As of 2020, the global GDP amounted to 84.97 trillion U.S. dollars. The GDP of the United States constitutes about a quarter of the global GDP. China is the world’s second largest economy, followed by Japan and Germany. According to the projections for 2030, China’s GDP will increase to 31.73 trillion U.S. dollars, making it the leading country in terms of GDP value.
The GDP figure is often calculated for various industries to see how they contribute to the growth of the economy. Generally speaking, the services sector contributes more to national GDP than any other sector; although the Arab World is one exception, where the industry sector contributes almost as much as the service sector. GDP forecasts, which originally predicted global economic expansion in 2020, had to be readjusted due to the coronavirus (COVID-19) pandemic, and now show negative values for this year. Economists are optimistic about the future, however, and predict that the global economies will start to recover in the next years.
