The aftermath of the Covid-19 pandemic saw global economies grappling with unprecedented challenges, inflation spikes, and reduced growth rates. According to the World Economic Forum, the global growth rate is expected to dip to 3% in 2023 and 2024, a downturn from the 3.5% recorded in 2022. However, on a brighter note, the global headline inflation is anticipated to fall to 6.8% in 2023 from 8.7% in 2022.
China and India are highlighted for their significant economic growth, with China initially poised to become the world’s biggest economy by 2030. However, persistent implementation of the Zero-Covid policy and a looming real estate crisis cast doubt over this prospect.
The IMF’s data projection reveals the following economies leading the global stage by 2030:
Projected GDP: $878.99 billion
Vietnam, Asia’s fastest-growing economy in 2023, is expected to continue on this trajectory.
Projected GDP: $934.85 billion
Bangladesh’s exponential growth is noted, with one of the highest GDP CAGRs from 2023 to 2028.
Projected GDP: $1,084.28 billion
Despite a downturn in semiconductor sales, Taiwan’s economy is expected to recover.
Projected GDP: $1,127.39 billion
Emerging from Soviet influence, Poland’s growth is evident, attracting global companies.
Projected GDP: $1,160.23 billion
Nigeria’s double-digit CAGR showcases an economy on the rise, doubling its GDP by 2030.
Projected GDP: $1,218.41 billion
Switzerland’s steady yet lower-than-average growth persists.
18. Saudi Arabia
Projected GDP: $1,344.41 billion
In 2022, Saudi Arabia recorded an 8.7% economic growth, the highest among G20 countries.
Projected GDP: $1,375.76 billion
Despite international integration, economic challenges loom for the Netherlands.
Projected GDP: $1,480.88 billion
Facing nearly 50% inflation in 2023, Turkey’s economy is still growing over 4%.
Projected GDP: $1,870.30 billion
Spain’s fiscal resilience boosts the Eurozone amidst an exceeding economic performance.
Projected GDP: $2,138.62 billion
Challenges linger, with per capita economic activity stagnant between 2021 and 2025.
Projected GDP: $2,157.91 billion
Mexico shines in Latin America, drawing companies for its proximity and labor costs.
12. South Korea
Projected GDP: $2,308.52 billion The nation’s remarkable advancement positions it among the top economies by 2030.
Projected GDP: $2,391.02 billion
Despite Asia’s tough economic climate, Indonesia is projected to outdo competitors like Russia.
Projected GDP: $2,572.61 billion
EU’s 200 billion euros boost is met with skepticism regarding Italy’s economic utilization.
Projected GDP: $2,845.39 billion
Canada’s short-term outlook dims with an expected downturn before a rebound by 2025/2026.
Projected GDP: $3,088.07 billion
Brazil records a strong recovery, revising its 2023 GDP growth to 2%.
Projected GDP: $3,598.16 billion
Amid social tensions, France remains a significant global economic player.
6. United Kingdom
Projected GDP: $4,778.29 billion
Despite post-Covid struggles, the UK projects over 6% CAGR from 2023 to 2028.
Projected GDP: $5,372.71 billion
Germany holds its place as Europe’s largest economy with a GDP exceeding $5 trillion.
Projected GDP: $5,771.01 billion
Japan’s recovery and strong Q2 2023 growth underscore its economic resilience.
Projected GDP: $6,543.21 billion
India’s impressive growth, bolstered by foreign investments and a growing middle class, positions it third globally.
Projected GDP: $31,624.42 billion
China’s ambitious growth is hindered by a real estate crisis and slowed economic activity, raising doubts about overtaking the U.S.
1. United States
Projected GDP: $34,850.59 billion
Despite concerns, signs of a “soft landing” and potential for recovery keeps the U.S. at the top.
Each nation’s trajectory is influenced by internal and global dynamics, underscoring the interconnected nature of the world’s economies. The economic landscape in 2030 will be a testament to the resilience and adaptability of countries navigating post-pandemic challenges.