Top 10 World's Biggest Economics For 2019 and 2020


Top 10 World Biggest Economies For 2019 and 2020

Rank Country/Territory GDP
1 United States 21,506,453
2 China 14,242,163
3 Japan 5,231,475
4 Germany 4,210,344
5 United Kingdom 2,982,570
6 India 2,935,586
7 France 2,934,074
8 Italy 2,161,636
9 Brazil 2,095,020
10 Canada 1,822,914

1. Economy of United States :-

 According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP).

The country ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP. The U.S. dollar is the world's primary reserve currency.

2. Economy of China's :-

As of 2018, China had the world's second-largest economy in terms of nominal GDP, totaling approximately US$13.5 trillion (90 trillion Yuan). In terms of purchasing power parity (PPP GDP), China's economy has been the largest in the world since 2014, according to the World Bank. 

According to the World Bank, China's GDP grew from $150 billion in 1978 to $13.6 trillion by 2018. China's economic growth has been consistently above 6 percent since the introduction of economic reforms in 1978. China is also the world's largest exporter and second-largest importer of goods. Between 2010 and 2019, China's contribution to global GDP growth has been 25% to 39%.

3. Economy of Japan :-

Japan is the third largest national economy in the world, after the United States and China, in terms of nominal GDP, and the fourth largest national economy in the world, after the United States, China and India, in terms of purchasing power parity. As of 2016, Japan's public debt was estimated at more than 230 percent of its annual gross domestic product, the largest of any nation in the world. In August 2011, Moody's rating has cut Japan's long-term sovereign debt rating one notch from Aa3 to Aa2 inline with the size of the country's deficit and borrowing level. The large budget deficits and government debt since the 2009 global recession, followed by the earthquake and tsunami in March 2011, caused the rating downgrade. The service sector accounts for three quarters of the gross domestic product.

4. Economy of Germany :-

Germany is world's fourth largest by nominal GDP and the fifth one by PPP. Germany has a social market economy with a highly skilled labour force, a large capital stock, a low level of corruption, and a high level of innovation. It is the world's third largest exporter of goods.

The service sector contributes approximately 71% of the total GDP (including information technology), industry 28%, and agriculture 1%. The unemployment rate published by Eurostat amounts to 4.7% in January 2015, which is the lowest rate of all 28 EU member states. With 7.1% Germany also has the lowest youth unemployment rate of all EU member states. According to the OECD Germany has one of the highest labour productivity levels in the world.

5. Economy of United Kingdom :-

The economy of the United Kingdom is highly developed and market-orientated.The UK is today the fifth-largest economy in the world and the second-largest in Europe after Germany. HM Treasury, led by the Chancellor of the Exchequer, is responsible for developing and executing the government's public finance policy and economic policy. The Bank of England is the UK's central bank and is responsible for issuing notes and coins in the nation's currency, the pound sterling. Banks in Scotland and Northern Ireland retain the right to issue their own notes, subject to retaining enough Bank of England notes in reserve to cover their issue. The pound sterling is the world's third-largest reserve currency (after the US dollar and the euro). Since 1997 the Bank of England's Monetary Policy Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year.

6. Economy of India :-

According to the International Monetary Fund (IMF), the Indian economy in 2017 was nominally worth US$2.611 trillion, it is the sixth-largest economy by market exchange rates, and is, at US$9.459 trillion, the third-largest by purchasing power parity, or PPP. With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–2012, India is one of the world's fastest-growing economies.[280] However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP.

7. Economy of France :-

The economy of France is highly developed and free-market-orientated. It is the world's 7th largest economy by 2019 nominal figures and the 10th largest economy by PPP figures. It is the 3rd largest economy in the European Union after Germany and United Kingdom.

8. Economy of Italy :-

The economy of Italy is the 3rd-largest national economy in the euro zone, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). Italy has a major advanced economy, and  is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), the United States (6.8%), Switzerland (5.7%), the United Kingdom (4.7%), and Spain (4.4%).

9. Economy of Brazil :-

Brazil is the largest national economy in Latin America, the world's ninth largest economy and the eighth largest in purchasing power parity (PPP) according to 2018 estimates. Brazil has a mixed economy with abundant natural resources. After rapid growth in preceding decades, the country entered an ongoing recession in 2014 amid a political corruption scandal and nationwide protests.

Its Gross domestic product (PPP) per capita was $15,919 in 2017 putting Brazil in the 77th position according to IMF data. Active in agricultural, mining, manufacturing and service sectors Brazil has a labor force of over 107 million (ranking 6th worldwide) and unemployment of 6.2% (ranking 64th worldwide).

10. Economy of Canada :-

The economy of Canada is a highly developed market economy. It is the 10th largest GDP by nominal and 16th largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the fourth highest total estimated value of natural resources, valued at US$33.2 trillion in 2016. It has the world's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is considered an "energy superpower" due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.

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