We are sure, as soon as you read the title, the names of some countries already start popping in your mind. The economic well-being of a country is determined on the basis of its GDP (Gross Domestic Product). GDP can be termed as the final value of the goods and services produced within the geographic boundaries of a country within a given year. Now, let’s look at the list of Top 10 Economies in the World on the basis of their GDP (by nominal).
Note – The figures mentioned below are estimated.
Top 10 Economies in the World 2020:
Canada’s GDP stands at $1.8 trillion making it the tenth-largest economy in the world. Its economy is dominated by the service industry which accounts for close to 70% of its GDP.
Though the Canadian economy is closely integrated with the American economy, it has developed peculiar economic institutions. It is also one of the world’s top ten trading nations.
Brazil is the largest economy in Latin America with a GDP of $2.1 trillion. It has a developing mixed economy. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world but saw a slowdown in 2013 and the country entered a recession in 2014.
However, the economy started to recover in 2017.
Moreover, Brazil is the world’s primary source of coffee, oranges, and cassava (manioc) and it is also a major producer of sugar, soy, and beef.
Italy’s economy secures the eighth position, with its GDP standing at $ 2.2 trillion. Italy is a founding member of the European Union and the economy of Italy is the third-largest economy in the European Union.
Being one of the world’s most advanced nations and a leading country in trade and exports it has the world’s eighth highest quality of life. In addition to this, the country’s private wealth is one of the largest in the world.
Being the most visited destination in the world, France, has a GDP of $ 2.9 trillion. It has a diversified economy with the chemical and tourism industry as the key sectors for contributing to its economic growth.
It is the second-largest economy in the European Union. Furthermore, France is the world-leading country in nuclear energy and home to global energy giants.
Indian Economy which is classified as a developing market economy has a GDP that stands at $ 2.9 trillion. Historically, India was the largest economy in the world for most of the two millennia from the 1st until the 19th century.
Nearly 60% of India’s GDP is driven by domestic private consumption. Apart from it, India’s GDP is also driven by government expenditures, investment, and exports.
5. United Kingdom
Having one of the most globalized economies in the world, the United Kingdom has a GDP of $ 3 trillion.
It has a highly developed social market and is a market-oriented economy.
The service sector contributes to around 80% of GDP and its capital city, London, is the second-largest financial center in the world. The other major industries are the aerospace industry and the pharmaceutical industry that portray a huge role in the development of its economy.
Germany has a GDP that stands at $ 4.2 trillion and is having a highly developed social market economy. Also one of the founding members of the European Union, it has the largest economy in entire Europe.
Germany is the leading producer of wind turbines in the world and is also well-known for its locomotive inventions. Moreover, the largest annual international trade fairs are held in several German cities.
The highly developed economy of Japan has a GDP of $ 5.2 trillion which makes it the world’s third-largest economy. It is one of the world’s leading import-export countries. Japan is also the third-largest consumer market and the largest creditor nation in the world.
Japan, the world’s third-largest automobile manufacturing country, has the largest electronics goods industry and is often ranked among the world’s most innovative countries.
Having the world’s fastest-growing major economy, China has a GDP that stands at $ 14.2 trillion making it the second-largest economy on the Earth. China is the world’s largest manufacturing economy and exporter of goods playing a prominent role in international trade.
It has the world’s second-highest number of billionaires. Furthermore, more than 75% of the world’s largest companies are headquartered in China.
It possesses the world’s largest total banking assets as well.
1. United States of America
Entitled as the most technologically powerful economy in the world, the United States’ GDP stands at $ 21.5 trillion. Its economy is highly driven by bounteous resources, high productivity, and well-embellished infrastructure.
However, due to the ongoing widespread of the COVID-19 pandemic, the U.S. economy has begun to collapse.
This emerging coronavirus recession has been amply narrated as the most intense global economic setback since the Great Depression and is also reported to be “far worse” than the Great Recession.
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