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.

Between 1820 and 1913, Asia's share of global GDP fell from 58 percent to just 27 percent. Although Asia's overall GDP grew throughout the given period, the rapid industrialization observed across Europe, North America, Australia, and New Zealand saw their combined share increase from 35 percent to 67 percent, which offset Asia's growth. In particular, the combined share of North America, Australia, and New Zealand grew over ten times larger in this period, from two percent in 1820 to 21 percent in 1913.

From 1820 to 1913, the global GDP almost quadrupled, from just under 700 billion FY1990 U.S. dollars to more than 2.7 trillion FY1990 USD. As Europe industrialized throughout this period, its share of the global GDP increased from roughly one-third in 1820 to 46 percent in 1913, with Western European* countries disproportionately driving this growth. However, the combined growth of North America, Australia, and New Zealand saw the most significant development over this period, rising from 14 billion FY1990 USD in 1820 to 583 billion FY1990 USD in 1913. While the Asia-Pacific region had the largest share of global GDP in 1820, the slower rate of industrialization meant that its share dropped significantly by 1913. This region saw the lowest growth rate during this period.

The Gross Domestic Product (GDP) in Brazil was worth 2173.67 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Brazil represents 2.06 percent of the world economy. This dataset provides the latest reported value for - Brazil GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

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.

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.

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.

In 1820, Western Europe was the region with the highest GDP per capita, however the non-European developed countries of the United States, Canada, Australia, and New Zealand saw their average GDP per capita grow much higher by the outbreak of the First World War. These developed nations and Europe were the only regions where GDP per capita was higher than the global average, while all other regions were below (although Latin America did have an above average GDP in 1820).

The dataset provides time lags (difference in years between achievement of a given value of a development indicator in a developing country and a benchmark country) for 156 countries of the world, annually between 1920 and 2020 for nine indicators (GDP per capita, employment in agriculture, male and female life expectancy, infant mortality, education attainment, passenger car and telephone usage, CO2 emissions index). The data is provided in table format and as graph for individual countries and regions of the world.

In 1870, the GDP of the U.S., Canada, Australia, and New Zealand was eight times larger than in 1820, and by 1913 it was almost 42 times larger. Although Europe had the largest share of global GDP in 1913, it had only grown by 5.4 times since 1820. GDP in the Asia-Pacific region did not double over this period, as it was not until the latter half of the twentieth century when industrialization began on a large scale.

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.

The early-20th century is often considered the most destructive period in European history, with the interwar period of the 1920s and 1930s being defined by various aspects including recovery from the First World War, as well as fluctuating political and economic stability. In particular, the onset of the Great Depression in the U.S. created a ripple effect that was felt across the globe, especially in Europe. During this time, all major currencies were connected via the gold standard; however, several European countries had suspended the gold standard to print additional money during the First World War, and conditions had not re-stabilized by the onset of the Great Depression in the U.S. - the given countries would all abandon the gold standard by the outbreak of war in 1939. Germany Additionally, American investors withdrew much of their capital from Europe in the wake of the Wall Street Crash in 1929, and the U.S. government ceased all loans to Germany and demanded advanced repayments. The German economy had already collapsed in the early-1920s, and it became dependent on American loans to stabilize its economy and meet its reparation payments - this move by the American government caused a German economic collapse once more, sending the economy into a downward spiral. Regional differences For France, its industrial output dropped in the wake of the Great Depression, and it would not reach these levels again until after the Second World War. In contrast, the Soviet Union was largely shielded from the Great Depression, and its industrial output grew significantly in the build-up to WWII (albeit from a much less-developed starting point). For the other three countries listed, output would not reach pre-Depression levels until at least 1934.

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.

The Long Depression was, by a large margin, the longest-lasting recession in U.S. history. It began in the U.S. with the Panic of 1873, and lasted for over five years. This depression was the largest in a series of recessions at the turn of the 20th century, which proved to be a period of overall stagnation as the U.S. financial markets failed to keep pace with industrialization and changes in monetary policy. Great Depression The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy collapsed, wages fell and a quarter of the workforce was unemployed. It would take almost four years for recovery to begin. Additionally, U.S. expansion and integration in international markets allowed the depression to become a global event, which became a major catalyst in the build up to the Second World War. Decreasing severity When comparing recessions before and after the Great Depression, they have generally become shorter and less frequent over time. Only three recessions in the latter period have lasted more than one year. Additionally, while there were 12 recessions between 1880 and 1920, there were only six recessions between 1980 and 2020. The most severe recession in recent years was the financial crisis of 2007 (known as the Great Recession), where irresponsible lending policies and lack of government regulation allowed for a property bubble to develop and become detached from the economy over time, this eventually became untenable and the bubble burst. Although the causes of both the Great Depression and Great Recession were similar in many aspects, economists have been able to use historical evidence to try and predict, prevent, or limit the impact of future recessions.

In the past four centuries, the population of the United States has grown from a recorded 350 people around the Jamestown colony of Virginia in 1610, to an estimated 331 million people in 2020. The pre-colonization populations of the indigenous peoples of the Americas have proven difficult for historians to estimate, as their numbers decreased rapidly following the introduction of European diseases (namely smallpox, plague and influenza). Native Americans were also omitted from most censuses conducted before the twentieth century, therefore the actual population of what we now know as the United States would have been much higher than the official census data from before 1800, but it is unclear by how much. Population growth in the colonies throughout the eighteenth century has primarily been attributed to migration from the British Isles and the Transatlantic slave trade; however it is also difficult to assert the ethnic-makeup of the population in these years as accurate migration records were not kept until after the 1820s, at which point the importation of slaves had also been illegalized. Nineteenth century In the year 1800, it is estimated that the population across the present-day United States was around six million people, with the population in the 16 admitted states numbering at 5.3 million. Migration to the United States began to happen on a large scale in the mid-nineteenth century, with the first major waves coming from Ireland, Britain and Germany. In some aspects, this wave of mass migration balanced out the demographic impacts of the American Civil War, which was the deadliest war in U.S. history with approximately 620 thousand fatalities between 1861 and 1865. The civil war also resulted in the emancipation of around four million slaves across the south; many of whose ancestors would take part in the Great Northern Migration in the early 1900s, which saw around six million black Americans migrate away from the south in one of the largest demographic shifts in U.S. history. By the end of the nineteenth century, improvements in transport technology and increasing economic opportunities saw migration to the United States increase further, particularly from southern and Eastern Europe, and in the first decade of the 1900s the number of migrants to the U.S. exceeded one million people in some years. Twentieth and twenty-first century The U.S. population has grown steadily throughout the past 120 years, reaching one hundred million in the 1910s, two hundred million in the 1960s, and three hundred million in 2007. In the past century, the U.S. established itself as a global superpower, with the world's largest economy (by nominal GDP) and most powerful military. Involvement in foreign wars has resulted in over 620,000 further U.S. fatalities since the Civil War, and migration fell drastically during the World Wars and Great Depression; however the population continuously grew in these years as the total fertility rate remained above two births per woman, and life expectancy increased (except during the Spanish Flu pandemic of 1918).

Since the Second World War, Latin America has replaced Europe as the most common point of origin for migrants, with Hispanic populations growing rapidly across the south and border states. Because of this, the proportion of non-Hispanic whites, which has been the most dominant ethnicity in the U.S. since records began, has dropped more rapidly in recent decades. Ethnic minorities also have a much higher birth rate than non-Hispanic whites, further contributing to this decline, and the share of non-Hispanic whites is expected to fall below fifty percent of the U.S. population by the mid-2000s. In 2020, the United States has the third-largest population in the world (after China and India), and the population is expected to reach four hundred million in the 2050s.

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.

Although it was not a united country until 1871, industrialization across Germany began in the early 1800s, and it quickly saw Germany emerge as a Great Power in Europe. German industrialization was largely driven by coal and steel production, of which Germany had rich deposits, and these were used in construction and infrastructure to modernize the country. The mechanization of agriculture also fed into this, as many people from rural regions flocked to cities in search of work. Many of the coal and iron deposits were located in Germany's west, particularly around the Rhine and Ruhr regions, and industry here benefitted from strong rail and water transport networks. Today, with over five million inhabitants, the Ruhr region is the most populous metropolitan area in the country, largely due to these developments. While Germany was among the most advanced nations in the world by the end of the 19th century, industrial output grew higher still in the 20th; between 1896 and 1913, industrial output in Germany doubled. Interwar turmoil After the First World War, Germany lost its resource rich territories of Alsace-Lorraine and the Saarland, while the Rhine and Ruhr regions were also occupied by France, and much of its industrial output was sent to other countries as war reparations. Hyperinflation in 1923 also saw the collapse of the German economy, and it was not until the late-1920s that economic recovery from the war truly began, although this was also short-lived. As Germany had been dependent on financial aid from the U.S. in order to recover and meet its reparation payments, the Great Depression in the U.S. had dire consequences for the German economy. From 1929 until 1932, industrial output fell once more, and many historians point to this economic difficulty as a catalyst for the rise of nationalism and fascism in Germany. The Nazi Party then ascended to power in 1933, the year the Depression ended, and the economy was restructured to support a war of expansion. Among other factors, this involved tax breaks for large businesses, allowing cartels to control local business, increasing average working hours, and prioritizing industrial employment by importing food from the east. The strength of Germany's industry then allowed the Axis powers to take control of most of Europe during the Second World War, but it was ultimately defeated by 1945. Post-war split Following the war, Germany was split into two separate states; commonly referred to as East and West Germany. The west was a liberal democracy with a free-market economy, while the east was a communist state with a command economy, yet both became leaders in their respective trading blocks during the Cold War. When looking at industrial growth over the next three decades, using output in 1963 as a benchmark, East Germany's output grew over nine times larger from 1949 to 1975, whereas West Germany's grew by a factor of six. It is important to remember, however, that the west was larger, more populous, and starting from a more industrially developed point than the east, therefore it was consistently more advanced. The West also had fewer restrictions placed on it from other nations after the war, and it played a leading role in European integration; whereas the East was influenced more heavily by the USSR and it had less trade with other advanced nations, which hindered its technological development. West Germany's output took a hit in the 1970s due to the 1973-1975 Recession, whereas the East's economy was protected as it had little trade with the U.S. and its partners. However, the West quickly recovered and economic stagnation in the East throughout the 1980s would contribute to the eventual collapse of the Eastern Bloc, and Germany was officially reunified in 1990.

The history of modern Brazil begins in the year 1500 when Pedro Álvares Cabral arrived with a small fleet and claimed the land for the Portuguese Empire. With the Treaty of Torsedillas in 1494, Spain and Portugal agreed to split the New World peacefully, thus allowing Portugal to take control of the area with little competition from other European powers. As the Portuguese did not arrive with large numbers, and the indigenous population was overwhelmed with disease, large numbers of African slaves were transported across the Atlantic and forced to harvest or mine Brazil's wealth of natural resources. These slaves were forced to work in sugar, coffee and rubber plantations and gold and diamond mines, which helped fund Portuguese expansion across the globe. In modern history, transatlantic slavery brought more Africans to Brazil than any other country in the world. This combination of European, African and indigenous peoples set the foundation for what has become one of the most ethnically diverse countries across the globe.

Independence and Monarchy By the early eighteenth century, Portugal had established control over most of modern-day Brazil, and the population more than doubled in each half of the 1800s. The capital of the Portuguese empire was moved to Rio de Janeiro in 1808 (as Napoleon's forces moved closer towards Lisbon), making this the only time in European history where a capital was moved to another continent. The United Kingdom of Portugal, Brazil and the Algarves was established in 1815, and when the Portuguese monarchy and capital returned to Lisbon in 1821, the King's son, Dom Pedro, remained in Brazil as regent. The following year, Dom Pedro declared Brazil's independence, and within three years, most other major powers (including Portugal) recognized the Empire of Brazil as an independent monarchy and formed economic relations with it; this was a much more peaceful transition to independence than many of the ex-Spanish colonies in the Americas. Under the reign of Dom Pedro II, Brazil's political stability remained relatively intact, and the economy grew through its exportation of raw materials and economic alliances with Portugal and Britain. Despite pressure from political opponents, Pedro II abolished slavery in 1850 (as part of a trade agreement with Britain), and Brazil remained a powerful, stable and progressive nation under Pedro II's leadership, in stark contrast to its South American neighbors. The booming economy also attracted millions of migrants from Europe and Asia around the turn of the twentieth century, which has had a profound impact on Brazil's demography and culture to this day.

The New Republic

Despite his popularity, King Pedro II was overthrown in a military coup in 1889, ending his 58 year reign and initiating six decades of political instability and economic difficulties. A series of military coups, failed attempts to restore stability, and the decline of Brazil's overseas influence contributed greatly to a weakened economy in the early 1900s. The 1930s saw the emergence of Getúlio Vargas, who ruled as a fascist dictator for two decades. Despite a growing economy and Brazil's alliance with the Allied Powers in the Second World War, the end of fascism in Europe weakened Vargas' position in Brazil, and he was eventually overthrown by the military, who then re-introduced democracy to Brazil in 1945. Vargas was then elected to power in 1951, and remained popular among the general public, however political opposition to his beliefs and methods led to his suicide in 1954. Further political instability ensued and a brutal, yet prosperous, military dictatorship took control in the 1960s and 1970s, but Brazil gradually returned to a democratic nation in the 1980s. Brazil's economic and political stability fluctuated over the subsequent four decades, and a corruption scandal in the 2010s saw the impeachment of President Dilma Rousseff. Despite all of this economic instability and political turmoil, Brazil is one of the world's largest economies and is sometimes seen as a potential superpower. The World Bank classifies it as a upper-middle income country and it has the largest share of global wealth in Latin America. It is the largest Lusophone (Portuguese-speaking), and sixth most populous country in the world, with a population of more than 210 million people.