It’s been a while since I’ve studied the list of the top 10 countries in the world, as measured by GDP, and I was surprised to see that India has now overtaken the UK to enter the top five economies at the end of 2019, before the anticipated economic contraction in 2020 which is expected to be particularly severe in the UK, France, Canada and Italy. We could be looking at a very different picture in 2021.
The whole world economy of $88 Trillion at the end of 2019 is nicely illustrated in the infographic below, and the top 10 are:
The jostling between the top 2 economies will be keenly watched over the next 5 years. China predicts a modest 3% growth number in 2020 (the World Bank forecast is 1.6%) whilst the US expects a contraction of 6.1%, suggesting that the gap between the two will have closed to just over $5T by the end of 2020. Strap in for a wild ride from here!