The global economy is approaching $126 trillion, and Iraq ranks 56th globally.
The global economy is approaching $126 trillion, and Iraq ranks 56th globally.
5-7-2026
A recent report by Visual Capitalist, based on projections from the International Monetary Fund, reveals that the global economy is projected to reach approximately $126 trillion by 2026, with the majority of global output remaining concentrated in a limited number of major economies. According to
the report, the United States, China, Germany, and Japan dominate the global economic landscape, collectively accounting for nearly half of global GDP, while the United States alone represents close to a quarter of the global economy.
The report indicates that Iraq ranks 56th globally, with a GDP estimated at around $265 billion, representing approximately 0.2% of the global economy, placing it among relatively low- to middle-income economies internationally.
The report further explains that Iraq is among the group of economies whose GDP exceeds hundreds of billions of dollars, alongside countries like Nigeria, Kazakhstan, and Portugal, indicating its significant economic resources, particularly in the energy sector. However, it remains far from achieving the levels of economic diversification and productivity enjoyed by major industrialized economies.
The report added that the global economy is witnessing a gradual shift towards Asia, led by India and Indonesia, at a time when major economies such as Germany and Japan are facing relatively weak growth rates.
It indicated that India is poised to strengthen its position as an emerging economic power in the coming years, with growth rates expected to exceed 6%, which could contribute to reshaping the global economic landscape in the medium term.
Conversely, the report noted the continued widening gap between major economies and the rest of the world, with Middle Eastern countries, including Iraq, remaining in a position of flux between structural challenges and opportunities related to energy markets and future economic diversification potential.
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