![]() The CCP’s anti-corruption campaign and recent arrests could signal a more strained relationship between Mainland China and the world’s largest gambling hub. Macao’s economy bounced back after COVID-19 restrictions began to lift, but more storm clouds are on the horizon for the Chinese district. But these rates are set to change soon, as Ireland joined the OECD 15% minimum corporate tax rate agreement which was finalized in October 2021. Facebook, TikTok, Google, Apple, and Pfizer all have their European headquarters in the country, which has a 12.5% corporate tax rate-or about half the global average. Ireland’s economy, with a projected 13% real GDP growth, is being supported by the largest multinational corporations in the world. Along with this, exports and a depressed currency are among the primary factors behind its recovery. Oil is propelling its growth, with 1.2 million barrels being pumped in the country daily. With 123% projected GDP growth, Libya’s economy is estimated to have the sharpest rise. The Fastest Growing Economies in the World in 2021 In 2019, overall trade equaled nearly 90% of the country’s GDP. The largest economy in Europe is Germany, which exports roughly 20% of the world’s motor vehicles. It remains the largest manufacturer worldwide based on output with extensive production of steel, electronics, and robotics, among others. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).Ĭhina’s economy is second in nominal terms, hovering at near $17 trillion in GDP. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. *2020 GDP (latest available) used where IMF estimates for 2021 were unavailable.Īt $22.9 trillion, the U.S. ![]()
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