Top 10 Largest Economy in the World
The economic health of a country is determined by GDP (Gross Domestic Product), which refers to the total market value of all goods and services a country produces in a given year. Nominal GDP estimates are made every year to help rank countries economically. Fluctuations in a country's currency rate can also lead to different outcomes.
Top 10 Largest Economy in the World
GDP 21 trillion USD
GDP 9,2 trillion USD
GDP 5,2 trillion USD
GDP 4,2 trillion USD
GDP 3,2 trillion USD
GDP 2,9 trillion USD
GDP 2,9 trillion USD
GDP 2 trillion USD
GDP 2 trillion USD
GDP 1,8 trillion USD
This is the latest list of the top 10 economies in the world for the period 2019-2020
1. USA
In 2019, US nominal GDP is expected to exceed $21 trillion. The US economy accounts for 20% of total global output, and the economy is still much larger than that of China. U.S. service industries are highly developed and technologically complex. This fact accounts for about 80% of total production. As a result, the largest corporations and the divisions by companies that provide their services in the technology, retail, finance and healthcare sectors play an important role on a global scale.
2. China
China The Chinese economy has witnessed incredible growth over the past few decades. This fact has helped the country take second place in the list of the top 10 economies in the world. China's nominal GDP in 2019 was $9.2 trillion.
3. Japan
Based on the nominal GDP forecast, Japan's economy ranks third in 2019 at $5.2 trillion. During the 1960s, 70s, and 80s, the Japanese economy was growing rapidly. However, the Japanese economy was less than impressive after that period during the 1990s. Over the past decade, Japan has tried its best to develop its economy.
4. Germany
With a nominal GDP of $4.2 trillion based on forecasts for 2019, Germany occupies the fourth place among the top 10 economies globally. After a short period of sharp decline in 2009, the German economy has bounced back with growth of 4.0% before a decade back. In the years that followed, the country had steady results.
5. UK
The UK's average annual GDP growth from 1999 to 2008 was 2.8%. In the coming year, growth is more likely to slow as private consumption declines and fixed investment declines amid the uncertainty created by BREXIT. However, with a nominal GDP of $3.2 trillion, the UK will continue to hold its place among the top five economies in the world.
6. India
Overtaking the French economy in 2018, India is preparing to move towards fifth place among the world's leading economies during 2019-20 with a nominal GDP of $2.9 trillion. The Indian economy has also become the world's fastest growing economy among major economies, having recently surpassed China.
7. France
In 2019, the French economy was established as the seventh leading economy. The country's GDP in 2019 will reach $2.9 trillion. Currently, more than 70% of the country's GDP is from the service sector. France is also a global leader in the automotive, rail and aerospace sectors.
8. Italy
The world's eighth largest GDP belongs to Italy with even 2.00 trillion dollars in 2019, an increase of 0.3% compared to 2018. 1 The third largest economy of the euro area, the economy and Italy's level of development varies considerably by region, with a more developed industrial economy in the less developed north and south. Italy faces persistently sluggish economic growth due to very high public debt, an inefficient court system, a weak banking sector, an inefficient labor market, and persistently high youth unemployment. and a large underground economy.
9. Brazil
Before the global economic crisis, Brazil had a stable GDP growth of 3.4% over the same period last year. After contracting briefly in 2009, the Brazilian economy recovered the following year with 7.5% growth. It is expected that Brazil will have a nominal GDP of 2.0 trillion USD in 2019.
10. Canada
Canada's nominal GDP in 2019 will be at $1.8 trillion, making it the tenth largest economy in the world. The annual growth rate is expected to be 2.0% this year. While holding the 10th place among the world's largest economies, Canada is just one place ahead of Russia.
Top 10 Largest Economy in the World