The United States remains to be the largest economy in the world. It has proven to be on top of other key players in terms of gross domestic product. Check out these top 10 economies in the world.
The U.S. economy still remains the world’s largest economy in terms of nominal GDP. 25% of the gross world product is the U.S. economy which is $19.42 trillion. The United States is notable as an economic superpower that is highly advanced in technology and infrastructure and has rich natural resources.
China has achieved economic growth averaging 10% annually and lifted almost half of its population out of poverty, making the leading economy in Asia. China overtakes the U.S economy as number one when measured in terms of FDP based on PPP. China’s GDP is $23.19 trillion exceeds the U.S. GDP of $19.42 trillion.
Even if facing hard times since 2008, Japan managed to become the third best economy in the world. Its economic growth is positive, to about 1% in 2016 and further to around 1.2% in 2017; but, it is forecasted to stay below 1% during the next five years.
Germany is the largest and strongest economy in Europe. Germany is known for its exports of vehicles, machinery, household equipment and chemicals. Its nominal GDP is $3.42 trillion, while its GDP in terms of purchasing power parity is $4.13 trillion.
The United Kingdom has $2.5 trillion GDP making it the world’s fifth largest. The economy of the UK is mainly driven by services, as the sector gives more than 75% of the GDP. Manufacturing is U.K.’s second most important contributor to GDP.
India is the sixth largest economy with a nominal GDP of $2.45 trillion. India ranks third in GDP in terms of purchasing power parity at $9.49 trillion. Their GDP is highly dependent on agriculture compared to western countries.
France has a nominal GDP of $2.42 trillion making it the seventh largest world economy now. France has a low poverty rate and a high standard of living. France is also considered among the top importers and exporters in the world.
With $2.14 trillion nominal GDP, Brazil now ranks as the eight largest economy in the world. Brazil’s GDP is dependent on manufacturing and agricultural sectors. Brazil was projected to be one of the fastest growing economies in the world.
Italy has a $1.81 trillion economy in terms of nominal GDP, making it the ninth largest. Italy is one of the prominent economies of the Eurozone, but it has been obstructed by the debt crisis in the region. Apart from huge public debt, their economy is also facing high unemployment.
Canada took over Russia as the tenth largest economy. It has nominal GDP of $1.6 trillion and is expected to reach $1.9 trillion by 2022. Their economy is dependent on manufacturing and the oil and petroleum industry.
The nominal GDP of the 10 largest economies adds up to over 68% of the world’s economy. The remaining 172 countries create less than a quarter of the world’s economy.