The different phases of economic cycles changes economies around the world. We are currently witnessing the change of the economic guard with emerging economic markets. “GDP” Gross Domestic Product shows the health of any country’s economy.
The list is based on:
Nominal Gross Domestic Product (GDP)
GDP Based on Purchasing Power-Parity (PPP)
Gross Domestic Product Per Capita
Here we discuss the top 10 largest economies in the world.
1. United State Of America: (USA)
Since 1871 USA has maintained 1st place in the list of top 10 largest economies in the world 2020. Despite facing challenges over the past few decades like Iraq war, Afghanistan war, domestic terrorism and with natural disasters the US still has the largest economy in the world. With the nominal GDP of 21.48 Trillion and GDP Per Capita is more than 50000$. The top contributor in the US economy is its services sector. The USA is often referred as a financial superpower.
Over the last few decades Chinese economy has seen exceptional growth. For its bigger manufacturing and export capacity refer china to the “World’s Factory”. Back in 1980 china was the 7th world’s largest economy but now china secured its 2nd place in top 10 largest economies in the world. With relation to PPP GDP china is the biggest economy. Chinese nominal GDP is 14.17 Trillion and GDP (PPP) is 29.47 Trillion.
In term of Nominal GDP with 5.22 Trillion the Japanese economy stands 3rd in the top 10 largest economies in the world 2020 and GDP (PPP) is 5.89 Trillion. The reason of Japanese economy growth is high efficiency which includes manufacturing, services, governance and active promotion of big and small companies into a global market.
Germany is the largest and strongest economy in Europe. On a world wide scale Nominal GDP is 4.12 Trillion and GDP (PPP) is 4.59 Trillion secured then the 4th place in top 10 largest economies in the world. Germany largely depends on exports of capital goods and automotive industry. Germany is the one of the biggest iron, steel, coal, chemicals and machine tools suppliers in the world.
5. United Kingdom: (UK)
The UK with a nominal GDP of 2.96 Trillion holds the 5th spot in list of largest economies of the world GDP by countries in 19-2020. The UK’s is depended mainly by the service sector which adds over 75% of GDP with manufacturing. Due to Brexit’s uncertainty growth is likely to slow next year. But a stronger sector and stable worldwide supply reduce this slowdown.
India’s service sector is the world’s fastest growing sector adding to its economy by over 30%. The large population of India drags its nominal GDP down when it gets to calculating countries by nominal GDP per capita. With nominal GDP of 2.84 Trillion and GDP (PPP) 12.36 Trillion secured 6th top 10 largest economies in the world 2020.
Frances’s total economy accounts about one-fifth of the European Union’s total GDP. Services is the main contributor in the economy with this industry for over 70% of GDP. France is one of the largest supplier in the aviation, rail
industry, cosmetics and luxury good. France with Nominal GDP of 2.81 Trillion secured its 7th place in the top 10 largest economies in the world.
Italy hold the 8th place in the ranking of list of largest economies of the world. Profitable exports included automobile, appliances, agricultural products and wine. It is the 3rd largest luxury hub in the world and 1st in the Europe. Nominal GDP is 2.11 Trillion.
With Nominal GDP of 1.93 Trillion, Brazil secured its 9th place in top 10 largest economies in the world 2020. The nation is famous for its Textile, Shoes, Cement Lumber and Tin sectors. It has a powerful industry of agriculture that share 6% to GDP, service 72% and industrial manufacturing is 21%. Brazil also has a enormous amount of natural resources like Gold, uranium, Iron and Timber.
Just ahead of Russia, Canada secured its 10th place in worlds largest economies. The Nominal GDP of Canada stands 1.82 Trillion with an annual growth of 2.0%. Canada is the 4th highest natural resources in the world. Also called energy superpower with 3rd biggest petroleum reserves.