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In this article, we look at the 30 countries with the highest GDP in 2022.To skip the detailed analysis, go directly to 5 countries with the highest GDP in 2022.
After the effects of the pandemic appeared to subside in early 2022, the world appeared to be heading towards a period of stability and growth two years later, especially with the rapid development of vaccines by the world’s largest pharmaceutical companies. But high inflation, problems with the global supply he chain, interest rate hikes by central banks to counter inflation, and the war between Russia and Ukraine all lead to an incredibly dire 2022. I was. The stock market after half a century.
With all the negative scenarios swirling around and the threat of an imminent global recession looming in the second half of 2022, it was easy to predict the fate of 2023. But the International Monetary Fund’s latest outlook, updated in January, makes it unlikely that the painting, painted just three months before him, will be in 2023. Ukraine’s ability to fight back means that while the Russian aggression has had a severe impact on the global economy, it is still not as severe as expected, and although headwinds remain, the economic impact was initially anticipated. Global growth is expected to be 2.9% in 2023, down 0.5% from 2022, according to the IMF. This is largely due to fewer economies facing recession and inflation peaking in his 2022 in most countries, including some. Despite achieving the highest GDP in 2022, some countries continue to experience record inflation. Inflation in 2023 is expected to hover around 6.6% in 2023 and drop to 4.3% in 2024.
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So what does this mean for the stock market? With fewer countries facing a recession, economic growth should be higher and the market should perform better than it did in 2022. But Schwab said the situation could initially get worse before it gets better. This generally means it’s a great opportunity to invest as everything is a bargain and likely to improve over the long term, thereby yielding greater returns. In our latest report for March, we noted that the S&P 500 fell 2% in February. Corporate earnings were mixed in the fourth quarter, even though the US appears to be averting a recession as incomes and spending remain strong. Companies are struggling with rising production costs, leading to layoffs at some of the world’s largest companies, including Amazon. .com, Inc. (NASDAQ:AMZN), Meta Platforms, Inc. (NASDAQ:META), Salesforce, Inc. (NYSE:CRM), Alphabet Inc. (GOOG), and of course Twitter.
No matter what happens in 2023, there is no doubt that the countries with the highest GDP in 2022 will play a key role in shaping the global economy. Together, the GDP of these countries exceeds her $88 trillion. If you want to know more about rankings based on GDP per capita, visit the 25 richest countries in the world by GDP per capita. To determine our ranking, we checked the latest GDP of every country from the IMF database and ranked the countries based on high to low GDP. of, and perhaps most importantly, the economy.
30. Norway
Total GDP at current prices (in billions): $505
Norway’s richest people primarily come from its vast oil reserves, which have been used to provide its inhabitants with a very high standard of living.
29. Ireland
Total GDP at current prices (in billions): $520
Ireland’s projected growth in 2022 is expected to exceed 10%, with GDP growth expected to be close to 5% in 2023, after the country fully eases Covid-19 policies .
28. Israel
Total GDP at current prices (in billions): $527
Israel’s 2023 growth rate is 2.8%, one of the highest among the countries on the list.
27. Thailand
Total GDP at current prices (in billions): $535
The World Bank, one of Southeast Asia’s largest economies, expects the country’s economy to return to pre-pandemic levels in 2022, despite forecasting a significant slowdown in growth in 2023. increase.
26. Belgium
Total GDP at current prices (in billions): $589
A recent survey by Belgium’s National Bank showed the economy grew by 0.1% in the fourth quarter of 2022, alleviating fears that the country could plunge into recession in 2023.
25. Sweden
Total GDP at current prices (in billions): $604
Sweden’s growth in 2022 was 2.4% due to the strong carryover from 2021. Sweden is one of the few countries whose GDP will be the highest in 2022 and she will have a negative growth rate in 2023, as high inflation has led to a significant drop in consumer spending. But a recession will be barely averted.
24. Argentina
Total GDP at current prices (in billions): $631
Argentina’s economy rebounded strongly in 2021 after the Covid-19 pandemic subsided, but slowed in the second half of 2022. This was the case for most of the countries with the largest GDP in 2022. Short-term economic uncertainty in the country due to the recent agreement with the IMF.
23. Poland
Total GDP at current prices (in billions): $716
The UK Labor leader recently said that by 2030 Poland’s per capita GDP could surpass Britain’s if growth rates continue at similar rates. It may be exaggerated as a lot can change in eight years, but Poland has shown one of Europe’s strongest growth over the past two decades.
22. Switzerland
Total GDP at current prices (in billions): $807
Banking and finance is one of Switzerland’s largest industries, but tourism is also one of its main industries. The European energy crisis is one reason trade is lagging as foreign demand continues to weaken.
21. Taiwan
Total GDP at current prices (in billions): $829
Highly developed Taiwan’s economic growth is expected to fall from 2.4% in 2022 to less than 2% in 2023.
20. Turkiye
Total GDP at current prices (in billions): $853
The devastating effects of the recent earthquakes in Turkiye and Syria, which have claimed more than 50,000 lives, are expected to severely impede economic growth, and JPMorgan Chase & Company (NYSE:JPM) has will require at least $25 billion to In most cases, the actual cost is much higher than expected, but rebuilding infrastructure, power lines, and housing.
19. Holland
Total GDP at current prices (in billions): $991
Despite a population of just over 17.5 million, the Netherlands is home to a strong economy that will show strong growth in the first half of 2022 before slowing in the second half. High inflation, labor shortages and tight financial conditions keep growth forecast at just 0.9% in 2023.
18. Saudi Arabia
Total GDP (in billions) at current prices: $1,011
Oil is the main reason Saudi Arabia has become one of the richest countries in the world, and has been able to rival the largest economies. It is home to Saudi Aramco, her second most valuable company in the world.
17. Indonesia
Total GDP at current prices (in billions): $1,289
The world’s largest Muslim country, tourism is one of the country’s largest industries severely hampered by the Covid-19 pandemic. Despite strong global headwinds, higher commodity prices and higher capital inflows have pushed projected GDP growth to average 5% in 2022 and 2023.
16. Spain
Total GDP at current prices (in billions): $1,390
One of the countries with the highest GDP in 2022, Spain’s largest industries include machine tools, metals and pharmaceuticals.
15. Mexico
Total GDP at current prices (in billions): $1,425
Mexico’s GDP growth is expected to slow to 1.6% in 2023 but recover to 2.1% in 2024. Many industries have moved their manufacturing plants to Mexico, taking advantage of its proximity to the United States while benefiting from reduced labor costs. , which is a huge boost for the country’s economy.
14. Australia
Total GDP at current prices (in billions): $1,725
Rising inflation has reduced disposable income for most households in the country. This is one reason why GDP is expected to fall from 4% in 2022 to 1.9% in 2023.
13. South Korea
Total GDP at current prices (in billions): $1,734
Home to one of Asia’s largest power plants, South Korea’s largest industries include the automotive industry, telecommunications, shipbuilding, chemicals and, of course, electronics.
12. Brazil
Total GDP (in billions) at current prices: $1,895
Like most countries around the world, Brazil’s economic growth will slow in 2023 compared to 2022, soybean yields will improve, and economic activity in China, Brazil’s largest trading partner, will resume, It may bring some benefit.
11. Iran
Total GDP at current prices (in billions): $1,974
It is very shocking to know that Iran will be the 11th largest country by GDP in 2022. Iran has suffered greatly from sanctions by Western powers as a result of its attempts to successfully proliferate. Once sanctions are fully lifted and Iran is accepted as part of the world, that ranking could rise even further.
10. Italy
Total GDP at current prices (in billions): $1,997
Italy’s real GDP growth will slow to 0.2% in 2023 from 3.7% in 2022, according to the Organization of Advanced Economies. Energy-intensive industries are likely to suffer the most as a result of the European energy crisis, one of the world’s biggest risks in 2023.
9. Russia
Total GDP at current prices (in billions): $2,133
Given the enormous impact of economic sanctions on Russia after its invasion of Ukraine, it is likely that in the coming years Russia will fall off the list of countries with the largest GDP.Oil and gas are easily the country’s largest industries, Russia has put pressure on other countries by reducing supplies, sending energy prices skyrocketing.
8. Canada
Total GDP at current prices (in billions): $2,200
Canada’s economy is expected to slow from 3.2% in 2022 to just 1% GDP growth in 2023. Meanwhile, monetary easing is expected to continue until 2024, with the country’s biggest industries including commercial banking and oil. gas, mining, real estate.
7. France
Total GDP at current prices (in billions): $2,778
Inflation will more than halve over the same period, albeit with very low growth in France of 0.6% in 2023 and 1.4% in 2024, as energy and flood inflation soften. Telecommunications, aerospace, defense and tourism are among her largest industries in France and France is the most visited country in the world.
6. England
Total GDP at current prices (in billions): $3,198
The UK is one of the worst affected countries in Europe, especially in terms of the energy crisis engulfing Europe and the uncontrollable cost of living. According to PwC, UK prices are expected to fall by 8% in 2023, her second biggest decline in the last 70 years. It is also one of the few countries in Europe to be in recession, and KPMG expects the country to enter recession in her third quarter of 2022 and likely remain so until the end of 2023. .
Click to read more and see the 5 countries with the highest GDP in 2022.
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Disclosure: None. The 30 countries with the highest GDP in 2022 were first published on Insider Monkey.
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