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China’s Share of Global GDP Surged in 2020
January 14, 2021
China was perhaps the only nation to end 2020 in a stronger position than it started. While Europe and the U.S. await the vaccine rollout to return to normal economic activity, China is the only major world economy expected to see growth this year, allowing it to close the gap with the U.S. in terms of global economic share.
For 2020, China is expected to account for 16.8% of global gross domestic product, according to Moody’s Analytics. Moody’s cites not just China’s central role in global trade and manufacturing, but a growing domestic consumer market.
China’s share of global GDP 1.1 percentage points from the year before, the biggest single-year increase since the 1970s. The U.S. is expected to account for 22.2% of global GDP.
