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Since the Reform and Opening Up period, China has evolved into a backbone of the world economy. [2] China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached US$2.286 trillion in 2005. [3]
The figures are from the International Monetary Fund (IMF) World Economic Outlook Database, unless otherwise specified. [1] This list is not to be confused with the list of countries by real GDP per capita growth, which is the percentage change of GDP per person recalculated according to the changing number of the population of the country.
China's tourism industry is one of the fastest-growing industries in the national economy and is also one of the industries with a very distinct global competitive edge. According to the World Travel and Tourism Council , travel and tourism directly contributed CNY 1,362 billion (US$216 billion) to the Chinese economy (about 2.6% of GDP). [ 267 ]
Country GDP per capita growth (annual %) Year Afghanistan-8.6: 2022 Albania 4.6: 2023 Algeria 2.5: 2023 American Samoa 3.5: 2022 Andorra 1.1: 2023 Angola-2.2: 2023 Antigua and Barbuda
While the IMF projects the Philippines's economic growth to slow down to 5.5% in the years following 2014, this country's still on pace to emerge as a top player in fast-growing Asia.
1980 – 1990 – The European Economic Community, the United States and Japan lead expansion. At exchange rates, the global economic output expanded by US$11.5 trillion from 1980 to 1990. The five largest contributors to global output contraction are Argentina, Saudi Arabia, Nigeria, the Democratic Republic of the Congo, and Venezuela.
China is one of the world's fastest-growing major economies, [281] with its economic growth having been almost consistently above 6 percent since the introduction of economic reforms in 1978. [282] According to the World Bank, China's GDP grew from $150 billion in 1978 to $17.96 trillion by 2022. [ 283 ]
The gross domestic product of China in 2019 was CN¥ 99.08651 trillion, [4] or US$ 14.4 trillion (nominal). [5] China's nominal GDP surpassed that of Italy in 2000, France in 2005, the United Kingdom in 2006, Germany in 2007, Japan in 2010 and that of the Eurozone in 2018 making China the world's third largest economy after the European Union ...