The world economy was pretty huge at the start of the Covid-19 pandemic. The aggregate global GDP was US$ 88 trillion according to howmuch.net.
US continued to lead at $21.43T, about 50% larger than the next biggest, China at $14.34T. China, which used to be neck and neck with India around 40 years ago, is now five times as large as India in annual GDP terms: China’s $15T versus India’s $3T. The US and China together account for 40% of the world GDP and 23% of the world population. India accounts for 3.3% of the world GDP and 17% of the world population.
howmuch.net notes that:
- The U.S. remains by far the largest economy in the world with a GDP of $21.43T or 24.42% of the entire globe.
- China’s economy grew from 2018 to 2019 to $14.34, but the country is still nowhere close to catching up to the U.S.
- The rest of the world’s economic powerhouses have comparatively much smaller economies, including Japan ($5.08T), Germany ($3.84T) and India ($2.88T).
- Our visualization doesn’t take into account the size of each country’s population.
My focus here is on India. India’s economy is estimated to have shrunk by 10% in 2020, thanks to the usual brain-dead economic policies of the Indian government; China’s economy expanded by 2%. In 2021, China’s GDP is expected to grow by 8% or so in 2021.