A recent study by Visual Capitalist has ranked Nigeria as the biggest economy in Africa ahead of the likes of Egypt at 35th position with a GDP of N436b and South Africa at 36th position with a GDP of $426bn.
Nigeria was also named the 31st biggest economy in the world.
With a Gross Domestic Product (GDP) of $511 billion, Nigeria towers above the likes of Singapore, United Arab Emirates (UAE), Denmark, New Zealand, Chile, and others.
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The United States still remains the world’s economic leader worldwide, with a GDP of $25.3 trillion—making up nearly one-quarter of the global economy. The US is closely followed by China with a $19.9 trillion GDP.
While China’s GDP growth has slowed in recent years, projections still indicate that the country will overtake the US by 2030, dethroning the world’s economic leader.
Japan with a GDP of $4.9 trillion is in the third position. Germany, $4.3 trillion, United Kingdom $3.4 trillion make the top 5 biggest economies in the world.
“Although growth keeps trending upwards, the recovery that was expected in the post-pandemic period is looking strained. Because of recent conflicts, supply chain bottlenecks, and subsequent inflation, global economic projections are getting revised downwards.
Global annual GDP growth for 2022 was initially projected to be 4.4% as of January, but this has since been adjusted to 3.6%” the report stated.
The frontrunner in Europe is Germany at $4.3 trillion, with the UK coming in second place. One significant change since the last reported figures is that Brazil now cracks the top 10, having surpassed South Korea. Russia falls just outside, in 11th place, with a GDP of $1.8 trillion.
Screenshots of the ranking below;