US share of global economy falls below 15% for first time
Under Joseph Biden, the US share of the global economy fell below 15% for the first time.
By the end of his term, the US share is expected to decline to its lowest in modern history, 14.76%.
This follows from calculations by MIA “Russia Today” based on data from the International Monetary Fund and the World Bank.
How the US share of the global economy has changed
In 1990, the United States' share of world GDP, calculated using purchasing power parity, was 20.6%. In 1999, it reached its maximum – 21.01%.
At that time, the US economy was valued at $9.6 trillion, and the world economy at $45.85 trillion.
Then the US share began to decline. In 2006-2008 it fell by 0.6% annually.
The last time the US share of the global economy showed growth was during Barack Obama's second term: in 2014-15 it grew by 0.31% to 16.26%.
However, in the last year of Obama's presidency, almost all of that growth was reversed, with the share falling to 16.04%.
Under Donald Trump, the US economy has lost another 0.7%.
In the second year of Biden's presidency, the US share broke the 15% mark for the first time, and by the end of last year it was 14.82%.
The IMF predicts that it will lose another 0.06% this year. The overall decline under Biden will be 0.58%, to 14.76%.
The United States' neighbor in terms of decline was Japan, whose share has decreased by 4.33% over the past 33 years.
China increased its share of the global economy the most – by 15% to 18.76%.
