We gathered the data from six global economies to narrow down how their GDPS have changed over time from 1980 to 2024. From 1980 to 2024, world GDP has undergone many changes and these changes are going on until now. There are many reasons for change in global GDPs like political changes, economic policies, advancements in technology and changes in demographics. From 1980 to 2024, six biggest economic powers that have been dominating the world in terms of GDP shares are the US, China, Japan, EU, India and the UK.
If we talk about the GDP share of the USA, it has decreased a little over time. In 2011, the USA recorded its lowest global GDP share at 21.1%, but it started increasing after that. The IMF has predicted that the USA will have 26.3% share in global GDP in 2024.The data given by IMF’s World Economic Outlook also shows that USA has recovered from covid-19, and has been slowly going up in their global GDP share since 2020. Every other economy is still suffering from after-effects of covid-19.
China didn’t see much growth in the last two decades of the 20th century but its share in global GDP increased quickly in the 2000s. One of the biggest reasons why China’s global GDP share suddenly rose is because it joined the World Trade Organization in 2001. Japan saw a relative decline in its global GDP share. It was once the second largest economy after the US in 1994 and 1995 and had 17.8% share in the global economy. The reasons why its economy declined is because of an aging population and stagnation of economics.
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If we talk about the GDP share of the USA, it has decreased a little over time. In 2011, the USA recorded its lowest global GDP share at 21.1%, but it started increasing after that. The IMF has predicted that the USA will have 26.3% share in global GDP in 2024.The data given by IMF’s World Economic Outlook also shows that USA has recovered from covid-19, and has been slowly going up in their global GDP share since 2020. Every other economy is still suffering from after-effects of covid-19.
China didn’t see much growth in the last two decades of the 20th century but its share in global GDP increased quickly in the 2000s. One of the biggest reasons why China’s global GDP share suddenly rose is because it joined the World Trade Organization in 2001. Japan saw a relative decline in its global GDP share. It was once the second largest economy after the US in 1994 and 1995 and had 17.8% share in the global economy. The reasons why its economy declined is because of an aging population and stagnation of economics.
| Share of GDP (%) | China | India | Japan | UK | US | EU |
|---|---|---|---|---|---|---|
| 1980 | 3 | 2 | 10.1 | 5.4 | 25.4 | 28.6 |
| 1981 | 3 | 2 | 10.8 | 5.1 | 27.8 | 24.7 |
| 1982 | 3 | 2 | 10.2 | 4.9 | 29.6 | 24.4 |
| 1983 | 3 | 2 | 10.9 | 4.6 | 31.3 | 23.2 |
| 1984 | 3 | 2 | 11.2 | 4.2 | 33.6 | 21.6 |
| 1985 | 3 | 2 | 11.4 | 4.3 | 34.6 | 21.3 |
| 1986 | 2 | 2 | 14.3 | 4.4 | 31 | 24.7 |
| 1987 | 2 | 2 | 15.2 | 4.8 | 28.5 | 26.3 |
| 1988 | 2 | 2 | 16.3 | 5.2 | 27.3 | 25.9 |
| 1989 | 2 | 2 | 15.4 | 5 | 28 | 25 |
| 1990 | 2 | 1 | 14.1 | 5.3 | 26.3 | 27.4 |
| 1991 | 2 | 1 | 15.4 | 5.3 | 26 | 28 |
| 1992 | 2 | 1 | 15.7 | 5.1 | 25.7 | 28.8 |
| 1993 | 2 | 1 | 17.4 | 4.4 | 26.3 | 25.6 |
| 1994 | 2 | 1 | 17.8 | 4.4 | 26 | 25.3 |
| 1995 | 2 | 1 | 17.8 | 4.3 | 24.5 | 26.5 |
| 1996 | 3 | 1 | 15.3 | 4.4 | 25.1 | 26.2 |
| 1997 | 3 | 1.3 | 14 | 4.9 | 26.8 | 24.1 |
| 1998 | 3.2 | 1.3 | 12.9 | 5.2 | 28.4 | 25 |
| 1999 | 3.3 | 1.4 | 14 | 5.1 | 29.2 | 24 |
| 2000 | 3.5 | 1.4 | 14.6 | 4.9 | 30.1 | 21.3 |
| 2001 | 3.9 | 1.4 | 12.9 | 4.9 | 31.3 | 21.8 |
| 2002 | 4.2 | 1.5 | 12 | 5.1 | 31.3 | 23.1 |
| 2003 | 4.2 | 1.5 | 11.5 | 5.2 | 29.2 | 25.3 |
| 2004 | 4.4 | 1.6 | 11.1 | 5.5 | 27.7 | 25.8 |
| 2005 | 4.8 | 1.7 | 10.1 | 5.3 | 27.2 | 24.9 |
| 2006 | 5.3 | 1.8 | 8.9 | 5.2 | 26.7 | 24.5 |
| 2007 | 6.1 | 2.1 | 7.8 | 5.3 | 24.7 | 25.2 |
| 2008 | 7.1 | 1.9 | 8 | 4.6 | 23 | 25.4 |
| 2009 | 8.4 | 2.2 | 8.7 | 4 | 23.8 | 24.3 |
| 2010 | 9.1 | 2.5 | 8.7 | 3.7 | 22.6 | 21.9 |
| 2011 | 10.1 | 2.5 | 8.4 | 3.6 | 21.1 | 21.3 |
| 2012 | 11.3 | 2.4 | 8.3 | 3.6 | 21.6 | 19.5 |
| 2013 | 12.4 | 2.4 | 6.7 | 3.6 | 21.8 | 19.7 |
| 2014 | 13.2 | 2.6 | 6.2 | 3.9 | 22.1 | 19.7 |
| 2015 | 14.8 | 2.8 | 5.9 | 3.9 | 24.4 | 18 |
| 2016 | 14.7 | 3 | 6.5 | 3.5 | 24.6 | 18.2 |
| 2017 | 15.1 | 3.3 | 6.1 | 3.3 | 24.1 | 18.2 |
| 2018 | 16 | 3.1 | 5.8 | 3.3 | 24 | 18.5 |
| 2019 | 16.4 | 3.2 | 5.8 | 3.3 | 24.6 | 17.9 |
| 2020 | 17.4 | 3.1 | 5.9 | 3.2 | 25 | 18 |
| 2021 | 18.3 | 3.3 | 5.2 | 3.2 | 24.3 | 17.9 |
| 2022 | 17.7 | 3.3 | 4.2 | 3.1 | 25.6 | 16.7 |
| 2023 | 16.9 | 3.4 | 4 | 3.2 | 26.1 | 17.5 |
| 2024 | 16.9 | 3.6 | 3.8 | 3.2 | 26.3 | 17.3 |
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