The spread of the pandemic and the war in Ukraine was very difficult for many countries. This affected their economic development of many states and led to the terrible crisis. But if so, which will be the richest country in the world in 2022? Zoom in on their GDP.
As long as the health crisis and war continue, it is worth asking how the major world powers are doing. The IMF (International Monetary Fund) has published its traditional World Economic Outlook in which it details its growth forecasts for 2022.
After experiencing a critical year in 2020, countries expect a strong rebound in 2022. For example, China will experience, according to IMF forecasts, growth of 5.1%. > The institution predicts that Russia’s GDP will reach 1.703 billion current dollars in 2022, a growth forecast of 2.9% compared to last year. However, following the events that have taken place in recent days and the Moscow -led invasion of Ukraine, this assumption needs to be qualified. It is also important to consider the impact of economic sanctions and upcoming decisions on Russia’s retaliation, as well as its consequences for the Russian, French and global economies.
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Definition and calculation of GDP
GDP is a major aggregate national accounts. Considers the final result of the production activity of resident producer units. Its purpose is to measure the wealth created by all agents, private and public, in a national territory over a period of time.
GDP (gross domestic product) is calculated by summarizing the value added by all companies (national or international) within a country. It should still be kept in mind that there is a difference in GNP (gross national product), which takes into account all activities (goods and services) produced in a territory.
In other words, GDP measures the value of all goods and services produced in a country during a fiscal year calculated according to the market price. If a country records an increase in GDP, it means that it is experiencing economic growth. Conversely, the decline in GDP coincided with the decline.
GDP at market price can be calculated in three different ways according to INSEE:
- Production perspective : It consists of summarizing the value added of all activities of production of goods and services, while the addition of taxes is less subsidies on products: VA of activities + taxes – subsidies.
- Spending perspective: To calculate GDP, it will be necessary to compile all final expenditure (focused on consumption or on increasing wealth) by increasing exports, fewer imports of goods and services.
- Revenue perspective: To calculate this, it is necessary to combine all the income earned in the process of producing goods and services (wage income, total operating surplus and mixed income) by adding to it production and import taxes. that subsidies are lower.
Also read: The average salary in Russia in 2022.
The top 10 richest countries in the world in 2022
In the first position of the ranking of the richest country in the world, we see, not surprisingly, the United States, whose GDP reaches $ 24,796 billion. This is an increase of 5.20% compared to 2021. China is in second place with a GDP of $ 18,460 billion. The country was able to rebound, even after a series of incarcerations, with growth of 5.10%. Asia is present in force on the podium, as Japan is in 3rd position with a GDP of $ 5,383 billion.
For the remaining ranking and to finish in the top 5, we will go to Western Europe along with Germany (+4.6%) and the United Kingdom (+5%). France is behind India (+8.50%), in 7th position. France has really lost ground with a GDP worth $ 3,140 billion in 2022.
With the rest of the top 10, we find Italy in 8th place with a GDP of $ 2,272 billion, followed by Canada ($ 2,189 billion). In the 10th position of the richest country in the world, we see South Korea.
How is the continent of Africa? Nigeria is ranked 26th on the list of richest countries in the world. Because of this position, this state is, again, the richest African country according to figures from the International Monetary Fund, with an estimated GDP of 555 billion dollars in 2022. This number registers an increase of 2.7% a year. .
Also read: The ranking of the 20 richest people in the world in 2022
GDP: Ranking of the richest countries in the world in 2022
|Rank||Country||2022 GDP ($ billion)||Evolution 2022-2021|
|1||United States||$ 24,796 billion||5.20%|
|2||China||$ 18,460 billion||5.10%|
|3||Japanese||$ 5,383 billion||3.20%|
|4||Germany||$ 4,557 billion||4.60%|
|5||UK||$ 3,442 billion||5%|
|6||India||$ 3,250 billion||8.50%|
|7||France||$ 3,140 billion||3.90%|
|8||Italy||$ 2,272 billion||4.20%|
|9||Canada||$ 2,189 billion||4.90%|
|10||Korea||$ 1,907 billion||3.30%|
|11||Brazil||$ 1,810 billion||1.50%|
|12||Russia||$ 1,703 billion||2.90%|
|13||Australia||$ 1,677 billion||4.10%|
|14||Spain||$ 1,570 billion||6.40%|
|15||Mexico||$ 1,371 billion||4%|
|16||Indonesia||$ 1,247 billion||5.90%|
|17||Iran||$ 1,136 billion||2%|
|18||Netherlands||$ 1,070 billion||3.80%|
|19||Saudi Arabia||$ 876 billion||4.80%|
|20||Switzerland||$ 862 billion||3%|
|21||taiwan||$ 850 billion||3.30%|
|22||Turkey||$ 844 billion||3.30%|
|23||Poland||$ 720 billion||5.10%|
|24||Sweden||$ 660 billion||3.40%|
|25||Belgium||$ 619 billion||5.60%|
|26||Nigeria||$ 555 billion||2.70%|
|27||Ireland||$ 550 billion||3.50%|
|28||Thailand||$ 537 billion||5%|
|29||Austria||$ 520 billion||39%|
|30||Argentina||$ 483 billion||2.50%|
2022 ranking of countries according to GDP per capita
GDP per capita is calculated by dividing a country’s GDP by the number of inhabitants. This indicator provides additional insight into the level of development of a country and is highly valued by economists.
Not surprisingly, Luxembourg is in 1st position among the countries with the highest GDP per capita for the year 2021. It amounts to 126,000 dollars. Ireland are in 2nd position on the podium, ahead of Singapore (3rd). France fell in the standings and reached 28th place.
|Rank||Country||2021 GDP per capita ($)|
|6||United Arab Emirates||74,244|