In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.
When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).
Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.
Estimated pre-Second World War gross domestic product (GDP) of selected countries, territories, and regions in 1938
(in billion 1990 international dollars)
For several countries, affiliations to the Allied and Axis powers changed over the course of the war - for display purposes the categories chosen here are based on historical consensus and which side they spent most of the war fighting for.
*Excluding Manchuria.
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University of Warwick. (January 1, 1998). Estimated pre-Second World War gross domestic product (GDP) of selected countries, territories, and regions in 1938 (in billion 1990 international dollars) [Graph]. In Statista. Retrieved December 09, 2024, from https://www.statista.com/statistics/1334182/wwii-pre-war-gdp/
University of Warwick. "Estimated pre-Second World War gross domestic product (GDP) of selected countries, territories, and regions in 1938 (in billion 1990 international dollars)." Chart. January 1, 1998. Statista. Accessed December 09, 2024. https://www.statista.com/statistics/1334182/wwii-pre-war-gdp/
University of Warwick. (1998). Estimated pre-Second World War gross domestic product (GDP) of selected countries, territories, and regions in 1938 (in billion 1990 international dollars). Statista. Statista Inc.. Accessed: December 09, 2024. https://www.statista.com/statistics/1334182/wwii-pre-war-gdp/
University of Warwick. "Estimated Pre-second World War Gross Domestic Product (Gdp) of Selected Countries, Territories, and Regions in 1938 (in Billion 1990 International Dollars)." Statista, Statista Inc., 1 Jan 1998, https://www.statista.com/statistics/1334182/wwii-pre-war-gdp/
University of Warwick, Estimated pre-Second World War gross domestic product (GDP) of selected countries, territories, and regions in 1938 (in billion 1990 international dollars) Statista, https://www.statista.com/statistics/1334182/wwii-pre-war-gdp/ (last visited December 09, 2024)
Estimated pre-Second World War gross domestic product (GDP) of selected countries, territories, and regions in 1938 (in billion 1990 international dollars) [Graph], University of Warwick, January 1, 1998. [Online]. Available: https://www.statista.com/statistics/1334182/wwii-pre-war-gdp/