Global gross domestic product (GDP) 2029

The statistic shows global gross domestic product (GDP) from 1985 to 2022, with projections up until 2029. In 2020, global GDP amounted to about 85.26 trillion U.S. dollars, two and a half trillion lower than in 2019. 

Gross domestic product

Gross domestic product, also known as GDP, is the accumulated value of all finished goods and services produced in a country, often measured annually. GDP is significant in determining the economic health, growth and productivity in the country, and is a stat often used when comparing several countries at a time, most likely in order to determine which country has seen the most progress. Until 2020, Global GDP had experienced a growth every year since 2010.

However, a strong growth rate does not necessarily lead to all positive outcomes and often has a negative effect on inflation rates. A severe growth in GDP leads to lower unemployment, however lower unemployment often leads to higher inflation rates due to demand increasing at a much higher rate than supply and as a result prices rise accordingly. In terms of unemployment, growth had been fairly stagnant since the economic downturn of 2007-2009, but it remains to be seen what the total impact of the coronavirus pandemic will be on total employment.