Oct 10, 2024, 10:00 AM

US share of global economy declines below 15%

US share of global economy declines below 15%

TEHRAN, Oct. 10 (MNA) – The US share of the global economy has tanked below 15% during Joe Biden’s presidency. By the end of his term, it is projected to hit a record low of 14.76%, data have revealed .

In 1990, the US accounted for 20.16% of the global economy, measured by purchasing power parity (PPP). That share peaked at 21.01% in 1999, with an economic output of $9.6 trillion, compared to a global output of $45.85 trillion.

However, the US portion has steadily declined since, with the sharpest drop occurring between 2006 and 2008, when it fell by 0.6% annually. The US share temporarily increased during Barack Obama’s second term, reaching 16.26% in 2014 and 2015, but failed in sustaining the momentum.

By the end of Obama’s presidency, it fell to 16.04%. Subsequently, the US share declined by another 0.7% under Donald Trump. In Biden’s second year, the US share slipped below 15%, reaching 14.82% by the end of 2023.

IMF estimates predict the trend will continue, with the US share falling by another 0.06% by the end of 2024, resulting in a cumulative decline of 0.58% under Biden to 14.76%.

Meanwhile, China’s share of the global economy has surged to 18.76%, while Japan’s share has dropped by 4.33% over the past 33 years.

MNA

News ID 222705

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