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Ranked: Number of Agricultural Workers by Country

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agricultural workers in the most populated countries

Ranked: Number of Agricultural Workers by Country

Agriculture has long been the backbone of human civilization, providing sustenance and livelihood to billions of people across the globe.

As of 2021, an estimated 27% of the global workforce was employed in agriculture, though the sector represents only 4% of global GDP.

The graphic above uses 2019 employment and population data from the World Bank to rank the distribution of agricultural workers in the world’s most populated countries.

Asia and Africa Have the Most Agricultural Workers

Being the most populous countries, India and China lead the ranking with 272 million and 229 million people employed in agriculture, respectively:

RankCountryAgricultural Workers
(2019)
% of Total
Workers
1๐Ÿ‡ฎ๐Ÿ‡ณ India 272M43%
2๐Ÿ‡จ๐Ÿ‡ณ China 229M25%
3๐Ÿ‡ช๐Ÿ‡น Ethiopia 59M66%
4๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia 51M29%
5๐Ÿ‡ต๐Ÿ‡ฐ Pakistan 40M36%
6๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria 40M35%
7๐Ÿ‡จ๐Ÿ‡ฉ DRC36M63%
8๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh 36M39%
9๐Ÿ‡น๐Ÿ‡ฟ Tanzania32M65%
10๐Ÿ‡ป๐Ÿ‡ณ Vietnam 27M38%
11๐Ÿ‡ฐ๐Ÿ‡ช Kenya19M53%
12๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar16M50%
13๐Ÿ‡น๐Ÿ‡ญ Thailand15M32%
14๐Ÿ‡ต๐Ÿ‡ญ Philippines15M23%
15๐Ÿ‡ง๐Ÿ‡ท Brazil11M9%
16๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico9M12%
17๐Ÿ‡ช๐Ÿ‡ฌ Egypt 8M20%
18๐Ÿ‡น๐Ÿ‡ท Tรผrkiye7M18%
19๐Ÿ‡ฎ๐Ÿ‡ท Iran6M18%
20๐Ÿ‡ท๐Ÿ‡บ Russia 5M6%
21๐Ÿ‡บ๐Ÿ‡ธ U.S.3M2%
22๐Ÿ‡ฏ๐Ÿ‡ต Japan3M4%
23๐Ÿ‡ซ๐Ÿ‡ท France0.9M3%
24๐Ÿ‡ฉ๐Ÿ‡ช Germany0.6M1%
25๐Ÿ‡ฌ๐Ÿ‡ง UK0.4M1%

Though countries in Africa have fewer agricultural workers, they have a far greater share of agriculture in employment. Ethiopia (66%) and Tanzania (65%) had the highest share of agricultural workers amongst the most populated countries, with other low income and lower-middle income African countries close behind.

In fact, McKinsey estimates that more than 60% of sub-Saharan Africa’s entire population consists of smallholder farmers, with about 23% of sub-Saharan Africaโ€™s GDP coming directly from agriculture.

In contrast, agriculture represents significantly less employment in high-income countries. The U.S. and Japan both have an estimated 3 million agricultural workers, accounting for only 3% and 4% of the total employed population, respectively.

In terms of gender balance, women on average represent 37% of all agricultural workers, with a majority share in just 20 countries within Africa and Asia.

Evolution of Agricultural Jobs Over Time

Over the past century, agricultural workers have declined in number due to technological advances, urban migration, land use changes, and economic diversification.

global workforce in agriculture

Source: FAO

However, they still represent a quarter of the global workforce and even with the modernization of agriculture, workers are still necessary to meet a growing demand.

For instance, a study in Bioscience has suggested that agricultural production will need to increase by at least 25% to meet the food demands of the world’s population by 2050.

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Economy

Visualizing the $105 Trillion World Economy in One Chart

How much does each country contribute to the $105 trillion world economy in 2023, and what nations are seeing their nominal GDPs shrink?

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A chart showing the breakup of the world economy, organized by the size of each country's gross domestic product.

Visualizing the $105 Trillion World Economy in One Chart

By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.

In nominal terms, that’s a 5.3% increase in global GDP. In inflation-adjusted terms, that would be a 2.8% increase.

โ„น๏ธ Gross Domestic Product (GDP) measures the total value of economic outputโ€”goods and servicesโ€”produced within a given time frame by both the private and public sectors. All numbers used in this article, unless otherwise specified, are nominal figures, and do not account for inflation.

The year started with turmoil for the global economy, with financial markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most countries. Nevertheless, some economies have proven to be resilient, and are expected to register growth from 2022.

Ranking Countries by Economic Size in 2023

The U.S. is expected to continue being the biggest economy in 2023 with a projected GDP of $26.9 trillion for the year. This is more than the sum of the GDPs of 174 countries ranked from Indonesia (17th) to Tuvalu (191st).

China stays steady at second place with a projected $19.4 trillion GDP in 2023. Most of the top-five economies remain in the same positions from 2022, with one notable exception.

India is expected to climb past the UK to become the fifth-largest economy with a projected 2023 GDP of $3.7 trillion.

Hereโ€™s a look at the size of every countryโ€™s economy in 2023, according to IMFโ€™s estimates.

RankCountryGDP (USD)% of Total
1๐Ÿ‡บ๐Ÿ‡ธ U.S.$26,855B25.54%
2๐Ÿ‡จ๐Ÿ‡ณ China$19,374B18.43%
3๐Ÿ‡ฏ๐Ÿ‡ต Japan$4,410B4.19%
4๐Ÿ‡ฉ๐Ÿ‡ช Germany$4,309B4.10%
5๐Ÿ‡ฎ๐Ÿ‡ณ India$3,737B3.55%
6๐Ÿ‡ฌ๐Ÿ‡ง UK$3,159B3.00%
7๐Ÿ‡ซ๐Ÿ‡ท France$2,923B2.78%
8๐Ÿ‡ฎ๐Ÿ‡น Italy$2,170B2.06%
9๐Ÿ‡จ๐Ÿ‡ฆ Canada$2,090B1.99%
10๐Ÿ‡ง๐Ÿ‡ท Brazil$2,081B1.98%
11๐Ÿ‡ท๐Ÿ‡บ Russia$2,063B1.96%
12๐Ÿ‡ฐ๐Ÿ‡ท South Korea$1,722B1.64%
13๐Ÿ‡ฆ๐Ÿ‡บ Australia$1,708B1.62%
14๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$1,663B1.58%
15๐Ÿ‡ช๐Ÿ‡ธ Spain$1,492B1.42%
16๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$1,392B1.32%
17๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$1,081B1.03%
18๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia$1,062B1.01%
19๐Ÿ‡น๐Ÿ‡ท Tรผrkiye$1,029B0.98%
20๐Ÿ‡จ๐Ÿ‡ญ Switzerland$870B0.83%
21๐Ÿ‡น๐Ÿ‡ผ Taiwan$791B0.75%
22๐Ÿ‡ต๐Ÿ‡ฑ Poland$749B0.71%
23๐Ÿ‡ฆ๐Ÿ‡ท Argentina$641B0.61%
24๐Ÿ‡ง๐Ÿ‡ช Belgium$624B0.59%
25๐Ÿ‡ธ๐Ÿ‡ช Sweden$599B0.57%
26๐Ÿ‡ฎ๐Ÿ‡ช Ireland$594B0.57%
27๐Ÿ‡น๐Ÿ‡ญ Thailand$574B0.55%
28๐Ÿ‡ณ๐Ÿ‡ด Norway$554B0.53%
29๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$539B0.51%
30๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$516B0.49%
31๐Ÿ‡ฆ๐Ÿ‡น Austria$515B0.49%
32๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria$507B0.48%
33๐Ÿ‡ฆ๐Ÿ‡ช UAE$499B0.47%
34๐Ÿ‡ป๐Ÿ‡ณ Vietnam$449B0.43%
35๐Ÿ‡ฒ๐Ÿ‡พ Malaysia$447B0.43%
36๐Ÿ‡ต๐Ÿ‡ญ Philippines$441B0.42%
37๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh$421B0.40%
38๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$406B0.39%
39๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$399B0.38%
40๐Ÿ‡ช๐Ÿ‡ฌ Egypt$387B0.37%
41๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong$383B0.36%
42๐Ÿ‡ฎ๐Ÿ‡ท Iran$368B0.35%
43๐Ÿ‡จ๐Ÿ‡ฑ Chile$359B0.34%
44๐Ÿ‡ท๐Ÿ‡ด Romania$349B0.33%
45๐Ÿ‡จ๐Ÿ‡ด Colombia$335B0.32%
46๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic$330B0.31%
47๐Ÿ‡ซ๐Ÿ‡ฎ Finland$302B0.29%
48๐Ÿ‡ต๐Ÿ‡ช Peru$268B0.26%
49๐Ÿ‡ฎ๐Ÿ‡ถ Iraq$268B0.25%
50๐Ÿ‡ต๐Ÿ‡น Portugal$268B0.25%
51๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$252B0.24%
52๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan$246B0.23%
53๐Ÿ‡ฌ๐Ÿ‡ท Greece$239B0.23%
54๐Ÿ‡ถ๐Ÿ‡ฆ Qatar$220B0.21%
55๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria$206B0.20%
56๐Ÿ‡ญ๐Ÿ‡บ Hungary$189B0.18%
57๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait$165B0.16%
58๐Ÿ‡ช๐Ÿ‡น Ethiopia$156B0.15%
59๐Ÿ‡บ๐Ÿ‡ฆ Ukraine$149B0.14%
60๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco$139B0.13%
61๐Ÿ‡ธ๐Ÿ‡ฐ Slovak
Republic
$128B0.12%
62๐Ÿ‡ช๐Ÿ‡จ Ecuador$121B0.12%
63๐Ÿ‡ฉ๐Ÿ‡ด Dominican
Republic
$121B0.12%
64๐Ÿ‡ต๐Ÿ‡ท Puerto Rico$121B0.11%
65๐Ÿ‡ฐ๐Ÿ‡ช Kenya$118B0.11%
66๐Ÿ‡ฆ๐Ÿ‡ด Angola$118B0.11%
67๐Ÿ‡ด๐Ÿ‡ฒ Oman$105B0.10%
68๐Ÿ‡ฌ๐Ÿ‡น Guatemala$102B0.10%
69๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria$101B0.10%
70๐Ÿ‡ป๐Ÿ‡ช Venezuela$97B0.09%
71๐Ÿ‡บ๐Ÿ‡ฟ Uzbekistan$92B0.09%
72๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg$87B0.08%
73๐Ÿ‡น๐Ÿ‡ฟ Tanzania$85B0.08%
74๐Ÿ‡น๐Ÿ‡ฒ Turkmenistan$83B0.08%
75๐Ÿ‡ญ๐Ÿ‡ท Croatia$79B0.08%
76๐Ÿ‡ฑ๐Ÿ‡น Lithuania$78B0.07%
77๐Ÿ‡จ๐Ÿ‡ท Costa Rica$78B0.07%
78๐Ÿ‡บ๐Ÿ‡พ Uruguay$77B0.07%
79๐Ÿ‡ต๐Ÿ‡ฆ Panama$77B0.07%
80๐Ÿ‡จ๐Ÿ‡ฎ Cรดte d'Ivoire$77B0.07%
81๐Ÿ‡ท๐Ÿ‡ธ Serbia$74B0.07%
82๐Ÿ‡ง๐Ÿ‡พ Belarus$74B0.07%
83๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan$70B0.07%
84๐Ÿ‡จ๐Ÿ‡ฉ DRC$69B0.07%
85๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia$68B0.06%
86๐Ÿ‡ฌ๐Ÿ‡ญ Ghana$67B0.06%
87๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar$64B0.06%
88๐Ÿ‡ฏ๐Ÿ‡ด Jordan$52B0.05%
89๐Ÿ‡น๐Ÿ‡ณ Tunisia$50B0.05%
90๐Ÿ‡บ๐Ÿ‡ฌ Uganda$50B0.05%
91๐Ÿ‡จ๐Ÿ‡ฒ Cameroon$49B0.05%
92๐Ÿ‡ฑ๐Ÿ‡ป Latvia$47B0.05%
93๐Ÿ‡ธ๐Ÿ‡ฉ Sudan$47B0.04%
94๐Ÿ‡ฑ๐Ÿ‡พ Libya$46B0.04%
95๐Ÿ‡ง๐Ÿ‡ด Bolivia$46B0.04%
96๐Ÿ‡ง๐Ÿ‡ญ Bahrain$45B0.04%
97๐Ÿ‡ต๐Ÿ‡พ Paraguay$43B0.04%
98๐Ÿ‡ณ๐Ÿ‡ต Nepal$42B0.04%
99๐Ÿ‡ช๐Ÿ‡ช Estonia$42B0.04%
100๐Ÿ‡ฒ๐Ÿ‡ด Macao$36B0.03%
101๐Ÿ‡ญ๐Ÿ‡ณ Honduras$34B0.03%
102๐Ÿ‡ธ๐Ÿ‡ป El Salvador$34B0.03%
103๐Ÿ‡ต๐Ÿ‡ฌ Papua
New Guinea
$33B0.03%
104๐Ÿ‡ธ๐Ÿ‡ณ Senegal$31B0.03%
105๐Ÿ‡จ๐Ÿ‡พ Cyprus$31B0.03%
106๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia$31B0.03%
107๐Ÿ‡ฟ๐Ÿ‡ผ Zimbabwe$30B0.03%
108๐Ÿ‡ฟ๐Ÿ‡ฒ Zambia$29B0.03%
109๐Ÿ‡ฎ๐Ÿ‡ธ Iceland$29B0.03%
110๐Ÿ‡ง๐Ÿ‡ฆ Bosnia &
Herzegovina
$28B0.03%
111๐Ÿ‡น๐Ÿ‡น Trinidad
& Tobago
$28B0.03%
112๐Ÿ‡ฌ๐Ÿ‡ช Georgia$28B0.03%
113๐Ÿ‡ญ๐Ÿ‡น Haiti$27B0.03%
114๐Ÿ‡ฆ๐Ÿ‡ฒ Armenia$24B0.02%
115๐Ÿ‡ฌ๐Ÿ‡ณ Guinea$23B0.02%
116๐Ÿ‡ง๐Ÿ‡ซ Burkina Faso$21B0.02%
117๐Ÿ‡ฒ๐Ÿ‡ฑ Mali$21B0.02%
118๐Ÿ‡ฌ๐Ÿ‡ฆ Gabon$20B0.02%
119๐Ÿ‡ฆ๐Ÿ‡ฑ Albania$20B0.02%
120๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique$20B0.02%
121๐Ÿ‡ง๐Ÿ‡ผ Botswana$20B0.02%
122๐Ÿ‡พ๐Ÿ‡ช Yemen$20B0.02%
123๐Ÿ‡ฒ๐Ÿ‡น Malta$19B0.02%
124๐Ÿ‡ง๐Ÿ‡ฏ Benin$19B0.02%
125๐Ÿ‡ต๐Ÿ‡ธ West Bank
& Gaza
$19B0.02%
126๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua$17B0.02%
127๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica$17B0.02%
128๐Ÿ‡ฒ๐Ÿ‡ณ Mongolia$17B0.02%
129๐Ÿ‡ณ๐Ÿ‡ช Niger$17B0.02%
130๐Ÿ‡ฌ๐Ÿ‡พ Guyana$16B0.02%
131๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar$16B0.02%
132๐Ÿ‡ฒ๐Ÿ‡ฉ Moldova$16B0.02%
133๐Ÿ‡ง๐Ÿ‡ณ Brunei Darussalam$16B0.01%
134๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia$15B0.01%
135๐Ÿ‡ฌ๐Ÿ‡ถ Equatorial Guinea$15B0.01%
136๐Ÿ‡ฒ๐Ÿ‡บ Mauritius$15B0.01%
137๐Ÿ‡ง๐Ÿ‡ธ Bahamas$14B0.01%
138๐Ÿ‡ฑ๐Ÿ‡ฆ Laos$14B0.01%
139๐Ÿ‡ณ๐Ÿ‡ฆ Namibia$13B0.01%
140๐Ÿ‡ท๐Ÿ‡ผ Rwanda$13B0.01%
141๐Ÿ‡จ๐Ÿ‡ฉ Congo$13B0.01%
142๐Ÿ‡น๐Ÿ‡ฏ Tajikistan$13B0.01%
143๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyz Republic$12B0.01%
144๐Ÿ‡น๐Ÿ‡ฉ Chad$12B0.01%
145๐Ÿ‡ฒ๐Ÿ‡ผ Malawi$11B0.01%
146๐Ÿ‡ฒ๐Ÿ‡ท Mauritania$11B0.01%
147๐Ÿ‡ฝ๐Ÿ‡ฐ Kosovo$10B0.01%
148๐Ÿ‡น๐Ÿ‡ฌ Togo$9B0.01%
149๐Ÿ‡ธ๐Ÿ‡ด Somalia$9B0.01%
150๐Ÿ‡ฒ๐Ÿ‡ช Montenegro$7B0.01%
151๐Ÿ‡ธ๐Ÿ‡ธ South Sudan$7B0.01%
152๐Ÿ‡ฒ๐Ÿ‡ป Maldives$7B0.01%
153๐Ÿ‡ง๐Ÿ‡ง Barbados$6B0.01%
154๐Ÿ‡ซ๐Ÿ‡ฏ Fiji$5B0.01%
155๐Ÿ‡ธ๐Ÿ‡ฟ Eswatini$5B0.00%
156๐Ÿ‡ฑ๐Ÿ‡ท Liberia$4B0.00%
157๐Ÿ‡ฉ๐Ÿ‡ฏ Djibouti$4B0.00%
158๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra$4B0.00%
159๐Ÿ‡ฆ๐Ÿ‡ผ Aruba$4B0.00%
160๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone$4B0.00%
161๐Ÿ‡ธ๐Ÿ‡ท Suriname$3B0.00%
162๐Ÿ‡ง๐Ÿ‡ฎ Burundi$3B0.00%
163๐Ÿ‡ง๐Ÿ‡ฟ Belize$3B0.00%
164๐Ÿ‡จ๐Ÿ‡ซ Central
African Republic
$3B0.00%
165๐Ÿ‡ง๐Ÿ‡น Bhutan$3B0.00%
166๐Ÿ‡ช๐Ÿ‡ท Eritrea$3B0.00%
167๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho$3B0.00%
168๐Ÿ‡จ๐Ÿ‡ป Cabo Verde$2B0.00%
169๐Ÿ‡ฌ๐Ÿ‡ฒ Gambia$2B0.00%
170๐Ÿ‡ฑ๐Ÿ‡จ Saint Lucia$2B0.00%
171๐Ÿ‡น๐Ÿ‡ฑ East Timor$2B0.00%
172๐Ÿ‡ธ๐Ÿ‡จ Seychelles$2B0.00%
173๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau$2B0.00%
174๐Ÿ‡ฆ๐Ÿ‡ฌ Antigua & Barbuda$2B0.00%
175๐Ÿ‡ธ๐Ÿ‡ฒ San Marino$2B0.00%
176๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands$2B0.00%
177๐Ÿ‡ฐ๐Ÿ‡ฒ Comoros$1B0.00%
178๐Ÿ‡ฌ๐Ÿ‡ฉ Grenada$1B0.00%
179๐Ÿ‡ป๐Ÿ‡บ Vanuatu$1B0.00%
180๐Ÿ‡ฐ๐Ÿ‡ณ Saint Kitts
& Nevis
$1B0.00%
181๐Ÿ‡ป๐Ÿ‡จ Saint Vincent
& the Grenadines
$1B0.00%
182๐Ÿ‡ผ๐Ÿ‡ธ Samoa$1B0.00%
183๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica$1B0.00%
184๐Ÿ‡ธ๐Ÿ‡น Sรฃo Tomรฉ
& Prรญncipe
$1B0.00%
185๐Ÿ‡น๐Ÿ‡ด Tonga$1B0.00%
186๐Ÿ‡ซ๐Ÿ‡ฒ Micronesia$0.5B0.00%
187๐Ÿ‡ฒ๐Ÿ‡ญ Marshall Islands$0.3B0.00%
188๐Ÿ‡ต๐Ÿ‡ผ Palau$0.3B0.00%
189๐Ÿ‡ฐ๐Ÿ‡ฎ Kiribati$0.2B0.00%
190๐Ÿ‡ณ๐Ÿ‡ท Nauru$0.2B0.00%
191๐Ÿ‡น๐Ÿ‡ป Tuvalu$0.1B0.00%

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from IMFโ€™s database for 2023.

Here are the largest economies for each region of the world.

  • Africa: Nigeria ($506.6 billion)
  • Asia: China ($19.4 trillion)
  • Europe: Germany ($4.3 trillion)
  • Middle East: Saudi Arabia ($1.1 trillion)
  • North & Central America: U.S. ($26.9 trillion)
  • Oceania: Australia ($1.7 trillion)
  • South America: Brazil ($2.1 trillion)

Ranked: 2023โ€™s Shrinking Economies

In fact, 29 economies are projected to shrink from their 2022 sizes, leading to nearly $500 billion in lost output.

A bar chart showing the amount of nominal GDP shrinkage for several countries.

Russia will see the biggest decline, with a projected $150 billion contraction this year. This is equal to about one-third of total decline of all 29 countries with shrinking economies.

Egypt (-$88 billion) and Canada (-$50 billion) combined make up another one-third of lost output.

In Egypt’s case, the drop can be partly explained by the country’s currency (Egyptian pound), which has dropped in value against the U.S. dollar by about 50% since mid-2022.

Russia and Canada are some of the world’s largest oil producers and the oil price has fallen since 2022. A further complication for Russia is that the country has been forced to sell oil at a steep discount because of Western sanctions.

Here are the projected changes in GDP for all countries facing year-over-year declines:

CountryRegion2022โ€“23 Change (USD)2022โ€“23 Change (%)
๐Ÿ‡ท๐Ÿ‡บ RussiaEurope-$152.65B-6.9%
๐Ÿ‡ช๐Ÿ‡ฌ EgyptAfrica-$88.12B-18.5%
๐Ÿ‡จ๐Ÿ‡ฆ CanadaNorth America-$50.17B-2.3%
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi ArabiaMiddle East-$46.25B-4.2%
๐Ÿ‡ง๐Ÿ‡ฉ BangladeshAsia-$39.69B-8.6%
๐Ÿ‡ณ๐Ÿ‡ด NorwayEurope-$25.16B-4.3%
๐Ÿ‡ฐ๐Ÿ‡ผ KuwaitMiddle East-$19.85B-10.8%
๐Ÿ‡ด๐Ÿ‡ฒ OmanMiddle East-$9.77B-8.5%
๐Ÿ‡จ๐Ÿ‡ด ColombiaSouth America-$9.25B-2.7%
๐Ÿ‡ฆ๐Ÿ‡ช UAEMiddle East-$8.56B-1.7%
๐Ÿ‡ฟ๐Ÿ‡ฆ South AfricaAfrica-$6.69B-1.6%
๐Ÿ‡ฌ๐Ÿ‡ญ GhanaAfrica-$6.22B-8.5%
๐Ÿ‡ถ๐Ÿ‡ฆ QatarMiddle East-$5.91B-2.6%
๐Ÿ‡ฆ๐Ÿ‡ด AngolaAfrica-$3.54B-2.9%
๐Ÿ‡ฟ๐Ÿ‡ผ ZimbabweAfrica-$3.09B-9.4%
๐Ÿ‡บ๐Ÿ‡ฆ UkraineEurope-$2.79B-1.8%
๐Ÿ‡ธ๐Ÿ‡ฉ SudanAfrica-$2.72B-5.5%
๐Ÿ‡ฎ๐Ÿ‡ถ IraqMiddle East-$2.47B-0.9%
๐Ÿ‡น๐Ÿ‡ฑ East TimorAsia-$1.67B-45.7%
๐Ÿ‡ฌ๐Ÿ‡ฆ GabonAfrica-$1.60B-7.3%
๐Ÿ‡ฌ๐Ÿ‡ถ Equatorial GuineaAfrica-$1.35B-8.2%
๐Ÿ‡ฒ๐Ÿ‡ผ MalawiAfrica-$1.24B-9.9%
๐Ÿ‡ฑ๐Ÿ‡ฆ LaosAsia-$1.21B-7.9%
๐Ÿ‡ง๐Ÿ‡ณ BruneiAsia-$1.13B-6.8%
๐Ÿ‡พ๐Ÿ‡ช YemenMiddle East-$1.12B-5.4%
๐Ÿ‡ธ๐Ÿ‡ธ South SudanAfrica-$0.86B-10.9%
๐Ÿ‡ง๐Ÿ‡ฎ BurundiAfrica-$0.66B-16.9%
๐Ÿ‡ธ๐Ÿ‡ฑ Sierra LeoneAfrica-$0.42B-10.6%
๐Ÿ‡ธ๐Ÿ‡ท SurinameSouth America-$0.05B-1.4%

The presence of Saudi Arabia, Norway, Kuwait, and Oman in the top 10 biggest GDP contractions further highlights the potential impact on GDP for oil-producing countries, according to the IMF’s projections.

More recently, producers have been cutting supply in an effort to boost prices, but concerns of slowing global oil demand in the wake of a subdued Chinese economy (the worldโ€™s second-largest oil consumer), have kept oil prices lower than in 2022 regardless.

The Footnote on GDP Forecasts

While organizations like the IMF have gotten fairly good at GDP forecasting, itโ€™s still worth remembering that these are projections and assumptions made at the beginning of the year that may not hold true by the end of 2023.

For example, JP Morgan has already changed their forecast for Chinaโ€™s 2023 real GDP growth six times in as many months after expectations of broad-based pandemic-recovery spending did not materialize in the country.

The key takeaway from IMFโ€™s projections for 2023 GDP growth rests on how well countries restrict inflation without stifling growth, all amidst tense liquidity conditions.

Where Does This Data Come From?

Source: The International Monetary Fund’s Datamapper which uses projections made in the April 2023 World Economic Outlook report.

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from the IMFโ€™s database. Furthermore, all figures used in the article, unless specified, are nominal GDP numbers and rates.

 

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