This Research Paper presents a set of methodologies and concepts for measuring the geoeconomic power of states – the potential to exert power over other states through economic means – and applies them to publicly available data covering 41 major economies from 2010 to 2022. This analysis leads to the development of a combined index of geoeconomic power, designed to reflect the supplier power of states in the areas of trade in goods, oil and oil products, and international finance.
The main finding is that the United States is the world’s leading geoeconomic power, although it falls far short of being in a hegemonic position. Its lead over the second-largest geoeconomic power, the European Union, has grown in recent years. However, China’s geoeconomic power has expanded rapidly, almost matching that of the European Union in 2022. These recent shifts point to a more competitive and contested global order.
This research was conducted within the framework of the research project ‘Power Politics by Economic Means: The Geoeconomics Research Initiative’ (GERI), led by Mikael Wigell and funded by the Research Council of Finland.
The publication publication has been updated on 7 February 2025: ISBN code modified.
