Monday, February 26, 2024
HomeIndian EconomyTop 10 Largest Economies in the World

Top 10 Largest Economies in the World

Must Read

Bharathi Pradeep
Bharathi Pradeephttps://www.getcooltricks.com/
Editor at GetCoolTricks.com. Bharathi covers topics on Competitive exams, How To guides, Current exams, Current Affairs, Study Materials, etc. Follow her on social media using the links below.

There are numerous rich nations on this planet with economies worth more than 5 trillion USD. However, just because a country is wealthy does not imply that its citizens must also be wealthy. A GDP, or gross domestic product, can be used to determine a nation’s wealth. The market value of all final goods and services produced and sold by nations during a given period is measured in terms of gross domestic product (GDP). The GDP is an important measure that helps to calculate the size of an economy.

United States

The United States of America has been at the top of the list for a long time as the world’s largest economy. Business services, finance, real estate, professional services, insurance, and the healthcare industry are some of the major contributors to the US GDP. One of the primary reasons that the United States of America has the world’s largest economy is the country’s relaxed business policies and substantial foreign direct investment. Additionally, it maintains its position thanks to its technological dominance and geopolitical power.

  • 2021 GDP Growth: 5.7%
  • 2021 Nominal GDP: $ 23.0 Trillion
  • 2021 PPP Adjusted GDP: $ 23.0 Trillion
  • 2021 Nominal GDP Per Capita: $ 69,287

China

In terms of nominal GDP, China stands out as the world’s second-largest economy and is the most significant in terms of Purchasing Power Parity (PPP). China has the largest workforce because it is the world’s most populous city, which helps it meet high production demands and boost GDP. China entered this position just four decades ago, but it still holds it today. At first, the primary sector that contributed the most to China’s GDP was the agricultural sector. However, in recent years, China’s economic expansion has been multiplied by multiples thanks to advances in AI (artificial intelligence).

  • 2021 GDP Growth: 8.1%
  • 2021 Nominal GDP: $ 17.73 Trillion
  • 2021 PPP Adjusted GDP: $ 27.31 Trillion
  • 2021 Nominal GDP Per Capita: $ 12,556

Japan

Japan is the third-largest economy in the world because it is regarded as one of the most technologically and innovatively advanced nations. The Second World War, the Tsunami, and the Great Depression all continued to impact Japan’s economy. Japan, on the other hand, quickly recovered and reestablished its economy. Japan has a high deficiency of natural resources, yet, Japan is contending very well with different countries concerning the Gross domestic product.

  • 2021 GDP Growth: 1.6%
  • 2021 Nominal GDP: $ 4.94 Trillion
  • 2021 PPP Adjusted GDP: $ 5.40 Trillion
  • 2021 Nominal GDP Per Capita: $ 39,285

Germany

Germany is the fourth-largest economy in the world and the largest economy in Europe thanks to its position as the world’s largest auto exporter for many years. Over the course of many decades, Germany has dominated the automotive, chemical, and machining industries. It also has the world’s largest skilled workforce. The low fertility rate in Germany is turning into a significant snag to monetary development and furthermore bringing about labour force consumption.

  • 2021 GDP Growth: 2.9%
  • 2021 Nominal GDP: $ 4.22 Trillion
  • 2021 PPP Adjusted GDP: $ 4.82 Trillion
  • 2021 Nominal GDP Per Capita: $ 50,801

The United Kingdom

The United Kingdom ranks fifth among the world’s largest economies. The insurance, financial, and business service sectors, in particular, make up the majority of Europe’s service sector’s GDP. The majority of the UK’s trade is with European nations, but this has always been contentious, and the UK is no longer be a member of the EU (European Union) after 2020. Nonetheless, trade negotiations are ongoing between the two nations.

  • 2021 GDP Growth: 7.4%
  • 2021 Nominal GDP: $ 3.19 Trillion
  • 2021 PPP Adjusted GDP: $ 3.34 Trillion
  • 2021 Nominal GDP Per Capita: $ 47,334

India

In terms of population, India is the second largest populated nation after China, and thus even after being the 6th largest economy in the world, has a very low per capita GDP of only $2,227. Many sectors contribute together to the GDP of India, like the service sector, industry, business sector, IT, etc. but the agricultural sector has the highest contribution to the GDP of India. India is growing at a rapid pace and the liberalization of India’s economy during the 90s escalated its economic growth to the next level.

  • 2021 GDP Growth: 8.9%
  • 2021 Nominal GDP: $ 3.17 Trillion
  • 2021 PPP Adjusted GDP: $ 10.22 Trillion
  • 2021 Nominal GDP Per Capita: $ 2,277

France

France is one of the favourite locations of tourists and this is the reason why the tourism sector has the highest contribution to its GDP. France stands out as the 7th largest economy in the world and the semi-private business and industries are some of the other important sectors contributing to its GDP.

  • 2021 GDP Growth: 7.0%
  • 2021 Nominal GDP: $ 2.94 Trillion
  • 2021 PPP Adjusted GDP: $ 3.42 Trillion
  • 2021 Nominal GDP Per Capita: $ 43,518

Italy

Italy’s economy is divided into many regions and each region has a different amount of contribution to its GDP. Italy is the 8th largest economy in the world, Italy’s private business has the highest contribution to its GDP, and it has most of the luxury apparel brands in the world. 

  • 2021 GDP Growth: 6.6%
  • 2021 Nominal GDP: $ 2.10 Trillion
  • 2021 PPP Adjusted GDP: $ 2.71 Trillion
  • 2021 Nominal GDP Per Capita: $ 35,551

Canada

Canada stands out as the third-largest energy-rich nation in the world, with plenty of oil reservoirs making it the 9th largest economy in the world. Also, the manufacturing sector of Canada is a highly contributing sector to its GDP. The free trade policies of Canada with the United States of America helped a lot Canada to boost its economic growth.

  • 2021 GDP Growth: 4.6%
  • 2021 Nominal GDP: $ 1.99 Trillion
  • 2021 PPP Adjusted GDP: $ 1.99 Trillion
  • 2021 Nominal GDP Per Capita: $ 52,051

South Korea

South Korea is the 10th largest economy in the world because South Korea is one of the most technologically advanced nations with some of the major tech giants such as Samsung and LG. The private sector industry and the service sector are the highest contributing sector to its economy.

  • 2021 GDP Growth: 4.0%
  • 2021 Nominal GDP: $ 1.80 Trillion
  • 2021 PPP Adjusted GDP: $ 2.43 Trillion
  • 2021 Nominal GDP Per Capita: $ 34.757

Bottom-line

There are many ups and downs in the economy, but the one that quickly recovers is more likely to keep growing. Additionally, the economic growth of a nation is significantly influenced by government economic policies. Numerous countries on the list rose to prominence from significantly lower positions. As a result, countries are able to maintain and advance in the rankings when their economies continue to expand.

Related Articles

Bharathi Pradeep
Bharathi Pradeephttps://www.getcooltricks.com/
Editor at GetCoolTricks.com. Bharathi covers topics on Competitive exams, How To guides, Current exams, Current Affairs, Study Materials, etc. Follow her on social media using the links below.
Subscribe
Notify of
guest
Enter your Full Name
Enter Your E-mail Address
The comment form collects your name, email and content to allow us keep track of the comments placed on the website. Please read and accept our website Terms and Privacy Policy to post a comment.
0 Comments
Inline Feedbacks
View all comments

More Articles Like This