(06 July 2021) Globalization — the reduction of barriers to international trade and cross border capital and labor flows — has been a major driver for the global economy in the past few decades. The rise of the global economic model has undeniably provided benefits, but the degree of success differs across countries. To measure how different countries have fared in the more economically open world, we compared the ratios of countries' per capita GDP to the US per capita GDP in 1990 and 2019. The change in the ratio over the last 30 years reflects how countries improved or lost their position in the global economy.

  • The cross-country comparison shows that small non-energy-exporting countries in Europe and Asia — like Macao (special administrative region of China), Ireland, Luxembourg, Singapore, and South Korea — were the most successful in the global competition.
  • On the other hand, the relative economic strength of oil- and gas-exporting countries like UAE, Saudi Arabia, Oman, and Bahrain deteriorated the most.
  • The US's major geopolitical rivals, China and Russia, achieved more GDP per capita growth than the US, while large western European economies held relatively steady in comparison with the US.
  • With a few exceptions, the relative economic power of most countries in Africa and the Americas either deteriorated, as in Brazil, South Africa, and Algeria, or held steady.

Coronavirus Data and Insights

Live data and insights on Coronavirus around the world, including detailed statistics for the US, EU, and China — confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more.

Aperçus connexes de Knoema

The World's Largest Economy: China vs United States

Which is the world's largest economy, China or the United States? As is usual in the field of economics, “It depends.” It depends on the methods used to estimate the size of an economy and to compare one economy to another. Despite modern discussions on refining the calculation of gross domestic product (GDP), the standard measure of an economy’s size and performance, to be more inclusive of economic factors that have been ignored to date, such as environmental and natural resource depletion, there is no commonly accepted alternative to GDP. There are, however, at least two commonly...

How Deep an Economic Decline Can the World Expect in 2020?

For the first time during the post World War II era, the global economy is expected to shrink due to measures in force worldwide to suppress the coronavirus, according to the IMF World Economic Outlook (WEO) released on April 14, 2020. In this edition of the WEO, the IMF shortened the forecast horizon to 2021 instead of the expected 2025 horizon and limited the number of indicators available in its statistical tables because of the high level of uncertainty in current global economic conditions. In the baseline scenario—which assumes that the pandemic fades in the second half of...

IMF Global Growth Projections | More Optimism Amidst New Fiscal Stimulus

(8 April 2021) Amid COVID-19 vaccination progress and new stimulus measures from the US government, IMF economists are predicting a shining near-term future for the global economy. Here are the key takeaways from the April 2021 edition of the IMF's World Economic Outlook (WEO) report: The IMF now estimates 2020 growth to have been -3.3 percent, a 1.1 percentage point upward revision from its October 2020 projection. The outlook for 2021 improved by 0.8 percentage points, to 6%, based on expected additional fiscal support in the US and other large economies and anticipated...

Knoema Global Economic Outlook | Q2 2020 Explained

(14 October 2020) The corona-crisis is different from past economic recessions in that it has touched all economies without exception. But if we look from economy to economy, we quickly observe that the economic consequences of the corona-crisis are far from uniform. To understand why, for example, GDP in Korea dropped just 2.8% YoY in Q2 2020 while India experienced a 23.9% YoY contraction, we collected key macroeconomic indicators for Q2 2020 for the world's 15 largest economies. At first blush the data was disappointing, because the economic strain appeared again to be rather...