In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

In the build up to the Second World War, the United States was the major power with the highest gross domestic product (GDP) per capita in the world. In 1938, the United States also had the highest overall GDP in the world, and by a significant margin, however differences in GDP per person were much smaller. Switzerland In terms of countries that played a notable economic role in the war, the neutral country of Switzerland had the highest GDP per capita in the world. A large part of this was due to the strength of Switzerland's financial system. Most major currencies abandoned the gold standard early in the Great Depression, however the Swiss Franc remained tied to it until late 1936. This meant that it was the most stable, freely convertible currency available as the world recovered from the Depression, and other major powers of the time sold large amounts of gold to Swiss banks in order to trade internationally. Switzerland was eventually surrounded on all sides by Axis territories and lived under the constant threat of invasion in the war's early years, however Swiss strategic military planning and economic leverage made an invasion potentially more expensive than it was worth. Switzerland maintained its neutrality throughout the war, trading with both sides, although its financial involvement in the Holocaust remains a point of controversy. Why look at GDP per capita? While overall GDP is a stronger indicator of a state's ability to fund its war effort, GDP per capita is more useful in giving context to a country's economic power in relation to its size and providing an insight into living standards and wealth distribution across societies. For example, Germany and the USSR had fairly similar GDPs in 1938, whereas Germany's per capita GDP was more than double that of the Soviet Union. Germany was much more industrialized and technologically advanced than the USSR, and its citizens generally had a greater quality of life. However these factors did not guarantee victory - the fact that the Soviet Union could better withstand the war of attrition and call upon its larger population to replenish its forces greatly contributed to its eventual victory over Germany in 1945.

Between the Wall Street Crash of 1929 and the end of the Great Depression in the late 1930s, the Soviet Union saw the largest growth in its gross domestic product, growing by more than 70 percent between 1929 and 1937/8. The Great Depression began in 1929 in the United States, following the stock market crash in late October. The inter-connectedness of the global economy, particularly between North America and Europe, then came to the fore as the collapse of the U.S. economy exposed the instabilities of other industrialized countries. In contrast, the economic isolation of the Soviet Union and its detachment from the capitalist system meant that it was relatively shielded from these events. 1929-1932 The Soviet Union was one of just three countries listed that experienced GDP growth during the first three years of the Great Depression, with Bulgaria and Denmark being the other two. Bulgaria experienced the largest GDP growth over these three years, increasing by 27 percent, although it was also the only country to experience a decline in growth over the second period. The majority of other European countries saw their GDP growth fall in the depression's early years. However, none experienced the same level of decline as the United States, which dropped by 28 percent. 1932-1938 In the remaining years before the Second World War, all of the listed countries saw their GDP grow significantly, particularly Germany, the Soviet Union, and the United States. Coincidentally, these were the three most powerful nations during the Second World War. This recovery was primarily driven by industrialization, and, again, the U.S., USSR, and Germany all experienced the highest level of industrial growth between 1932 and 1938.

Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

The Covid-19 pandemic saw growth fall by 2.2 percent, compared with an increase of 2.5 percent the year before. The last time the real GDP growth rates fell by a similar level was during the Great Recession in 2009, and the only other time since the Second World War where real GDP fell by more than one percent was in the early 1980s recession. The given records began following the Wall Street Crash in 1929, and GDP growth fluctuated greatly between the Great Depression and the 1950s, before growth became more consistent.

Throughout the early 20th century, Italy consistently had the highest GDP per capita in Southern Europe, which grew consistently at each given interval. Portugal was the only other country to see consistent growth between the four given years, whereas the civil wars in Spain (1936-1939) and Greece (1946-1949) saw their respective GDP per capita fall in the corresponding years. Overall, GDP per capita across these four countries grew by just 28 percent between 1913 and 1950, although it did drop in 1938 due to the Spanish Civil War. Southern Europe's GDP per capita in 1950 was just 51 percent of the rate in Western Europe.

United States Federal Govt Outlays: On Budget Outlays: as % of GDP data was reported at 18.200 % in 2023. This records a decrease from the previous number of 20.500 % for 2022. United States Federal Govt Outlays: On Budget Outlays: as % of GDP data is updated yearly, averaging 16.150 % from Sep 1930 (Median) to 2023, with 94 observations. The data reached an all-time high of 42.700 % in 1944 and a record low of 3.400 % in 1930. United States Federal Govt Outlays: On Budget Outlays: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

Graph and download economic data for Federal Surplus or Deficit [-] as Percent of Gross Domestic Product (FYFSGDA188S) from 1929 to 2024 about budget, federal, GDP, and USA.

United States Federal Govt Surplus: as % of GDP data was reported at -6.300 % in 2024. This records a decrease from the previous number of -6.100 % for 2023. United States Federal Govt Surplus: as % of GDP data is updated yearly, averaging -2.700 % from Sep 1930 (Median) to 2024, with 95 observations. The data reached an all-time high of 4.500 % in 1948 and a record low of -29.600 % in 1943. United States Federal Govt Surplus: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

Federal Govt Receipts: as % of GDP data was reported at 16.500 % in 2023. This records a decrease from the previous number of 19.400 % for 2022. Federal Govt Receipts: as % of GDP data is updated yearly, averaging 17.000 % from Sep 1930 (Median) to 2023, with 94 observations. The data reached an all-time high of 20.500 % in 1944 and a record low of 2.800 % in 1932. Federal Govt Receipts: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.

United States Federal Govt Surplus: On Budget: as % of GDP data was reported at -6.200 % in 2023. This records a decrease from the previous number of -5.400 % for 2022. United States Federal Govt Surplus: On Budget: as % of GDP data is updated yearly, averaging -3.100 % from Sep 1930 (Median) to 2023, with 93 observations. The data reached an all-time high of 4.000 % in 1948 and a record low of -30.100 % in 1943. United States Federal Govt Surplus: On Budget: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

Federal Govt Receipts: On Budget Receipts: as % of GDP data was reported at 12.000 % in 2023. This records a decrease from the previous number of 15.100 % for 2022. Federal Govt Receipts: On Budget Receipts: as % of GDP data is updated yearly, averaging 13.450 % from Sep 1930 (Median) to 2023, with 94 observations. The data reached an all-time high of 19.900 % in 1944 and a record low of 2.800 % in 1932. Federal Govt Receipts: On Budget Receipts: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

United States GDP: Average: GCE: Federal: Nondefense: Gross Investment data was reported at 44.800 USD bn in 2008. This records an increase from the previous number of 41.100 USD bn for 2007. United States GDP: Average: GCE: Federal: Nondefense: Gross Investment data is updated yearly, averaging 4.200 USD bn from Dec 1929 (Median) to 2008, with 80 observations. The data reached an all-time high of 44.800 USD bn in 2008 and a record low of 0.200 USD bn in 1930. United States GDP: Average: GCE: Federal: Nondefense: Gross Investment data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A176: NIPA 2003: GDP by Expenditure: Annual Average.

United States GDP: GCE: Federal: Nondefense: Gross Investment data was reported at 49.100 USD bn in 2012. This records a decrease from the previous number of 51.800 USD bn for 2011. United States GDP: GCE: Federal: Nondefense: Gross Investment data is updated yearly, averaging 4.600 USD bn from Dec 1929 (Median) to 2012, with 84 observations. The data reached an all-time high of 52.100 USD bn in 2010 and a record low of 0.200 USD bn in 1930. United States GDP: GCE: Federal: Nondefense: Gross Investment data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A230: NIPA 2009: GDP by Expenditure: Current Price: Annual.

Throughout the first half of the twentieth century, GDP per capita rose significantly across Europe, however, at varying rates across different regions. Scandinavia, which did not experience the same level of structural devastation during the World Wars as the other regions, saw the largest GDP per capita growth during this period. Over these five decades, Scandinavian countries transformed from traditional agricultural societies to some of the world's wealthiest and industrially advanced economies. Between 1913 and 1950, Scandinavian GDP per capita doubled, eventually overtaking Western Europe as the highest in Europe. In comparison, East-Central Europe's growth was much slower, rising by just 26 percent between 1913 and 1915.

美国的人均国内生产总值在12-01-2017达59,484.000美元，相较于12-01-2016的57,542.000美元有所增长。美国人均国内生产总值数据按年更新，12-01-1929至12-01-2017期间平均值为6,740.000美元，共89份观测结果。该数据的历史最高值出现于12-01-2017，达59,484.000美元，而历史最低值则出现于12-01-1933，为455.000美元。CEIC提供的美国人均国内生产总值数据处于定期更新的状态，数据来源于Bureau of Economic Analysis，数据归类于全球数据库的美国 – 表 US.A206：国民收入和国民产值账户 2013：国民收入：人均：按年率季节性调整后。

Over the first half of the 20th century, the Soviet Union's GDP per capita rose from 1,218 U.S. dollars to 2,8334 U.S. dollars. There was a slight decrease between 1913 and 1929 due to the devastation caused by the First World War and Russian Revolution and the transition to a communist government and socialist economic structure. However, GDP per capita grew over the following three intervals, and the Soviet Union's relative isolation in the 1920s and 1930s meant that it was relatively untouched by the Great Depression in the 1930s. At the end of the recovery period after the Second World War, in 1950, GDP per capita had already exceeded pre-war levels by a significant margin, and the Soviet Union emerged as one of the two global superpowers, alongside the United States.

联邦政府支出：预算内支出：占GDP百分比在09-01-2023达18.200%，相较于09-01-2022的20.500%有所下降。联邦政府支出：预算内支出：占GDP百分比数据按年更新，09-01-1930至09-01-2023期间平均值为16.150%，共94份观测结果。该数据的历史最高值出现于09-01-1944，达42.700%，而历史最低值则出现于09-01-1930，为3.400%。CEIC提供的联邦政府支出：预算内支出：占GDP百分比数据处于定期更新的状态，数据来源于Office of Management and Budget，数据归类于全球数据库的美国 – Table US.F006: Federal Government Receipts and Outlays: Annual。

In 1800, it is estimated that approximately 9.4 million people lived in the region of modern-day South Korea (and 13.8 million on the entire peninsula). The population of this region would remain fairly constant through much of the 19th century, but would begin to grow gradually starting in the mid-1800s, as the fall of the Joseon dynasty and pressure from the U.S. and Japan would end centuries of Korean isolationism. Following the opening of the country to foreign trade, the Korean peninsula would begin to modernize, and by the start of the 20th century, it would have a population of just over ten million. The Korean peninsula was then annexed by Japan in 1910, whose regime implemented industrialization and modernization policies that saw the population of South Korea rising from just under ten million in 1900, to over fifteen million by the start of the Second World War in 1939.

The Korean War Like most regions, the end of the Second World War coincided with a baby boom, that helped see South Korea's population grow by almost two million between 1945 and 1950. However, this boom would stop suddenly in the early 1950s, due to disruption caused by the Korean War. After WWII, the peninsula was split along the 38th parallel, with governments on both sides claiming to be the legitimate rulers of all Korea. Five years of tensions then culminated in North Korea's invasion of the South in June 1950, in the first major conflict of the Cold War. In September, the UN-backed South then repelled the Soviet- and Chinese-backed Northern army, and the frontlines would then fluctuate on either side of the 38th parallel throughout the next three years. The war came to an end in July, 1953, and had an estimated death toll of three million fatalities. The majority of fatalities were civilians on both sides, although the North suffered a disproportionate amount due to extensive bombing campaigns of the U.S. Unlike North Korea, the South's total population did not fall during the war.

Post-war South Korea Between the war's end and the late 1980s, the South's total population more than doubled. In these decades, South Korea was generally viewed as a nominal democracy under authoritarian and military leadership; it was not until 1988 when South Korea transitioned into a stable democracy, and grew its international presence. Much of South Korea's rapid socio-economic growth in the late 20th century was based on the West German model, and was greatly assisted by Japanese and U.S. investment. Today, South Korea is considered one of the world's wealthiest and most developed nations, ranking highly in terms of GDP, human development and life expectancy; it is home to some of the most valuable brands in the world, such as Samsung and Hyundai; and has a growing international cultural presence in music and cinema. In the past decades, South Korea's population growth has somewhat slowed, however it remains one of the most densely populated countries in the world, with total population of more than 51 million people.