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Thursday, October 11, 2018

top 10 countries economy in the world

top 10 countries economy in the world

This list is based on the estimates of IMF's World Economic Outlook Database, April 2017. The selection of data is taken from the CIA World Factbook. As you know, according to the World Bank report, India is the sixth largest economy in the world, in this way you will tell about the world's top 10 economy.

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United States America

In the case of nominal GDP, the US economy is the largest in the world. The US economy is 25% of the gross world product of 19.42 trillion dollars. The United States is an economic powerhouse which is very advanced in terms of technology and infrastructure and also has abundant natural resources. However, in terms of GDP on the basis of PPP, the US economy is far behind China. In this case, the gross domestic product of China is $ 23.19 trillion, with the U.S. GDP exceeding $ 19.42 trillion. However, US per capita is ahead of China in PPP along with GDP; Per capita GDP (PPP) for the US economy is approximately $ 59,609, while in China it is $ 16,676. In the nominal relationship, the per capita GDP of China increases to $ 8,480.


China has changed itself from a centrally-locked economy into manufacturing and export center in the 1970s. Since it started market reforms in 1978, the country achieved average growth of 10% annually (although it has slowed down recently) and, in this process, about half of the 1.3 billion population got rid of poverty And China became the second largest economy without any dispute. The Chinese economy has already left behind the American economy in terms of GDP on the basis of purchasing power parity (PPP), and in the next few years it is expected to move forward from the US. However, there is still a big difference between the economies in the case of the nominal GDP.

For the year 2022, the nominal GDP for the US and China is estimated to be $ 23.76 trillion and 17.71 trillion, respectively, while in PPP, the GDP is estimated to be US $ 23.76 trillion and $ 34.31 trillion for China.


At present, Japan's economy is at number three in the case of nominal GDP, while on the basis of purchasing power parity, it comes to fourth place when comparing GDP. Since 2008, the economy is facing a tough time, when the first signs of recession appear. Sabziro bond income and weak currency have unconventionally impacted the economy further. Economic growth is once again positive, about 1% in 2016 and about 1.2% in 2017; However, it is estimated to be below 1% during the next five years. The nominal GDP of Japan is $ 4.84 trillion, its GDP (PPP) is $ 5.42 trillion, and the per capita GDP (PPP) is 42,860 dollars.


Germany is Europe's largest and strong economy. Globally, it is now the fourth largest economy in terms of nominal GDP. Germany's economy is known for exporting machinery, vehicles, home appliances, and chemicals. Germany has a skilled labor force, but in the coming years, the economy may have to face countless challenges. The nominal GDP size is $ 3.42 trillion, while in the case of purchasing power parity its GDP is 4.13 trillion dollars. Germany's GDP (PPP) is $ 49,814 per person, and in the recent few years the economy has moved beyond the average pace of 1-2% and is estimated to live in the same way.

United Kingdom

The United Kingdom is currently the fifth largest country in the world with $ 2.5 trillion GDP. In the case of PPP, its GDP is slightly more than $ 2.91 trillion, while the per capita GDP (PPP) is $ 44,001. The UK economy is primarily driven by the services, because this sector contributes more than 75% of the GDP. Agriculture is the second most important contribution of manufacturing in GDP, with 1% contribution. Although agriculture has no major contribution to GDP, 60% of UK food needs are produced on domestic land, even though labor force employed less than 2% in this area is employed.


India is the sixth largest economy in the world with a nominal GDP of 2.59 trillion dollars. In terms of purchasing power parity, the country is third in the GDP for $ 9.49 trillion. Due to the large population of the country, the nominal GDP per capita decreases to $ 1,850. Compared to the western countries, India's GDP still depends on agriculture (17%). However, in recent years there has been an increase in service sector and now it is 57% of GDP, while industries account for 26%. The strength of the economy lies in limited reliance on exports, high savings rate, favorable demographics, and the growth of middle class. India has recently left China as the fastest growing major economy and is expected to reach fourth place in the list by 2022.


France is the world's seventh largest economy with a nominal GDP of 2.42 trillion dollars. In terms of purchasing power parity, its GDP is 2.83 trillion dollars. France's poverty rate is low and the level of lifestyle is high, which is seen as its GDP (PPP) $ 43,652 per capita. This country is one of the world's top exporters and importers. France has experienced a recession in the last few years and the government is under tremendous pressure to combat the unemployment as well.


With an economy of 2.14 trillion dollars, Brazil is now the eighth largest economy in terms of nominal GDP. The Brazilian economy has developed services, manufacturing and agricultural sectors, and 68%, 26%, and 6% contribution from each sector respectively in the economy. Brazil is one of the BRIC countries, and was estimated to be one of the fastest growing economies in the world. However, the recession in 2015 brought Brazil down from seventh to ninth place in world economy rankings with a low growth rate of 3.6% (2016).


In the case of the nominal GDP, Italy is on the ninth position in the race for the fastest growing economy in the world with 1.81 trillion dollars. Italy is one of the main economies of the Eurozone, but the debt crisis has also had an effect in this area.


Canada has emerged as the world's tenth largest economy, leaving Russia behind in 2015. It is expected to reach $ 1.6 trillion by 2022 to $ 1.9 trillion, which will keep it ahead of Russia. There is a service-oriented economy in Canada, and since the second world war, there has been a significant increase in the manufacturing, oil and petroleum sectors.

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