In 2021, Japan’s real GDP grew at a rate of 1.8% over the previous year and became a $6,096 billion economy
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
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. 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.
Overview of Japan’s Real GDP Growth
Japan is the second-largest economy in Asia and the third-largest in the world. In 2021, Japan’s real GDP grew 1.8% over the previous year and became a $6.1 trillion economy. Between 2010 and 2021, Japan's economy expanded by CAGR of 0.5%. However, increased COVID-19 cases, rising inflation, and conflict between Russia and Ukraine dimmed Japan's growth outlook.
Factors Affecting the Global Economy
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several significant corporations have ceased operations there.
Rising Inflation and Interest Rates:
The inflation rate in developing and advanced economies have been rising, causing central banks to tighten monetary policy and raise interest rates to control price rises. However, a sustained rise in interest rates could push some economies into financial distress.
A rise in COVID-19 cases:
More cases have been reported globally due to Omicron, a new COVID-19 variant, which has disrupted supply chain management. However, the worldwide vaccination campaign has decreased COVID-19 fatalities.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer