A bird's cage size can depend on the bird itself: your cage is on the small side, but if your bird spends a lot of time outside the cage & only uses the cage to sleep, it can suffice.
However, if your bird spends the majority of time in its cage, you need something bigger. This website contains a handy reference for the minimum cage size for a given species:
Species | Min. Cage Size | Bar Spacing
Finches | 18"x18"x30" | 1/4" to 1/2"
Canaries | 18"x18"x24" | 1/4" to 1/2"
Budgies | 18"x18"x24" | 1/2"
Cockatiels | 20"x20"x24" | 1/2" to 5/8"
Lovebirds/Parrotlets | 24"x24"x24 | 1/2"
Ringneck Parakeets 24"x24"x36" 1/2" to 5/8"
Conures/Poicephalus | 24"x24"x24" | 5/8" to 3/4"
Caiques/Pionus/Jardine's | 24"x24"x36" | 5/8" to 3/4"
Amazons/Mini Macaws/Coffin's Cockatoos/African Greys | 34"x24"x36" | 3/4" to 1"
Large Cockatoos | 36"x48"x48" | 1" to 1.5"
Large Macaws | 36"x48"x60" | 1" to 1.5"