After experiencing a general decline in 2020, economies of countries around the world rebounded in 2021 and basically achieved positive growth.
According to data released by International Monetary Fund (IMF), the global scale reached US$96.29 trillion in 2021, a significant increase of US$11.59 trillion from US$84.7 trillion in 2020. is indeed improving in all aspects. The United States, China and Japan are still ranked in the top three in total
GDP, and this ranking has remained since 2010. The top ten has not changed much, only South Korea entered for the first time, becoming the tenth largest economy in the world, .
So, how will they perform in 2021 by distinguishing between developed economies and developing countries ?
According to international standards, developed countries must have a high per capita GDP, industrialization level, human development index, etc., so at present, only 37 countries including the United States, the United Kingdom, and Japan meet the standards. However, eight small economies such as Andorra , Liechtenstein , Monaco , etc. are also listed as developed economies due to their high per capita GDP.
Therefore, there are less than 50 developed economies in the world, and there are 198 countries in the world, so the rest are developing countries, which means that developing countries in the world account for the majority.
data shows that the total GDP of developing countries in in 2021 reached US$40.2 trillion, accounting for 41.75% of the world; the total GDP of developed economies was US$56.09 trillion, accounting for 58.25% of the world. The total GDP of developing countries is US$15.89 trillion less than that of developed economies.
Among developing countries, China is a well-deserved leader, with GDP reaching US$17.46 trillion in 2021, which is about 43.4% of the economic scale of all developing countries. A report released by the National Bureau of Statistics shows that from 2013 to 2021, my country's average contribution rate to world economic growth reached 38.6%, which is the primary driving force for world economic growth.
However, the leader is not easy to be a leader because there are too many countries that are dragging their feet. In 2015, the GDP of developing countries accounted for 39.2% of the world, and rose to 41.75% by 2021, and only increased by 2.55% in 6 years. Although , China's GDP continues to improve, in fact, many economies in developing countries have stagnated, or even retreated.
Take the top 20 global GDP as an example. In 2015, the top 20 developing countries were China, India, Brazil , Russia, Mexico , Turkey , Indonesia , Saudi in total. By 2021, Brazil's GDP will drop from US$1.8 trillion to US$1.6 trillion; Türkiye will drop from US$864.3 billion to US$802.6 billion, and the other six countries will grow.
In contrast, the United States, Japan, Germany, the United Kingdom, France, Italy, Canada, South Korea, Australia, Spain, Netherlands , Switzerland , all achieved growth. Even Japan, which has been stagnant, has grown from US$4.44 trillion to US$4.93 trillion.
The developing countries that have entered the top 20 consecutively have experienced a recession, so other developing countries can be imagined. Therefore, even though my country has created most of the economic growth of developing countries, its share in the global economy is still not much higher.
In addition to being the world's number one, the United States is also the leader among developed economies. In 2021, the U.S. GDP reached 23 trillion US dollars, and its proportion among developed countries expanded to 41%, which is also an important position.
If the gap between the GDP of developing countries and developed countries is not big, then per capita GDP is a huge difference. Data shows that in , the per capita GDP of developed countries reached US$52,070 in 2021, while in developing countries it was US$6,080. It can be seen how poor the developing countries are.
In addition, the world's per capita GDP is US$12,520, while my country's per capita GDP is US$12,360, which is basically close.
So, when will the GDP of developing countries surpass the GDP of developed countries? Previously, many institutions predicted that my country could overtake the United States as early as 2028.In addition, India's economy is developing very fast, now surpassing the UK. At the current growth rate, it is not impossible to surpass Germany and Japan in the next ten years. Therefore, it is expected to take at least ten years to achieve a rebound.
