100 trillion dollars! This is the global GDP estimated for 2024. A big jackpot which is growing by 4% per year on average. Except that behind the scenes, the distribution of finance is far from balanced. In the top 10 GDP leaders, we of course find the regulars. But the rankings have seen some shocks in recent years.
The bottom of the ranking dominated by raw materials
Closing the top 10 in global GDP, Brazil owes its place in global finance to raw materials! Among which are soya and iron ore, which represent a significant part of its economy. With a GDP of 2,100 billion dollars, the South American giant manages to do well, but must constantly watch its back in the face of competition from emerging countries.
Just ahead of Brazil, Canada has a GDP of 2,200 billion dollars. Very economically dependent on its American neighbor, which monopolizes 75% of its exports, the country has important assets such as oil, natural gas and the automobile industry. But Canada remains at the mercy of a slowdown in the US economy.
The middle of the GDP table between industry and services
The 8th largest economic power in the world, Italy owes its place in the top 10 to its powerful industrial base. Particularly in machine tools, electronics or the food industry. With a GDP of 2,200 billion dollars, the Boot manages to stand up to Germany, but its position remains fragile.
Just behind, the France relies more on services, tourism and finance to maintain its rank. With a GDP of 3,100 billion dollars, France is under growing pressure from emerging countries and can no longer count on its traditional industry to ensure its status.
The top of the basket trusted by the financial behemoths: China & USA
Despite Brexit, the United Kingdom maintains its 6th place in the world thanks to finance and services. But with a GDP of 3,300 billion dollars, the country is closely followed by India and its galloping demographics (3,700 billion).
4th economic power, Japan (4,200 billion) must manage the challenge of the aging of its population. Germany (4,400 billion) is banking on its exports and its ultra-competitive industry, particularly the automobile industry.
But the match is mainly between the two behemoths that are China (18,000 billion dollars of GDP) and the United States (27,000 billion). Driven by an immense population and a manufacturing boom, the Chinese giant is quickly approaching the first place occupied by the USA. The country that can best stimulate innovation and growth will win.
Here is the trifecta of global GDP deciphered. In the years to come, this very exclusive financial club is expected to evolve further under pressure from emerging countries. American supremacy in particular seems threatened. In short, the global economic hierarchy is still likely to change a lot between now and 2030. Hang in there, the show has only just begun!
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