I actually enjoy this type of chart as it is self explanatory showing who does what around the world. The United States may be the biggest but they have stagnated over the years. Back in 1960 the US had 40% of the Global GDP and now sits at roughly 25%.
With America losing out the likes of China, India, Mexico, South Korea and Brazil have flourished. China back in 1960 accounted for only 4% compared to 18% today. Back in the mid 80's America had a president in Ronald Reagan who helped local industry. Since that time period things have declined as many businesses have moved to the East for cheaper production costs. This is the one figure I think will change over the next decade as businesses will move back out of need. China is no longer the cheap alternative as labor, import duties and rising shipping costs are eating away at the profits.
Last year Ireland had a 13% increase in their GDP but that is mainly down to offering cheaper Corporation taxes. That figure will change this year as those cheaper taxes on offer are disappearing from 12.5% to 15%. Imagine what Facebook,Apple and Google would do if they all returned home back to the US.
Looking at the world chart the one country that sticks out like a sore thumb is India. They have so much potential with a massive population offering cheap labor they have to be seen as the new China. Russia is another with all of it's natural resources untapped and Putin on a mission to open everything up.
Africa is a serious disappointment with all the natural resources they have underneath their feet. Corruption and greed is holding them back from fulfilling their true potential. They look as thought they will never learn as instead of being self reliant they are reliant on everyone else. Africa could have been and should have been the industry hub of the world producing what China has done instead of exporting the raw materials to China.
The world GDP will triple over the next decade as the population grows and expect to see India on level terms with China as they start to decline. Countries around the World have no choice but to take back industry they so easily parted ways with.
I know a few Global companies who have stipulated buying orders to only purchase local products with no imports permitted. If it is not available locally then it has to be made available and to me that speaks volumes of how businesses are moving forward. Companies are sick and tired of being dictated to by shipping and lockdowns threatening how they do business. This is good news for everyone not in China as this means more jobs and more opportunities.
