A regional overview of merchandise imports shows that China ranks as the first, second or third largest import partner across large parts of Europe, highlighting the deep economic ties between Beijing and European economies.

Official statistics from Eurostat show that China remained the European Union’s largest import partner in 2024, accounting for about 21.3% of all extra-EU imports, well ahead of the United States and the United Kingdom.

Total EU imports from China reached roughly €517.8 billion, compared with €213.3 billion in exports to China, creating a trade deficit of more than €300 billion.

Trade rankings suggest that China is the top import partner for several countries in Central and Eastern Europe, including economies such as Poland and Ukraine.

Across much of the region, China consistently appears among the top three sources of imported goods, driven by strong demand for electronics, machinery and industrial components.

According to global trade statistics, China accounted for about 17.5% of global exports, making it the largest exporter worldwide.

On the contrary, some Western European countries show more diversified import relationships.

For example, countries such as France and Spain source significant imports from neighbouring European economies as well as the United States, meaning China ranks outside the top five in some cases.

Even so, the EU and China maintain one of the world ’s largest bilateral trading relationships.

Total EU-China trade in goods reached about €732 billion in 2024, underscoring the scale of economic interdependence between the two markets.

According to the IMF’s latest World Economic Outlook , developing economies in Asia, Africa, and the Middle East are expected to grow faster than advanced economies as the global economy continues its gradual recovery from pandemic shocks and inflationary pressures.

At the top of the growth chart is India, projected to expand by around 6.4% in 2026. This robust growth outlook reflects strong domestic demand, continued investment in infrastructure and technology, favourable demographics, and government reforms aimed at boosting productivity. India’s growth rate significantly outpaces most major economies and reinforces its role as a key engine of global economic momentum.

Following India are the Philippines and Indonesia, with forecasted growth rates of approximately 5.6% and 5.1%, respectively. The IMF notes that Southeast Asian economies are benefiting from increasing regional trade, rising manufacturing output, and expanding services sectors. Indonesia’s entry into the top three fastest-growing economies highlights the region’s resilience and diversification amid shifting global supply chains.

Other economies expected to post solid gains include Egypt, China, Saudi Arabia, Kazakhstan, and Nigeria, with projected growth ranging from roughly 4.4% to 4.7%. While China’s growth rate is moderating compared with the rapid expansion seen in previous decades, the IMF forecasts continued stability as its services and consumption sectors strengthen.

In the Middle East, Saudi Arabia’s Vision 2030 reforms continue to support non-oil growth, while Nigeria’s expanding labour force and market reforms underpin its growth prospects.

Towards the lower end of the outlook, more advanced economies like the United States and Spain are expected to see more modest expansion, with the U.S. projected at around 2.4% and Spain near 2.3%.

These figures reflect constraints from higher interest rates, slower population growth, and lingering global trade challenges. Nevertheless, even these moderate growth rates suggest resilience relative to past global slowdowns.

According to IMF projections cited and analysed by The African Exponent , Africa’s ten largest economies in 2026 reflect a mix of resource strength, population size, industrial capacity, and policy direction.

South Africa is projected to remain Africa’s largest economy in 2026, with a nominal GDP of about $401.6 billion. Despite slow growth in recent years, the country continues to benefit from its diversified economy, strong financial sector, and advanced industrial base.

Close behind is Egypt, with an estimated $399.5 billion GDP. Egypt’s rise has been driven by large-scale infrastructure investment, expansion in energy production, and aggressive economic reforms.

As The African Exponent has noted in previous coverage, Egypt’s strategic positioning as a trade and logistics hub linking Africa, the Middle East , and Europe continues to strengthen its economic weight.

Nigeria, Africa’s most populous country, is projected to rank third with a GDP of roughly $334.3 billion. Oil and gas still play a central role, but growth in telecommunications, fintech, agriculture, and entertainment has diversified parts of the economy.

However, the African Exponent has consistently pointed out that currency instability, inflation, and policy uncertainty remain key constraints on Nigeria’s full economic potential.

Algeria is expected to rank fourth at $285.0 billion, buoyed largely by hydrocarbons and higher global energy demand. While diversification remains a challenge, state spending and energy exports continue to anchor the economy.

Morocco, at $196.1 billion, rounds out the top five. Its strength lies in manufacturing, agriculture, tourism, and the growing automotive and aerospace industries. The African Exponent frequently highlights Morocco as one of Africa’s most strategically diversified economies.

Kenya and Ethiopia signal East Africa’s growing economic relevance. Kenya has approximately $140.9 billion, driven by services, finance, ICT, and regional trade. Ethiopia is also around $125.7 billion, supported by manufacturing, agriculture, and state-led industrialisation.

Despite debt pressures and foreign exchange shortages, Ethiopia’s long-term growth fundamentals continue to attract attention across African economic commentary.

Ghana, Côte d’Ivoire, and Angola finalise the list as Ghana sits at $113.5 billion, supported by gold, cocoa, and oil, though fiscal pressures persist. Côte d’Ivoire comes in with $111.5 billion, as one of West Africa’s fastest-growing economies, driven by agriculture and infrastructure. Angola, with $109.9 billion, is heavily dependent on oil but showing gradual signs of reform.

The African Exponent has noted that Côte d’Ivoire’s steady growth contrasts sharply with more volatile commodity-dependent economies, making it one of the continent’s most closely watched performers.

These rankings are based on nominal GDP, not purchasing power or living standards. What this really tells us is where capital, infrastructure, and policy focus are currently concentrated. It also highlights Africa’s continued reliance on a handful of large economies to drive continental growth.

That is the central message from the International Monetary Fund’s latest World Economic Outlook , which projects wide disparities in GDP growth across G20 economies this year.

A visual ranking of projected annual real GDP growth rates places India firmly at the top, followed by Indonesia and China, while major advanced economies such as Japan, Germany, and Italy sit at the bottom of the table.

India Leads the G20 Growth Rankings

India is forecast to grow by 6.2% in 2026 , making it the fastest-growing economy in the G20. The IMF attributes this momentum to strong domestic demand, sustained public investment, and the country’s expanding manufacturing and services sectors.

Indonesia follows with a projected growth of 4.9%, reinforcing Southeast Asia’s role as a key engine of global expansion. China, despite ongoing structural challenges and a cooling property sector, is still expected to post a solid 4.2% growth rate, keeping it among the top performers.

Argentina and Saudi Arabia are both projected to grow by 4%, reflecting commodity-linked recoveries and policy adjustments aimed at stabilising their economies.

Middle performers: Growth, but at a slower pace

Türkiye is forecast to grow by 3.7%, supported by consumption and post-election economic recalibration. Australia and the United States are both expected to expand by 2.1%, signalling resilience but also highlighting the limits imposed by tight monetary policy and cooling labour markets.

Brazil’s growth is projected at 1.9%, while South Korea is expected to record 1.8%. Canada and Mexico are both forecast at 1.5%, closely tied to trends in US demand and trade conditions.

Europe and Japan lag behind

The outlook is notably weaker for much of Europe. The European Union as a bloc is projected to grow by just 1.4%, with the UK slightly lower at 1.3%. France and Germany are both forecast at 0.9%, while Italy trails at 0.8%.

Japan sits at the bottom of the G20 rankings, with growth projected at just 0.6%. Ageing demographics, weak productivity growth, and persistent inflationary pressures continue to weigh on the country’s economic prospects.

Russia is projected to grow by 1%, reflecting ongoing geopolitical pressures and structural constraints.

According to data from the International Monetary Fund (IMF) and the World Bank, Africa’s total GDP in 2024 stands at just under $3 trillion, with these five economies accounting for close to 50% of that figure. Nigeria remains Africa’s largest economy, driven by population size, services and energy exports, while South Africa continues to dominate in financial services, manufacturing and capital markets.

Egypt has strengthened its position through infrastructure spending, energy production and strategic control of the Suez Canal, a key artery for global trade that has taken on renewed importance amid ongoing Red Sea shipping disruptions linked to Middle East tensions.

Algeria’s economy is anchored in hydrocarbons, with natural gas exports becoming increasingly significant for Europe as countries seek alternatives to Russian energy supplies following the war in Ukraine.

Meanwhile, Ethiopia stands out as a non-oil-dependent giant, with growth fueled by agriculture, manufacturing and public investment, despite recent political and security challenges that continue to affect investor confidence.

While Africa is home to more than 1.4 billion people and some of the world’s fastest-growing populations, many countries remain heavily reliant on commodities , vulnerable to climate shocks, debt pressures and limited industrial capacity.

This imbalance is particularly relevant in 2025 as African leaders push for greater intra-African trade under the African Continental Free Trade Area (AfCFTA).

The regions highlighted, including parts of the United States, Western Europe, Japan, China’s major coastal hubs, and South Korea, represent the world’s most concentrated engines of productivity.

While this imbalance has existed for decades, new global pressures are reshaping the conversation about what economic dominance means in an era of shifting alliances, technological disruption, and geopolitical uncertainty.

The World Bank has consistently shown that global output remains highly concentrated in a few advanced and rapidly industrialising economies. In its latest data, the United States, China, Japan, Germany, and India make up nearly 55% of global GDP combined, despite representing only a fraction of the world’s landmass.

This concentration is often tied to urbanisation. According to the United Nations, more than 80% of global GDP is generated in cities, which explains why regions with dense urban and industrial hubs dominate the global economy.

What the map captures is the spatial reality of that imbalance: prosperity clusters tightly around places with deep capital markets, highly developed infrastructure , strong institutions, and large consumer bases. From Silicon Valley to Shanghai, and from Tokyo to Frankfurt, economic power is not spread evenly; it is concentrated, strategic, and deeply interconnected.

Recent IMF commentary notes that while global GDP growth is stabilising, the world economy remains vulnerable to regional shocks, especially those occurring in the markets that dominate global output.

As a result, events in these concentrated regions carry outsized influence. A slowdown in China’s property sector, a shift in U.S. monetary policy, or disruptions in Europe’s energy landscape can ripple across continents, affecting countries that play only a small part in generating global income.

The human side of economic concentration

For billions of people living outside these high-GDP zones, the unequal distribution of wealth shapes everyday opportunities. Countries in Africa, South Asia, and parts of Latin America often hold vast land areas but produce smaller shares of global income due to limited industrial development, infrastructure constraints, and lagging investment.

Meanwhile, the areas that dominate global GDP also face growing internal challenges — from ageing populations in Japan and parts of Europe to housing affordability crises in major U.S. and Asian cities. This shows that economic power does not automatically translate into shared prosperity.

Dr Touray attributed the projection to Nigeria’s ongoing economic reforms and renewed regional leadership under President Bola Tinubu. He also commended Nigeria for taking up a leadership role at a time of regional instability. 

He noted that ECOWAS forces had been deployed to Guinea-Bissau to help prevent escalation and support stability in the country. He recognised Nigeria’s active role in promoting peace, security , and development across the West African sub-region.

“While I celebrate this historic milestone, I want to particularly express appreciation to the leadership of Nigeria for advancing ECOWAS integration,” Dr Touray stated. “Despite the security challenges Nigeria is faced with and the loss of lives to terrorism, we continue to see commitment and the willingness to secure the West African region.”

According to the International Monetary Fund’s (IMF) World Economic Outlook data released in April 2025, the world’s top five economies by GDP are the United States ($30.50 trillion), China ($19.23 trillion), Germany ($4.74 trillion), India ($4.19 trillion), and Japan ($4.19 trillion).

As of April 2025, the top five economies in Africa are South Africa ($410 billion), Egypt ($347 billion), Algeria ($269 billion), Nigeria ($188 billion), and Morocco ($166 billion). In the third quarter of 2023, over 5% of Nigeria’s GDP was generated by oil.

According to recent statistics, the world ’s largest coconut producers in 2024 were Indonesia with 17.13 million tonnes, the Philippines at 14.77 million tonnes, and India close behind with 14.68 million tonnes.

Data from the Food and Agriculture Organisation of the United Nations (FAO) shows that global coconut (in shell) production was estimated at roughly 62.4 million metric tonnes in 2022.

In Indonesia, for example, coconut cultivation spans across the archipelago and supports millions of smallholder farmers. The Philippines, aside from being a leading producer, also exports large volumes of coconut oil, water and related products. India’s figures similarly underscore the importance of coconuts for both rural livelihoods and domestic consumption.

The prominence of coconuts in these economies meets demand from multiple directions: rising global interest in plant-based foods, coconut-derived beverages, oils used in cosmetics, and sustainable packaging alternatives. In that sense, coconut production connects traditional agriculture with 21st-century consumer trends.

However, climate change, extreme weather events and ageing coconut plantations are pressuring the sector .

For countries like the Philippines and Indonesia, typhoons and changing sea levels remain real threats to yields. The broader agricultural system also sees coconuts competing with other crops and land uses.

The data in the image shows Cambodia at 16.6%, Vietnam at 11.9%, Myanmar at 20.8%, the Philippines at 9.1%, Indonesia at 12.6%, Thailand at 8.7%, and Malaysia at 8.2%. Some of these figures represent decreases from 2021; for example, Cambodia saw a drop of 6.2 percentage points, and Vietnam declined by 3.0 points.

These numbers come in line with World Bank data on the broader measure of agriculture, forestry, and fishing’s share of GDP globally.

As Southeast Asian economies grow and diversify, the share of agriculture in GDP often falls. That’s natural in development: the industry and services sectors tend to expand faster than farming. The image confirms that trend: many countries show declines between 2021 and 2024.

This doesn’t mean agriculture is unimportant, far from it. It remains vital for food security, rural employment, and exports. What the shrinking share often signals is that productivity improvements in nonfarm sectors are outpacing gains in agriculture.

A report from ISEAS notes that despite agriculture’s role in regional food systems and exports, it faces increasing pressures from trade volatility, land use change, and climate stress.

Climate change adds urgency to the picture. According to the Food and Agriculture Organisation (FAO), in Southeast Asia, more than 100 million smallholder farmers depend on farming, yet they face increased heat, erratic rainfall, and extreme weather.

Between 2008 and 2018, natural disasters and climate extremes caused roughly USD 21 billion in production losses across the region.

These environmental pressures may further erode agriculture’s share of GDP if farmers can’t adapt, threatening livelihoods and food supply.

The World Bank is responding to these pressures by directing more financing to agribusiness and agriculture. In 2024, it announced it would double its agri-finance and agribusiness commitments to USD 9 billion annually by 2030.

This pivot aims to support technology, infrastructure , climate resilience, and better value chains in food systems.

One real-world example of agriculture’s power: In the Philippines, the sector rebounded sharply in 2025, driving the country’s fastest annual growth in some time. According to Reuters, the Philippines posted 5.5% year-on-year growth in Q2 2025, largely led by a 7% increase in agricultural output.

With a nominal GDP of about $4.66 trillion , according to the World Bank and Trading Economics , Germany continues to dominate the European economic landscape despite recent headwinds.

The comparison is striking as it reveals that nations such as Poland, Czechia, Romania, Finland, and the entire Baltic region collectively generate roughly the same economic output as Germany alone, according to IMF data highlighted by Visual Capitalist .

This visualisation underlines not just Germany’s weight in Europe, but also how dependent the continent’s economic health is on a single country’s performance.

Yet, Germany’s size does not shield it from challenges. The economy actually contracted slightly in 2024, shrinking by 0.2% , as reported by the OECD . Growth forecasts for 2025 remain tepid, with energy costs, supply chain disruptions, and weak global demand weighing heavily.

The European Commission has noted that while inflation has eased, high costs and sluggish investment continue to pressure German industry.

This matters far beyond Germany’s borders. As the world’s third-largest exporter, Germany’s manufacturing-heavy economy is deeply tied to global trade flows.

Recent warnings from Germany’s IAB Institute suggest that a full-scale trade war, such as a 25% tariff scenario, could cut German GDP by more than 1% and erase tens of thousands of jobs. Such a downturn would inevitably ripple through European supply chains and financial markets.

The broader Eurozone has also felt the drag. Growth in the second quarter of 2025 was nearly flat at just 0.1%, with Germany and Italy both posting slight contractions.

Meanwhile, several Central and Eastern European economies, including Poland and Romania, are projected to outperform the Eurozone average in 2025, hinting at a gradual shift in the region’s growth dynamics.

Germany’s scale ensures that when it slows, the rest of Europe feels the tremors. Whether 2025 marks a turning point toward recovery or deeper stagnation will depend on how Berlin addresses structural issues like energy dependence, labour shortages, and sluggish investment.

According to the latest data, Asia accounts for 37% of global GDP, making it the largest contributor to the world economy. North America follows with 30%, Europe holds 24%, South America contributes 4%, Africa just 3%, and Oceania rounds out the list at 2%.

Asia

Asia dominates global GDP with a 37% share, driven by major economies such as China, India, Japan, and South Korea. The continent has become the world’s largest economy in both nominal and purchasing power parity (PPP) terms, underpinned by rapid industrialisation, booming technology sectors, and rising consumer markets

North America

North America contributes 30% of global GDP, largely powered by the United States and Canada. The region remains a hub of high productivity, technological innovation, and financial stability, making it one of the most influential economic regions worldwide.

Europe

Europe holds 24% of global GDP, led by Germany, the United Kingdom, and France. While its share has declined relative to Asia, Europe continues to play a central role in global trade, finance, and advanced manufacturing.

South America, Africa, and Oceania: Smaller shares

Together, Asia, North America, and Europe account for more than 90% of global GDP, leaving the rest of the world with a marginal share.

Thailand’s gross domestic product (GDP) forecast has been revised downward , with growth expected to remain below 5% next year. The adjustment reflects both global and domestic economic challenges, particularly those affecting exports. Analysts caution that these pressures may pose additional hurdles for the Thai economy, which is still recovering from the effects of the pandemic. According to a report from the news outlet เดลินิวส์ (Daily News), economic authorities are closely monitoring the situation and preparing measures to support growth.

Malaysia facilitates Thailand-Cambodia border talks

Malaysian Prime Minister Anwar Ibrahim has ruled out armed conflict over the Ambalat Block dispute with Indonesia, assuring it will be resolved diplomatically. Speaking in Jakarta on July 29, 2025, he said he had discussed the matter with President Prabowo Subianto, stressing peaceful resolution over war. His comments come amid rising regional tensions after the recent Thailand-Cambodia border clashes. Despite opposition pressure for a tougher stance, Anwar reaffirmed Malaysia’s commitment to negotiation.

Thailand aids farmers in selling surplus longan

Facing a projected surplus of over 1 million tonnes of longan in 2025, the Thai government is collaborating with the private sector to support farmers amid declining prices. The Ministry of Commerce is managing 151,000 tonnes through exports, domestic sales, and processing. Initiatives include exporting 15,000 tonnes, promoting local consumption via the Thai Fruit Festival, CSR-driven purchases, subsidised shipping, vending machine sales, and global outreach through 58 trade offices.

Two storms approaching northeast

Northeast Thailand is preparing for two storms expected to hit the region this September, according to weather forecasts. Local authorities have begun implementing emergency measures to protect residents and reduce potential damage. The storms are forecasted to bring heavy rainfall and strong winds, raising the risk of floods and landslides in vulnerable areas. Communities have been advised to remain vigilant and follow official guidance.

Thailand’s green tourism sets sustainability standard

On July 29, 2025, Thailand unveiled the Green Tourism Collections , featuring 20 eco-friendly travel routes across 10 designated Green Cities, including Chiang Mai, Krabi, and Bangkok. Developed by the Tourism Authority of Thailand (TAT), the initiative aims to align with European sustainability standards and cater to growing demand for low-impact travel, especially from EU and U.S. tourists. The routes promote environmental responsibility, cultural authenticity, and support for local businesses. Spanning both urban and rural areas, they encourage sustainable tourism practices while preserving Thailand’s natural and cultural heritage, in line with the 2030 Sustainable Tourism Goals.

Recent data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA) show that the Golden State’s nominal gross domestic product (GDP) reached about $4.1 trillion in 2024 .

California’s economic lift has been well known for years, but it wasn’t until April 2025 that the state officially overtook Japan. Governor Gavin Newsom’s office announced that California’s nominal GDP of $4.1 trillion was ahead of Japan’s $4.02 trillion and left California behind only the United States ($29.18 trillion), China ($18.74 trillion) and Germany ($4.65 trillion).

Newsweek confirmed the IMF and BEA figures, noting that the comparison places California fourth in global rankings. The state’s growth rate of 6 % in 2024 also outpaced the top three economies (U.S. 5.3 %, China 2.6 %, Germany 2.9 %).

Why California’s economy is so big

California is the largest sub‑national economy in the world. Finance, business services, government and manufacturing are among the most dominant sectors.

Major coastal cities like Los Angeles and San Francisco are centres for media (Hollywood), technology and trade, while the Central Valley’s agriculture industry produces over half of America’s fruits, vegetables and nuts.

California also hosts many of the world’s most valuable companies . Silicon Valley is home to Apple, Alphabet, Nvidia and scores of other technology giants, and 78 of the Fortune 100 companies are headquartered in the state. This concentration of innovation attracts venture capital and skilled labour, feeding a self‑reinforcing cycle of economic growth.

Governor Newsom attributes the state’s prosperity to investments in people, sustainability and innovation. California has been the top U.S. state for new business starts and access to venture capital, while also leading the nation in agricultural production.

More than 36,000 manufacturing firms employ about 1.1 million Californians . Even as production costs rise, these firms continue to create industries spanning aerospace, electronics and zero‑emission vehicles.

While California now sits above Japan, its position is not guaranteed. Japan’s economy is projected to rebound by about 4 % in 2025, and India, the world’s fastest‑growing large economy, is expected to continue climbing.

Governor Newsom’s office cautions that India could surpass California as early as 2026. Economic rankings can also shift due to currency fluctuations, recession or policy changes. For example, California’s ranking rose partly because Japan’s growth slowed in 2024, illustrating how relative performance matters.

According to the latest estimates from the International Monetary Fund (IMF) and the World Bank , countries exceeding the global PPP average span several regions.

In North America, the United States and Canada take the lead. In Europe, nearly all Western and Northern nations report above-average figures.

Across the Asia-Pacific, countries such as Singapore, Qatar, the United Arab Emirates, Saudi Arabia, Australia, Japan, and South Korea also surpass the benchmark. Argentina and Chile are among the few South American nations meeting the threshold, along with select Southeast Asian economies.

The highest performers include Luxembourg, with a GDP per capita at PPP of around $141,000, followed by Qatar at $128,000 and Singapore at $127,000. The United States is projected to reach $89,700, placing it among the top global economies.

Other consistently strong performers include Denmark, Norway, Australia, and the UAE. Meanwhile, populous nations such as China ($24,600), Malaysia ($36,400), and Russia ($44,100) also exceed the global average, though they fall in the lower range of above-average economies.

Experts highlight that using PPP rather than nominal GDP allows for better cross-country comparisons by accounting for differences in local price levels. A dollar in lower-cost economies like India or Vietnam stretches further than it would in high-cost nations like Switzerland or the U.S., offering a more realistic gauge of domestic purchasing power.

Despite surpassing the global benchmark for GDP per capita (PPP), many countries continue to grapple with significant internal inequalities . For instance, the United States, with a PPP GDP per capita of around $89,700, remains one of the most unequal developed economies, with the top 10% holding over 70% of national wealth.

Similarly, China, despite a per capita PPP GDP of about $24,600, faces stark rural-urban divides, with urban residents earning more than 2.5 times the income of rural citizens. In India, while the country’s PPP GDP per capita exceeds the global average, the top 1% of earners account for over 22% of total national income, underscoring widening wealth gaps (World Inequality Lab).

Economists emphasise that GDP per capita, particularly at PPP, can mask these disparities and fail to capture access to essential services such as healthcare, education, and digital infrastructure. Growth potential in emerging economies like India, China, and Indonesia depends heavily on policy efforts.

For example, India’s Digital India programme aims to expand internet connectivity and boost digital inclusion, especially in rural areas. In Indonesia, initiatives like Smart Indonesia Card provide conditional cash transfers to support school attendance in low-income families. Meanwhile, China’s Common Prosperity campaign seeks to address income inequality through wealth redistribution, higher rural investments, and taxation reform.

This landmark decision, confirmed during a joint summit and reported by Reuters , underscores the alliance’s heightened concern over geopolitical threats, particularly from Russia and China.

The newly released estimates for 2024 show that some member states are already pushing well beyond the old 2% goal.

Top NATO defence spenders in 2024 (by % of GDP)

This surge in military investment reflects a collective response to evolving security threats, especially in Eastern Europe, where Poland and the Baltic States are now on the front lines of NATO's strategic posture.

As reported by Reuters , NATO’s revised 5% defence target comes amid ongoing warfare in Ukraine, increased cyber threats, and growing instability in the Indo-Pacific region. Leaders emphasised the need for stronger deterrence and rapid military modernisation.

While the United States continues to dominate in raw military spending (with a massive global footprint), European allies like Poland, Estonia, and Latvia are now contributing a significantly higher percentage of their GDP toward defence.

Poland's 4.12% commitment reflects its proximity to Russia and Ukraine , as well as a massive military modernisation plan that includes purchasing U.S.-made Abrams tanks, F-35 fighter jets, and HIMARS missile systems.

At the lower end of the spectrum, Spain (1.28%), Slovenia (1.29%), Belgium (1.30%), and Canada (1.37%) remain below both the former 2% threshold and the new 5% goal. These nations may face growing pressure to accelerate defence reforms and increase contributions to NATO operations.

According to IMF projections for 2025 , Poland’s nominal GDP is set to hit $979 billion, outpacing the total economic output of Ukraine, Romania, Bulgaria, Belarus, Lithuania, Latvia, Estonia, and Moldova, which collectively reach $927 billion.

Here’s the breakdown:

Despite having only 38 million residents, Poland generates more output than these seven countries combined, which together are home to over 77 million people .

The contrast is even more staggering in GDP per capita: $26,800 in Poland versus an average of $13,300 among its neighbours.

This economic edge is no accident. Poland’s early integration into the European Union, coupled with sound institutions, investor confidence, and a robust manufacturing sector, has fuelled steady growth.

Meanwhile, many of the surrounding nations continue to wrestle with structural weaknesses, ranging from post-Soviet economic legacies and political instability to, in some cases, active conflict zones.

Poland’s position today marks a dramatic transformation from the 1990s and underlines its emergence as Eastern Europe ’s most dynamic economy.

Egypt received the highest amount of remittance inflows at $22.7 billion, followed by Nigeria with $19.8 billion and Morocco with $12 billion. Kenya ($4.8 billion) and Ghana ($4.6 billion) completed the top five rankings with strong annual growth rates.

Remittances create direct and immediate economic benefits for families and local communities, unlike other external financial sources. The money received through remittances typically finances important costs like education and healthcare while supporting small business initiatives when public services prove inadequate.

African nations received $100 billion in remittances during 2023, which constituted about 6% of their continent's GDP. World Bank reports show that remittance flows exceeded official development assistance, which amounted to $42 billion and surpassed foreign direct investment, which reached $48 billion.

Africa has seen remittance inflows increase by 57% during the last decade, while foreign direct investment experienced a 41% drop.

The expanding remittance gap stems from economic instability alongside climate migration and worldwide income inequalities. Remittances will play a central role in African development strategies as these trends persist.

This data happens to align with the African Development Bank's Macroeconomic Performance and Outlook report , which highlights the top 10 fastest-growing African economies between 2025 and 2026.

The continent's second-largest economy, Senegal, is forecasted to grow by 8.6% through its Grand Tortue Ahmeyim gas project . Uganda, which holds the 9th spot on the remittances list, is recorded as the third fastest-growing African economy with a 7.2% growth.

The global shadow economy, which comprises unreported and untaxed activities, now accounts for 11.8% of worldwide GDP, down from 17.7% in 2000.

Between 2000 and 2023, 119 out of 131 countries saw a decline in the size of their shadow economies, with an average reduction of 6.7% of GDP.

The most notable improvements occurred in low-income nations, where informal activity was more widespread. In contrast, high-income countries showed minimal change, largely because their shadow economies were already smaller and their economic conditions more stable.

This includes informal labour, under-the-table payments, small-scale trade, and illegal business operations. Though declining, this figure still represents trillions of dollars in economic activity operating outside the formal system.

The 10 countries with the highest shadow economy-to-GDP ratios:

Sierra Leone - 64.5%

Niger - 56.3%

Nepal - 51.0%

Ethiopia - 50.2%

Burundi - 49.2%

Mali - 46.8%

Tanzania - 44.7%

Burkina Faso - 43.8%

D.R. Congo - 42.1%

Mozambique - 39.8%

Though countries like Sierra Leone and Nepal are pursuing reforms to formalise their economies, including digital ID systems, mobile banking expansion, and simplified tax schemes, progress remains slow.

Experts argue that a balanced approach is necessary: recognising the economic necessity of informal work while gradually building inclusive pathways into the formal economy.

The World Bank’s Global Migration and Development Report highlights that in over 70 low- and middle-income countries, remittance inflows now exceed foreign direct investment (FDI). Unlike volatile capital flows, remittances tend to remain stable during global crises, making them essential to economic resilience.

The report also notes that remittance flows are increasingly channelled through digital platforms, boosting both convenience and transparency.

India tops the chart with $125 billion

India remains the undisputed leader in global remittances, receiving a record-breaking $125 billion from its diaspora across the world. This surge reflects both the size of the Indian expatriate workforce and the growing digitisation of cross-border money transfers.

India's remittance inflows are largely driven by Indian workers in the Gulf Cooperation Council (GCC) countries, the U.S., the U.K., and Canada. Many of these transfers go toward household consumption, healthcare, education, and small-scale investments.

Why this matters:

Top 10 remittance-receiving countries in 2025:

According to data visualised by World Visualized , here’s how the top countries rank by remittance inflows (in USD billions):

India – 125

Mexico – 67

China – 50

Philippines – 40

Pakistan – 26.6

Egypt – 24

Bangladesh – 23

Nigeria – 20.5

Germany – 20.4

Guatemala – 19.9

A map from The World in Maps highlights the ten largest economies of that year, measured by average GDP in U.S. dollars.

Top 10 economies by GDP in 1980:

United States – $2.86 trillion

Soviet Union (USSR) – $1.21 trillion

Japan – $1.10 trillion

West Germany – $920 billion

France – $691 billion

United Kingdom – $536 billion

Italy – $460 billion

Canada – $269 billion

Brazil – $235 billion

China – $226 billion

The United States led the pack by a wide margin, nearly doubling the GDP of the USSR, its Cold War rival. This dominance was attributed to America’s post-World War II industrial boom, global economic influence, innovation, and the strength of the dollar.

Japan, firmly in third place, was deep in its economic miracle phase, with its export-led economy transforming it into a manufacturing powerhouse. West Germany, France, and the UK followed, reflecting the strength of Western Europe ’s economies during the Cold War.

Surprisingly, China, now the world’s second-largest economy, barely cracked the top ten in 1980. Still largely agrarian and only beginning to reform under Deng Xiaoping, China’s GDP at the time was just $226 billion. The country now boasts a $17.79 trillion GDP .

Despite global challenges, some countries continue to lead the way in fostering environments that support happiness, community, and balance. Here’s a look at the top 10 happiest countries in the world in 2025:

1. Finland

For the eighth year in a row, Finland retains its top spot. The Nordic country is praised for its strong social safety nets, trust in government, low crime rates, and deep connection to nature. Finns also report high levels of personal freedom and life satisfaction.

2. Denmark

Denmark remains a close contender, thanks to its robust welfare system, work-life balance, and strong community ties. Citizens benefit from access to quality healthcare, education, and a sense of collective responsibility.

3. Iceland

With its stunning landscapes and close-knit communities, Iceland continues to rank highly. Low crime rates, strong gender equality, and high levels of trust in institutions contribute to Icelanders’ well-being.

4. Sweden

Sweden’s emphasis on equality, sustainability, and progressive social policies keeps it near the top. It ranks highly in personal freedoms and generosity, with citizens placing great value on community welfare.

6. Netherlands

The Dutch enjoy a strong sense of freedom, excellent infrastructure, and high levels of trust in their government. Their culture of openness, innovation, and community support contributes significantly to overall life satisfaction.

What makes a country happy?

The report underscores that happiness is not just about wealth—it’s about community, trust, equality, and access to opportunities. Nations that invest in education, healthcare, civic freedom, and social support systems consistently rank higher.

As the world continues to evolve post-pandemic and amid geopolitical challenges, these countries demonstrate that well-being remains a cornerstone of resilient societies.

China tops Asia's economic charts, with Japan and India following closely. Together, these three nations command a substantial 66.2% share of the continent’s economy. South Korea and Indonesia round out the top five, while the leading eight economies collectively account for 82% of Asia's total economic output. Conversely, Timor-Leste represents the smallest economy in the region.

Vietnam's GDP growth rate was projected to exceed 7% by the end of 2024, with an ambitious target of 8% GDP growth in 2025. This growth positions Vietnam among the top 15 largest economies in Asia. However, the country's Inflationary pressures are forecasted to be around 3.5%.

The outfit also forecasts that the ongoing trade tensions between major economies like the USA, Canada, the UK and Mexico may impact Asia's export-driven economies.

Asia's biggest economies are expected to drive growth in 2025, with emerging economies like Vietnam and Indonesia playing increasingly important roles.

Based on real GDP measured in 2021 U.S. dollars, the outfit's analysis anticipates the following rankings for the world's largest economies by 2075:

These projections suggest a notable shift, with emerging economies such as Indonesia, Nigeria, Pakistan, and Egypt rising to prominence alongside established economic powers.

Countries like Nigeria, Pakistan, and Egypt are projected to experience substantial population growth, which will lead to larger workforces and increased economic output.

It's important to note that these projections are based on current data and trends. Unforeseen events, policy changes, and global economic shifts could alter these trajectories.

Brazil and Mexico stand as the undisputed economic giants of Latin America.

With a GDP of $2.331 trillion, Brazil is the largest economy in Latin America, accounting for over 51% of the region's GDP. According to the World Bank's 2023 report , the country's GDP is driven by a huge labour market and fiscal transfers.

On the other hand, Mexico's Gross Domestic Product (GDP) is $2,017 trillion, with a nominal GDP of $9,946. The industrial sector, which encompasses manufacturing, mining, oil, and gas, has contributed roughly 25% to 35% of Mexico's GDP over the past 35 years, remaining relatively consistent.

Beyond the economic giants, Brazil and Mexico, Argentina, Colombia, and Chile form the next tier of significant economies in Latin America.

Argentina's GDP is $604.3 billion, and the country's service and manufacturing industries are responsible for this huge figure.

Colombia has consistently demonstrated steady economic growth, driven by prudent fiscal policies, investments in infrastructure, and a thriving services sector. The country's economic progress has been remarkable; its GDP is $386.1 billion.

Chile is described as one of the most developed economies in Latin America. The mining powerhouse has a GDP of $333.8 billion. This is multiplied by a strong mining sector pushed by copper, gold, and other minerals.

"In 2024, the forecast for international tourists is around 94 million, marking a 10 percent increase compared to 2023, which was already a record year," Hereu stated during a press conference in Madrid.

The surge in visitors also brought significant economic gains, with foreign tourists spending an estimated €126 billion ($130 billion) in 2024—a 16 percent rise from the previous year. Spain's growth rates have remained robust, outpacing much of the sluggish eurozone economy, driven in part by strong tourism performance.

However, the tourism boom has sparked tensions in popular destinations. Locals in hotspots such as Barcelona and Malaga have voiced concerns about rising rents and the transformation of their neighbourhoods due to an influx of visitors.

In response, both cities have introduced measures to regulate short-term tourist rentals, aiming to mitigate public discontent and curb skyrocketing housing prices.

Nigeria’s National Bureau of Statistics (NBS) says this change will give a clearer picture of the country’s economy.

“There are economic activities that have no legal backing,” Moses Waniko, a senior official at the NBS told Agence France-Presse

Citing prostitution as an example, he told the AFP, “These activities bring in income, and sometimes the people involved live better than those in the formal sector. The income earned impacts the formal economy.”

Nigeria, which was once Africa’s largest economy, is now ranked fourth behind South Africa, Egypt, and Algeria, according to the International Monetary Fund .

The last time Nigeria revised its GDP was in 2010. This new calculation will use 2019 as the base year and include new sectors such as the digital economy, health, social insurance, pensions, modular refineries, mining , and households employing workers.

Waniko said the changes are likely to show that Nigeria’s economy is bigger than currently estimated. “We expect the size of the economy will be bigger,” he said.

He added that the tax-to-GDP ratio and debt-to-GDP ratio could improve with a bigger GDP. Nigeria’s debt-to-GDP ratio was 18.5% in September 2019. Per-capita income may also rise after the rebasing.

Waniko noted that the crude oil sector now contributes less to the economy. It has dropped from third place to fifth. Agriculture and trade remain the top sectors, while real estate is now in third place.

This impressive figure is largely driven by China's massive economic output .

As the largest economy within the BRICS framework, China’s GDP stands at around $17.96 trillion. This positions China as a central pillar within the group, contributing significantly to the overall economic strength of BRICS.

India follows with a GDP of approximately $3.39 trillion. India's economy has been growing rapidly, and it is expected to continue this trend, potentially surpassing other major economies in the coming years.

Russia's GDP is about $2.24 trillion. The country’s economy is heavily influenced by its energy sector, particularly oil and gas exports, which play a crucial role in its economic performance.

Brazil's GDP is around $1.92 trillion. Despite facing economic challenges in recent years, Brazil remains a key player in the BRICS alliance due to its vast natural resources and large market of billionaires.

BRICS' newest member, Saudi Arabia also boasts a GDP of $1.92 trillion. The Kingdom's economy is largely driven by its oil sector, but it is also making significant strides in diversifying its economic activities.

South Africa on the other hand has a GDP of approximately $0.41 trillion. Despite its smaller size, South Africa is a vital member due to its strategic importance and role as a gateway to the African continent.

The BRICS countries collectively represent a significant portion of the world's economic activity. Their combined GDP is nearly on par with that of the United States, which stands at around $26.94 trillion.

This economic power allows the BRICS nations to exert considerable influence on global economic policies and trends.

Below is a list of the 5 largest economies in Africa:

South Africa

South Africa leads the list with a GDP of $373.3 billion. As Africa's most industrialized nation, it continues to dominate the continent's economic landscape. The country's diverse economy, which includes mining, manufacturing, and services, plays a significant role in maintaining its top position.

Egypt

Egypt follows closely with a GDP of $347.5 billion. Despite recent economic challenges, including currency devaluations, Egypt remains a key player in Africa's economy. Its strategic location and robust sectors such as tourism, agriculture, and manufacturing contribute to its economic resilience.

Algeria

Algeria ranks third with a GDP of $266.7 billion. The country's economy relies heavily on hydrocarbons, with oil and gas exports being the primary revenue sources. Efforts to diversify the economy are ongoing to reduce dependence on the energy sector.

Nigeria

Nigeria, with a GDP of $252.7 billion, is Africa's fourth-largest economy. Known for its vast oil reserves, Nigeria's economy has faced challenges due to fluctuating oil prices and currency devaluation. However, sectors like agriculture, telecommunications, and services are contributing to its economic diversification.

Ethiopia

Ethiopia rounds out the top five with a GDP of $205 billion. The country's rapid economic growth is driven by sectors such as agriculture, construction, and services. Ethiopia's ambitious infrastructure projects and industrialisation efforts are key factors in its economic expansion.

Some economies have leveraged manufacturing sectors to drive economic growth, create jobs, and enhance global competitiveness.

According to data from Our World in Data , here are the top 5 economies where manufacturing holds the highest share of GDP:

Despite global economic uncertainties and domestic challenges, Zheng emphasised that the fundamentals of China's economy remain robust.

"The National Holiday that just concluded saw strong market consumption, and we are fully confident in achieving the goals of economic and societal development for the year. We are also fully confident in maintaining stable, healthy and sustainable development. This is the first aspect of my briefing to you today," Zheng said.

He further stated "Overall, when we look at the current development, and the development forecast, the fundamentals of our country's economic development have not changed. With the continued release of various policies, particularly incremental packages, market expectations have recently significantly improved."

In September, China unveiled a range of stimulus measures aimed at boosting economic activity. These measures included tax cuts, increased infrastructure spending, and policies to support small and medium-sized enterprises.

The announcement of these initiatives led to a surge in stock market performance, reflecting investor optimism about China's economic prospects.

Interestingly, Zheng noted that there would be no need for additional large-scale fiscal spending for the remainder of the year. "The Chinese economy isn't in a crisis," he said, "and we don't need to announce a large fiscal spending package to help China hit its GDP target".

The country has set an ambitious growth target of 5% for 2024. According to the National Bureau of Statistics, China's GDP grew 4.7% in the second quarter and 5.3% in the first three months of 2024.

By 2016, China’s GDP per capita had soared to $8,117.27, a remarkable 41-fold increase. This growth surpassed nearly all African countries except for Equatorial Guinea, which had a GDP per capita of $9,217.89 (though its wealth is highly unevenly distributed), and the Seychelles at $15,060.99.

In contrast, Uganda and Guinea-Bissau had significantly improved their economic standings by 2016. Uganda’s GDP per capita rose to $580.38, marking nearly a six-fold increase, while Guinea-Bissau’s reached $648.90, a nearly fivefold improvement. 

Despite its rapid growth , China’s GDP per capita in 2016 remained slightly lower than Mexico's $8,443.69 and Russia's $8,748.37. It still lagged far behind higher-income nations, with the US at $57,588.54, Australia at $49,896.68, Canada at $42,348.95, and the UK at $40,412.03.

Recent data from the IMF's April 2024 World Economic Outlook report shows that China's GDP per capita is $13,136 (nominal).

“Uganda has been awarded a recognition award of best investment destination in Africa,” she said.

Over the past two years, Uganda has attracted over $1 billion in Foreign Direct Investment (FDI) from the UAE alone, showcasing the international business community's growing confidence in the nation's economy.

The country's strategic approach to attracting FDI has been diverse. It has focused on establishing a stable business environment characterised by reliable electricity, efficient transportation infrastructure, tax incentives, and high-quality internet connectivity. These elements have been crucial in positioning Uganda as a top investment hub on the continent.

The World Bank has also recognised Uganda's economic prospects, projecting an increase in the country's GDP growth from 5.3% in 2023 to 6.0% in 2024 despite Western sanctions. This growth is partly fuelled by FDI and contributes over 4% to Uganda's GDP.

Sanctions from the West

Uganda has faced a series of sanctions from Western countries, primarily the United States and the United Kingdom. These sanctions have been imposed due to various concerns, including human rights violations and corruption.

The US has targeted individuals and entities in Uganda for their alleged involvement in human rights abuses and corruption. For instance, the US Treasury Department in 2022 sanctioned a Belgian businessman, Alain Goetz, behind African Gold Refinery (AGR), a Ugandan-based company as it accused him of contributing to armed conflict through illicit gold trade from the Democratic Republic of the Congo.

In April 2024, the UK also imposed sanctions on Ugandan politicians, including the Speaker of Parliament, Anita Annet Among over allegations of corruption and stealing from vulnerable communities. This move was part of the UK's Global Anti-Corruption Sanctions regime.

Despite these sanctions, Uganda's economy is projected to grow. The World Bank predicts an increase in Uganda's GDP growth partly due to infrastructure investments ahead of new oil production in 2025.

The president of Uganda, Yoweri Museveni , has also stated that US economic sanctions will not derail the country's economy, emphasising Uganda's resilience and self-reliance.

Nigeria was placed 5 th after countries like China, India, the U.S., and Indonesia which are projected to lead world economies.

The West African country’s position puts it ahead of Pakistan, Egypt , Brazil, Germany, and the UK respectively.

The estimations were made based on long-term real exchange rate projections to predict the real U.S. Dollar value of major economies over time.

Per their projections, China will take over the US as the world’s largest economy by 2035, and by 2050, the world's largest economies will be China, the U.S., India, Indonesia , and Germany.