IMF: Global GDP to increase by $2.8 trillion this year
According to the estimates of the International Monetary Fund (IMF), the gross domestic product (GDP) of 186 countries will increase by $2.8 trillion – nearly 4 percent – in 2016, reaching a total of $75 trillion.
The highest national income increase is expected to be in China, which worries global economies with its growth rates and currency devaluations. China's national income will increase by $869 billion to $12.3 trillion this year, compared to 2015. The United States will follow, with an increase of $729 billion according to the IMF, which is followed by India with a $202 billion increase. The U.K.'s GDP will increase by $189 billion, while Germany's GDP is forecasted to rise by $101 billion.
The national incomes of 16 countries are expected to decrease this year with the highest drop expected in Brazil – an estimated $126 billion – followed by Russia with $56 billion and Kazakhstan by $21 billion. The total economic contraction in these 16 countries will amount to $238.3 billion.
The IMF's 2016 estimates for the GDP seem not to have changed, as the U.S. still has the highest national income at $18.7 trillion, followed by China with $12.3 trillion. Japan comes in third with $4.2 trillion, followed by Germany with $3.5 trillion and the U.K. with $3.1 trillion.
The total national income of the top five countries; the U.S., China, Japan, Germany and the U.K., is expected to reach $41.7 trillion in 2016, which amounts to 55 percent of the world's national income. Despite a $1 million increase from last year, the southern Pacific island nation of Tuvalu has the lowest national income in the world at $35 million. Turkey is listed in 18th with an expected GDP of roughly $721 billion in 2016.
The highest national income increase is expected to be in China, which worries global economies with its growth rates and currency devaluations. China's national income will increase by $869 billion to $12.3 trillion this year, compared to 2015. The United States will follow, with an increase of $729 billion according to the IMF, which is followed by India with a $202 billion increase. The U.K.'s GDP will increase by $189 billion, while Germany's GDP is forecasted to rise by $101 billion.
The national incomes of 16 countries are expected to decrease this year with the highest drop expected in Brazil – an estimated $126 billion – followed by Russia with $56 billion and Kazakhstan by $21 billion. The total economic contraction in these 16 countries will amount to $238.3 billion.
The IMF's 2016 estimates for the GDP seem not to have changed, as the U.S. still has the highest national income at $18.7 trillion, followed by China with $12.3 trillion. Japan comes in third with $4.2 trillion, followed by Germany with $3.5 trillion and the U.K. with $3.1 trillion.
The total national income of the top five countries; the U.S., China, Japan, Germany and the U.K., is expected to reach $41.7 trillion in 2016, which amounts to 55 percent of the world's national income. Despite a $1 million increase from last year, the southern Pacific island nation of Tuvalu has the lowest national income in the world at $35 million. Turkey is listed in 18th with an expected GDP of roughly $721 billion in 2016.
Last Update: January 18, 2016 21:54