	Trinidad & Tobago	$28B	0.03%
112	Georgia	$28B	0.03%
113	Haiti	$27B	0.03%
114	Armenia	$24B	0.02%
115	Guinea	$23B	0.02%
116	Burkina Faso	$21B	0.02%
117	Mali	$21B	0.02%
118	Gabon	$20B	0.02%
119	Albania	$20B	0.02%
120	Mozambique	$20B	0.02%
121	Botswana	$20B	0.02%
122	Yemen	$20B	0.02%
123	Malta	$19B	0.02%
124	Benin	$19B	0.02%
125	West Bank & Gaza	$19B	0.02%
126	Nicaragua	$17B	0.02%
127	Jamaica	$17B	0.02%
128	Mongolia	$17B	0.02%
129	Niger	$17B	0.02%
130	Guyana	$16B	0.02%
131	Madagascar	$16B	0.02%
132	Moldova	$16B	0.02%
133	Brunei Darussalam	$16B	0.01%
134	North Macedonia	$15B	0.01%
135	Equatorial Guinea	$15B	0.01%
136	Mauritius	$15B	0.01%
137	Bahamas	$14B	0.01%
138	Laos	$14B	0.01%
139	Namibia	$13B	0.01%
140	Rwanda	$13B	0.01%
141	Congo	$13B	0.01%
142	Tajikistan	$13B	0.01%
143	Kyrgyz Republic	$12B	0.01%
144	Chad	$12B	0.01%
145	Malawi	$11B	0.01%
146	Mauritania	$11B	0.01%
147	Kosovo	$10B	0.01%
148	Togo	$9B	0.01%
149	Somalia	$9B	0.01%
150	Montenegro	$7B	0.01%
151	South Sudan	$7B	0.01%
152	Maldives	$7B	0.01%
153	Barbados	$6B	0.01%
154	Fiji	$5B	0.01%
155	Eswatini	$5B	0.00%
156	Liberia	$4B	0.00%
157	Djibouti	$4B	0.00%
158	Andorra	$4B	0.00%
159	Aruba	$4B	0.00%
160	Sierra Leone	$4B	0.00%
161	Suriname	$3B	0.00%
162	Burundi	$3B	0.00%
163	Belize	$3B	0.00%
164	Central African Republic	$3B	0.00%
165	Bhutan	$3B	0.00%
166	Eritrea	$3B	0.00%
167	Lesotho	$3B	0.00%
168	Cabo Verde	$2B	0.00%
169	Gambia	$2B	0.00%
170	Saint Lucia	$2B	0.00%
171	East Timor	$2B	0.00%
172	Seychelles	$2B	0.00%
173	Guinea-Bissau	$2B	0.00%
174	Antigua & Barbuda	$2B	0.00%
175	San Marino	$2B	0.00%
176	Solomon Islands	$2B	0.00%
177	Comoros	$1B	0.00%
178	Grenada	$1B	0.00%
179	Vanuatu	$1B	0.00%
180	Saint Kitts & Nevis	$1B	0.00%
181	Saint Vincent & the Grenadines	$1B	0.00%
182	Samoa	$1B	0.00%
183	Dominica	$1B	0.00%
184	São Tomé & Príncipe	$1B	0.00%
185	Tonga	$1B	0.00%
186	Micronesia	$0.5B	0.00%
187	Marshall Islands	$0.3B	0.00%
188	Palau	$0.3B	0.00%
189	Kiribati	$0.2B	0.00%
190	Nauru	$0.2B	0.00%
191	Tuvalu	$0.1B	0.00%

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from IMF’s database for 2023.

Here are the largest economies for each region of the world.

• Africa: Nigeria ($506.6 billion)
• Asia: China ($19.4 trillion)
• Europe: Germany ($4.3 trillion)
• Middle East: Saudi Arabia ($1.1 trillion)
• North & Central America: U.S. ($26.9 trillion)
• Oceania: Australia ($1.7 trillion)
• South America: Brazil ($2.1 trillion)

Ranked: 2023’s Shrinking Economies

In fact, 29 economies are projected to shrink from their 2022 sizes, leading to nearly $500 billion in lost output.

Russia will see the biggest decline, with a projected $150 billion contraction this year. This is equal to about one-third of total decline of all 29 countries with shrinking economies.

Egypt (-$88 billion) and Canada (-$50 billion) combined make up another one-third of lost output.

In Egypt’s case, the drop can be partly explained by the country’s currency (Egyptian pound), which has dropped in value against the U.S. dollar by about 50% since mid-2022.

Russia and Canada are some of the world’s largest oil producers and the oil price has fallen since 2022. A further complication for Russia is that the country has been forced to sell oil at a steep discount because of Western sanctions.

Here are the projected changes in GDP for all countries facing year-over-year declines:

Country	Region	2022–23 Change (USD)	2022–23 Change (%)
Russia	Europe	-$152.65B	-6.9%
Egypt	Africa	-$88.12B	-18.5%
Canada	North America	-$50.17B	-2.3%
Saudi Arabia	Middle East	-$46.25B	-4.2%
Bangladesh	Asia	-$39.69B	-8.6%
Norway	Europe	-$25.16B	-4.3%
Kuwait	Middle East	-$19.85B	-10.8%
Oman	Middle East	-$9.77B	-8.5%
Colombia	South America	-$9.25B	-2.7%
UAE	Middle East	-$8.56B	-1.7%
South Africa	Africa	-$6.69B	-1.6%
Ghana	Africa	-$6.22B	-8.5%
Qatar	Middle East	-$5.91B	-2.6%
Angola	Africa	-$3.54B	-2.9%
Zimbabwe	Africa	-$3.09B	-9.4%
Ukraine	Europe	-$2.79B	-1.8%
Sudan	Africa	-$2.72B	-5.5%
Iraq	Middle East	-$2.47B	-0.9%
East Timor	Asia	-$1.67B	-45.7%
Gabon	Africa	-$1.60B	-7.3%
Equatorial Guinea	Africa	-$1.35B	-8.2%
Malawi	Africa	-$1.24B	-9.9%
Laos	Asia	-$1.21B	-7.9%
Brunei	Asia	-$1.13B	-6.8%
Yemen	Middle East	-$1.12B	-5.4%
South Sudan	Africa	-$0.86B	-10.9%
Burundi	Africa	-$0.66B	-16.9%
Sierra Leone	Africa	-$0.42B	-10.6%
Suriname	South America	-$0.05B	-1.4%

The presence of Saudi Arabia, Norway, Kuwait, and Oman in the top 10 biggest GDP contractions further highlights the potential impact on GDP for oil-producing countries, according to the IMF’s projections.

More recently, producers have been cutting supply in an effort to boost prices, but concerns of slowing global oil demand in the wake of a subdued Chinese economy (the world’s second-largest oil consumer), have kept oil prices lower than in 2022 regardless.

The Footnote on GDP Forecasts

While organizations like the IMF have gotten fairly good at GDP forecasting, it’s still worth remembering that these are projections and assumptions made at the beginning of the year that may not hold true by the end of 2023.

For example, JP Morgan has already changed their forecast for China’s 2023 real GDP growth six times in as many months after expectations of broad-based pandemic-recovery spending did not materialize in the country.

The key takeaway from IMF’s projections for 2023 GDP growth rests on how well countries restrict inflation without stifling growth, all amidst tense liquidity conditions.

Where Does This Data Come From?

Source: The International Monetary Fund’s Datamapper which uses projections made in the April 2023 World Economic Outlook report.

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from the IMF’s database. Furthermore, all figures used in the article, unless specified, are nominal GDP numbers and rates.

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