The global economy has experienced major shifts in the first decades of the twenty-first century. While the United States remains the world's largest economy, with a Gross Domestic Product (GDP) worth over 25 trillion dollars, China is quickly catching up due to its huge population and manufacturing prowess driving economic growth. It is not just the hierarchy of the global economy which is changing, however, but also the very content of what we produce. The rise of the digital economy means that people are required to be higher-skilled in order to thrive on the job market, while many routine jobs are at greater risk of being automated or 'off-shored' to cheaper regions of the globe. Looking forward over the coming century, climate change and the green transition will be the defining issue for the economy, as the attempt to make economic growth and environmental sustainability compatible will be at the forefront of plans by businesses, governments, and individuals.
Global inflation rate from 2000 to 2022, with forecasts until 2028 (percent change from previous year)
Further details: Visit original statistic Global inflation rate from 2000 to 2022, with forecasts until 2028 (percent change from previous year)
The early 2020s have seen the return of an undesirable economic trend - that of inflation. Prices go up and down all the time, but inflation is a rise in the aggregate level of all prices in the economy. The COVID-19 pandemic triggered the surge of price rises, through supply-chain issues, labor shortages, and a switch towards goods consumption. Whether Central Banks can get inflation under control without causing huge economic harm remains the biggest economic question of the decade.
The Inflation CrisisTrends in global export value of trade in goods from 1950 to 2022 (in billion U.S. dollars)
Further details: Visit original statistic Trends in global export value of trade in goods from 1950 to 2022 (in billion U.S. dollars)
At the turn of the century, economic globalization was seen almost as a force of nature - destined to conquer the globe and spread ever greater prosperity. Since the Global Financial Crisis, this prediction has looked far less certain, with economic and political shocks leading to a more fragmented global economy. Nonetheless, global trade and financial flows have continued to increase over the period, showing that while not on the same exponential course as before, globalization persists.
The Global EconomyChina's share of global gross domestic product (GDP) adjusted for purchasing-power-parity (PPP) from 1980 to 2023 with forecasts until 2029
China is set to overtake the U.S. as the world's largest economy sometime over the coming decade. This is not just a momentous change for the global economy, with the first time an Asian country is the largest economy since before the industrial revolution, but a change to the global political order as well. Economic competition between the U.S. and China will be one of the defining facts of the twenty-first century, with the rising wealth and income of Chinese citizens shaping global trade.
China's Economic Outlook
The Economy industry section provides a range of economic indicators at the national, regional, and global level. Key indicators include national GDP, the value of trading relationships, global inflation, as well as data on industry and firm level economic indicators. At the individual level, data covers wages, employment, working hours, and other measures of economic well-being.
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