According to OECD’s economic outlook for Belgium, the country is forecast to have a GDP growth of 0.9% in 2023 which will rise to 1.4% in 2024. Bangladesh’s economy is expected to grow by 5.3% in 2023, which is the third highest growth rate among South Asian countries after Maldives and India. In 2021, the country surpassed India on per capita income, and has an 80% higher per capita GDP than Pakistan – the country it took independence from in 1971. This is due to the ongoing recession in the European Union and the United States – two key trade partners that account for 40% of Vietnam’s exports, according to S&P Global. However, Vietnam is expected to resume rapid economic growth as it remains a key southeast Asian manufacturing hub.

Gross Domestic Product (GDP) is the market value of all finished goods and services produced in a country within a specific time period. A report by the United Nations has projected global GDP to grow at 2.3% in 2023 and 2.5% in 2024. Prospects of economic recovery from the effects of Covid-19 pandemic remain dim amid rising interest rates, high inflation, and global uncertainties. The two charts below also show, for twenty-three countries for which the necessary data is available, how each country’s actual growth rate compares to its estimated potential growth rate.

Spain’s government expects its GDP to grow 4.4% in 2022 before slowing to 2.1% in 2023. Switzerland has one of the richest countries in the world on an individual basis given the country’s GDP per capita of $93,457.44 in 2021. Given the country’s aggregate GDP of $812.87 billion for the year, Switzerland also has the world’s 20th largest economy. Given the headwinds, economic growth could slow in the United States and potentially globally as well in the near term. A country’s economy relates to how goods and services are produced and consumed in a country. When an economy is growing, the amount of goods and services is generally increasing.

  1. Its economy is expected to grow 6% in 2023 and climb further by 6.2% in 2024.
  2. By 2016, growth had turned positive in nearly every country, but the global economy began to slow again in 2019.
  3. They are also more likely to hold favorable views of China than those who do not see Chinese investment as a benefit for their economy.
  4. Even though the economy is growing at a rapid clip, it shows no sign of overheating.
  5. Sweden is a Scandinavian country with a GDP of $586 billion in 2022, ranking 24th on our list based on economic data released by the IMF.

Although it is a relatively small country, South Korea has one of the largest economies in Asia given its 2021 GDP of $1.8 trillion, ranking it #10 on our list of 22 Biggest Economies in the World in 2022. In the future, economies in India and other emerging markets will likely increase substantially in terms of size. However, this growth is expected to decline in 2023 to 4.5% according to the World Bank. Inflation is expected to remain in double digits, surpassing the government’s target range between 5-9%.

There is still some positivity to focus on, as inflation has fallen worldwide barring a few exceptions and global headline inflation is expected to fall to 6.8% in 2023, down from 8.7% in 2022. Since the 1970s, China has transformed its economic model from a centrally-planned economy to a manufacturing and exporting economy. As a result, China has seen an annual economic growth of 10% annually since 1978. China is the second largest economy in the world with a nominal GDP of 14 trillion US dollars. Italy has the eighth largest economy in the world with a 2021 GDP of $2.1 trillion. Although inflation rose to 12.8% in October, Italy’s government expects GDP to rise 3.3% in 2022 and 0.6% in 2023.

The country has recovered sharply from the slowdown induced by Covid-19 and the government plans to double the size of the economy by 2031. Philippines is on track to become an upper middle-income economy, according to the country director for Asian Development Bank (ADB). Its economy is expected to grow 6% in 2023 and climb further by 6.2% in 2024. PwC’s report titled ‘The World in 2050’ has projected that Philippines will be among the 20 largest economies in the world by 2050. The United States is the largest economy in the world, which is expected to grow by 1.1% in 2023. China’s GDP growth is forecasted at 5.3%, while Europe’s economies are projected to grow by a mere 0.9% this year.

Many experts feared a recession. Instead, the economy has continued to soar

Considering oil and gas prices have increased substantially this year given the Russia Ukraine war, the country’s GDP will likely be higher for 2022. In terms of GDP growth, the growth of GDP of many nations were relatively strong in 2022 given the rebound from the pandemic. Federal Reserve having raised interest rates seven times this year alone, however, many analysts think there could be an economic slowdown next year. Brazil emerged from a severe recession in 2017 and suffered a series of high-level corruption scandals along the way. Brazil is the 11th-largest economy in the world and the largest in South America. Brazil’s diversified economy runs the gamut from heavy industries, such as aircraft and automotive production, to mineral and energy resource extraction.


Its primary export partners are the U.K., Germany, Sweden, Netherlands, and China. The country is a large exporter of natural gas, crude petroleum, salmon, and aluminum. Turkey has a largely open economy, with large industrial and service sectors. Major industries include electronics, petrochemicals, and automotive production. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty about Turkey’s economic future in recent years.

GDP Growth Rate, World (1961-

However, the economy has remained steady in the midst of hard economic times and reports of positive gain in economic growth have been recorded. Brazil has a GDP of $1.61 trillion and GDP, PPP of $3.4 trillion as of 2021. With its substantial forex deposit bonus land, resources, and population of 214 million, Brazil has substantial growth potential in the future. Given fairly high interest rates, economists estimate Brazil’s economy could expand by 2.39% in 2022 and 0.5% in 2023.

Australia experienced its slowest GDP growth in over a year and a half in the first quarter of 2023. The GDP rose by only 0.2% as high inflation and interest rates impacted consumer spending. Earlier this year, KPMG had also forecasted the Australian economy to slow down in 2023, but keep away from recession. Despite challenges, it is one of the world’s largest economies, and its currency, the Australian Dollar, is the premiere currency of the Asia-Pacific region. The country’s economic growth however is likely to decline from 5.5% in 2022 to about 1% in 2023. Investors are confident of a rebound soon because the Spanish economy has not been hit as badly as some other European nations from Russia’s war on Ukraine.

The Largest Countries In Asia By Area

With a GDP per capita of $93,457.44 in 2021, Switzerland ranks as one of the wealthiest nations by income. Given its GDP of $812.87 billion in 2021, Switzerland also has one of the larger economies in the world. When it comes to a country’s living standard, GDP, PPP is regarded as the better metric because it reflects purchasing power better. GDP, PPP factors in the price difference of goods and services in different countries when calculating the total product. If GDP increases, a country might have more goods and services that can improve the quality of living in the country. GDP is the sum of the monetary value of the finished goods and services produced in a country in a year.

Economic growth in the developing and emerging countries has been 5.8%, on average, since the year 2000, which is considerably higher than the mean 1.8% seen in the advanced nations during the same period. Economies of the Emerging 7, or E7 countries, were half the size of the G7 countries in 1995, and in 2015, both groups were relatively the same size. This is discussed in detail in our article, the 25 Most Powerful Countries in the World in 2023.