I had this lingering doubt in my mind, and thought that maybe other people had the same doubt as well. What would be the actual economic significance of certain regions of the world, as they actually function, and not as divided by political maps.
Traditional lists of countries per GDP, such as these in Wikipedia, usually don’t take into account the political or commercial realities of certain world regions. For example, they would list the EU, but also list all other individual EU Member States. What would the list look like if you didn’t count the EU Member States individually, and just assumed the EU was an integrated economic region (which it is).
These lists, also, do not include “NAFTA” as a group to be counted on (in part, because it isn’t as integrated as the EU, but still, it is a very active commercial zone with tons of integration).
Finally, these lists also count PR China in a very interesting way: they leave out Hong Kong’s and Macau’s impact on it, as if they weren’t a part of China. They also count Taiwan separately, which leaves us without a context of what would be the economic significance of an eventual reunification between PR China and Taiwan.
In summary, I had these questions in my mind:
- How would the world look like if we counted the EU as one entity, and didn’t count each individual member state? How would that affect the relative weight of other nations in the world’s economy?
- How does NAFTA compare to the EU in terms of economic significance?
- How would China’s economy look like if it integrated Hong Kong, Macau, and Taiwan?
To answer the questions above, I created the following list of top 20 economies by GDP:
|#||List of Regional or National Economies by GDP||GDP
(Millions of USD)
|3||PR China + HK + Macau + Taiwan||$6,555,576|
- The list includes NAFTA unofficially, so it isn’t count it as part of the top 20, but is there for reference. All NAFTA member states are counted.
- The list counts the EU as a single economic region. Individual EU member states are not included in the list.
- The list counts PR China, Hong Kong, Macau, and Taiwan as a single economic region. They are not listed individually.
- Data gotten from IMF, as quoted in Wikipedia.