A lot has happened to the global economy over the last 35 years.
The forces of economic liberalization, globalization, and the rise of the multinational corporation have all left their mark.
Many countries have benefited over this period, but some have suffered.
Others have not really changed much in terms of their global economic position.
GDP is the total market value of all goods and services produced in a country for a given time period.
In the diagram, the size of the countries and regions represent the relative size of their economies (in terms of nominal GDP).
As the diagram cycles through the years from 1980 to 2015, you can see how economies have grown or contracted relative to others.
It’s interesting to see the massive growth of China and it’s good to see Australia pulling above its weight.
The most drastic country-level changes happened within Asia.
The biggest story is of course China, which grew from 2.8% of global GDP in 1980 to 13.4% in 2014.
Conversely, Japan shrunk from 9.8% in 1980 to 6.0% in 2014.
The other big contributors to Asia’s economic growth were India, South Korea, Russia, and Taiwan.
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