The World’s 10 Largest Economies By GDP (1960-Today)
Just weeks ago, we showed you a colorful visualization that breaks down the $80 trillion global economy.
While such a view provides useful context on the relative size of national economies, it’s also a static snapshot that doesn’t show any movement over time. In other words, we can see the size of any given economy today, but not how it got there.
Today’s animation comes to us from Jaime Albella and it charts how GDP has changed over the last 57 years for the world’s 10 largest economies.
It provides us with a lens through time, that helps show the rapid ascent of certain countries and the stagnation of others – and while there are many noteworthy changes that occur in the animation, the two most noticeable ones have been described as “economic miracles”.
JAPAN’S ECONOMIC MIRACLE
You may have heard of the “Japanese economic miracle”, a term that is used to describe the record-setting GDP growth in Japan between the end of World War II and the end of the Cold War.
Well, the above animation shows this event better than pretty much anything else.
In 1960, Japan had an economy that was only 10% of the size of the United States. But in just a decade, Japan would see sustained real GDP growth – often in the double digits each year – that allowed the country to rocket past both the United Kingdom and France to become the world’s second-largest economy.
It would hold this title consecutively between 1972 and 2010, until it was supplanted by another Asian economic miracle.
ECONOMIC MIRACLE, PART DEUX
The other rapid ascent in this animation that can be obviously seen is that of China.
Despite falling off of the top 10 list completely by 1980, new economic reforms in the 1980s and 1990s helped pave the way to the massive economy in China we know today, including the lifting of hundreds of millions of people out of extreme poverty.
By 1993, China was once again one of the world’s largest economies, just squeezing onto the above list.
By 2010 – just 17 years later – the country had surpassed titans like the United Kingdom, Germany, France, and even Japan to secure the second spot on the list, which it continues to hold today in nominal terms.
Disclosure: None.
China's rise is phenomenal, but even more phenomenal is the US which has held the number one position throughout this period of time and continued to grow. The simple fact is the US benefited with Japan. Then with Korea and Taiwan. Then with China. The repugnant argument that the US was not great and lost to Japan, China, and Asia is ridiculous. The US prospered from these relations and kept their economy humming all the while as they spent more than they had and did not suffer inflation or got calls to curb their spending.
The allegation that the US was not great is an absurd one, especially looking at the US through the lens of the rest of the world. We risk a great deal convincing ourselves that our methodologies of the past are bad. Why? Because it was exactly these methodologies that made us such a tremendous success and got our brands adopted throughout the world which make the highest margins. Be careful of those telling you that you are not great and there is something greener elsewhere. There is not a greener pasture than the US in the world.