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Map of world countries by nominal GDP (Image by باسم)

2015 World GDP dominated by few countries

The global GDP has continued its slow growth in 2015, with China, India and the US accounting for nearly 80 percent of world economic growth.

The three wealthiest economies, the US, Japan and the Eurozone, have commonly dominated economic growth, but Japan and the Eurozone have both struggled to recover from recession between 2011 and 2014. The Eurozone’s year-on-year growth in the first quarter of 2015 measured 1.1 percent, compared to 0.9 percent in the final quarter of 2014, making slow recovery.

China and India are among the emerging markets responsible for a large boost in economic recovery. They belong to the group known as the G20 which controls 85 percent of the global GDP, as well as three-quarters of world trade.

Conflict has heavily affected economic prosperity throughout the globe. The Australia-based Institute for Economics and Peace (IEP) released a report on Wednesday stating that the cost of conflict in 2014 had reached a record 13.4 percent of the world GDP.

This amounts to 14.3 trillion US-dollars, the equivalent of the GDPs of Brazil, Canada, France, Germany, Spain and the United Kingdom combined, according to the report. It includes the cost of refugees and police force.

 

Elisabeth Brahier

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