Largest economy

In terms of Gross Domestic Product (GDP), the USA has the largest economy, with a figure of $22.94 trillion (£16.75 trillion) as of October 2021, according to the International Monetary Fund World Economic Outlook. In terms of real GDP growth, the USA experienced a 6% increase on 2020 levels.

Another method of comparing global economic statistics is to compare purchasing power parity (PPP) exchange rate, which the IMF defines as: “The rate at which the currency of one country would have to be converted into that of another country to buy the same amount of goods and services in each country.” This evaluates the disparity in prices charged in different countries for the same item. The IMF gives an example of a hamburger costing £2 in London but $4 in New York City, giving a PPP exchange rate of £1 to $2. In terms of the USA’s share of global GDP adjusted for PPP, China leads the world with 18.72%, followed by the USA on 15.86%, as of October 2021.