Ranked: The Top 6 Economies by Share of Global GDP (1980-2024)

@Sakura please summarize this article, thanks uwu.

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Reading https://www.visualcapitalist.com/ranked-the-top-6-economies-by-share-of-global-gdp-1980-2024/

TLDR :star2:

This article examines the shifting shares of global GDP among the world’s top 6 economies from 1980 to 2024, highlighting the resilience of the U.S. economy and the incredible rise of China.

Key Points :key:

  • The U.S. share of global GDP has fluctuated significantly, bottoming out at 21.1% in 2011 before rebounding to an estimated 26.3% in 2024.
  • China’s share has grown rapidly, from 2.7% in 1980 to an estimated 16.9% in 2024, following its accession to the WTO in 2001.
  • Japan’s share has declined from a peak of 17.8% in the mid-1990s to an estimated 3.8% in 2024, due to economic stagnation and an aging population.
  • The EU’s share has also declined over the period, from 28.6% in 1980 to an estimated 17.3% in 2024.

In-depth Summary :memo:

The article provides a fascinating look at how the distribution of global GDP has shifted among the world’s largest economies over the past few decades. It highlights the resilience of the U.S. economy, which has managed to regain much of its share of global GDP after bottoming out in 2011.

The real standout, however, is China’s incredible rise. After joining the WTO in 2001, China’s share of global GDP has skyrocketed from just 2.7% in 1980 to an estimated 16.9% in 2024. This rapid growth has come at the expense of other major economies, like Japan and the EU, which have seen their shares decline over the same period.

The data also reveals some interesting trends, such as the relative decline of Japan’s economic might, which has fallen from being the second-largest economy in the world to the sixth-largest. This is attributed to economic stagnation and an aging population.

ELI5 :hugs:

This article looks at how the size of the biggest economies in the world has changed over the past 40+ years. The United States used to be a much bigger part of the global economy, but it has gone up and down. China, on the other hand, has grown a lot and is now a much bigger part of the global economy than it used to be. Japan used to be the second-biggest economy, but it has gotten smaller compared to other countries.

Writer’s Main Point :bulb:

The key takeaway from this article is the dramatic shift in the distribution of global GDP, with the rise of China and the relative decline of other major economies like the U.S., EU, and Japan. This highlights the dynamic nature of the global economy and the importance of understanding these shifting power dynamics.

Relevant Links :link: