In 2021, France's real GDP rose 7% over the previous year and reached $2,927 billion
China is one of the fastest-growing economies in the world, with an annual real GDP growth rate of 8%
COVID-19, the Russia-Ukraine war, and rising inflation have caused a slowdown in the global economic growth
Overview of France’s Real GDP Growth
France is the second-largest economy in Europe after Germany. In 2021, France's real GDP rose 7% over the previous year and reached $2.9 trillion. France's real GDP increased by a CAGR of 0.9% between 2010 to 2021. France's future growth was hampered due to the rise in COVID-19 cases, rising inflation, and the conflict between Russia and Ukraine.
Outlook on Global Economy Growth
Real GDP growth is GDP’s annual percentage growth rate at market prices based on constant local currency.
The US, China, Japan, Germany, and India are the world's top five economies in terms of real GDP. The US is the largest economy in the world, followed by China. In 2021, the US real GDP grew at a rate of 5.7% over the previous year and became an $18.7 trillion economy. The US real GDP grew at a CAGR of 2.0% between 2010 and 2021. China is one of the fastest-growing economies in the world, with an annual real GDP growth rate of 8%; it grew at a CAGR of 7% between 2010 and 2021. In 2021, India’s annual real GDP growth rate was 9% and grew at a CAGR of 5% between 2010 and 2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
Russia-Ukraine war:
A prolonged conflict between Russia and Ukraine will continue to affect global economic growth. Investment and trade have been adversely affected due to the war as economic sanctions have been imposed on Russia, and several big companies have stopped their operations in the country.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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