The top 20 county in world economy
with there details .
Table of Contents
Countries by GDP
The different phases of economic cycles toss economies around the
world. However, it’s interesting to see that these top economies don't
budge easily from the positions they hold. When compared to the top 20
economies of 1980, 17 are still present on the list, which means only growth, commanding a majority
of the global wealth. The nominal GDP of the top 10 economies adds up to
about 66% of the world's economy, while the top 20 economies contribute
almost 79%.1 The remaining 173 countries together constitute less than one-fourth to the world's economy.
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In addition to the key players remaining almost the same, this
analysis reveals these economies are the engine of growth, commanding a
majority of the global wealth. The nominal GDP of the top 10 economies
adds up to about 66% of the world's economy, while the top 20 economies
contribute almost 79%.1 The remaining 173 countries together constitute less than one-fourth to the world's economy.
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Mumbai low cost carrier spicejet has appointed publicis Group owned ad agency LeoBurnett India as its creative partner for integrated marketing communication.
The account size is pegged at over 4crore industry sources told Brand Equality and was won after a pitch with 6-7 advertising agencies.
The account was previously handed by the Delhi based Magic circle. Debojo Maharshi chief marketing officer ,spiceJet, told BE, In today's hyper-consumption age ,it is critical that we partner with an agency which can not only think with speed and agility but create integrated solution which will help us connect with our audience at multiple platform and touchpoints.
This list is based on the IMF's World Economic Outlook Database, October 2019.
There are many different ways to measure a country's GDP, so it's important to know all the different types and how they are used. A country's nominal GDP is the raw measurement that includes price increases. At the end of the third quarter in 2019, nominal U.S. GDP was $21.54 trillion.
To get the real GDP and compare it by year, the Bureau of Economic Analysis (BEA) removes the effects of inflation. Otherwise, it might seem like the economy is growing when it's actually suffering from double-digit inflation. The BEA calculates real GDP by using a price deflator, which tells you how much prices have changed since a base year. Income from U.S. companies and people from outside the country are not included, which removes the impact of exchange rates and trade policies. Real GDP is lower than nominal, and at the end of the third quarter in 2019, it was $19.121 trillion.
The BEA provides this figure using 2012 as the base year.
he GDP growth rate is the percentage increase in GDP from quarter to quarter, and it changes depending on the phase of the business cycle. If the growth rate is negative, the economy contracts, signaling a recession. If it contracts for years, that's a depression. If the growth rate is too high, it creates inflation. The BEA provides the U.S. GDP growth rate monthly, and at the end of the third quarter in 2019, the U.S. nominal and real GDP increased by 3.8% and 2.1%, respectively.2
Some countries have a big GDP only because of their large population. GDP per capita is the best way to compare GDP between countries because it divides the GDP by the number of residents, and measures the country's standard of living. In 2019, the U.S. GDP per capita was $57,997.4 The best way to compare GDP per capita by year or between countries is with real GDP per capita. This takes out the effects of inflation, exchange rates, and differences in population.
There are many different ways to measure a country's GDP, so it's important to know all the different types and how they are used. A country's nominal GDP is the raw measurement that includes price increases. At the end of the third quarter in 2019, nominal U.S. GDP was $21.54 trillion.
To get the real GDP and compare it by year, the Bureau of Economic Analysis (BEA) removes the effects of inflation. Otherwise, it might seem like the economy is growing when it's actually suffering from double-digit inflation. The BEA calculates real GDP by using a price deflator, which tells you how much prices have changed since a base year. Income from U.S. companies and people from outside the country are not included, which removes the impact of exchange rates and trade policies. Real GDP is lower than nominal, and at the end of the third quarter in 2019, it was $19.121 trillion.
The BEA provides this figure using 2012 as the base year.
he GDP growth rate is the percentage increase in GDP from quarter to quarter, and it changes depending on the phase of the business cycle. If the growth rate is negative, the economy contracts, signaling a recession. If it contracts for years, that's a depression. If the growth rate is too high, it creates inflation. The BEA provides the U.S. GDP growth rate monthly, and at the end of the third quarter in 2019, the U.S. nominal and real GDP increased by 3.8% and 2.1%, respectively.2
Some countries have a big GDP only because of their large population. GDP per capita is the best way to compare GDP between countries because it divides the GDP by the number of residents, and measures the country's standard of living. In 2019, the U.S. GDP per capita was $57,997.4 The best way to compare GDP per capita by year or between countries is with real GDP per capita. This takes out the effects of inflation, exchange rates, and differences in population.
- Nominal GDP = Gross domestic product, current prices, U.S. dollars
- GDP based on PPP = Gross domestic product, current prices, purchasing power parity, international dollars
- Gross domestic product per capita, current prices, U.S. dollars
- Gross domestic product based on purchasing-power-parity (PPP) share of world total, percent
1. United States
U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion
The U.S. has retained its position of being the world's largest economy since 1871. The size of the U.S. economy
was at $20.58 trillion in 2018 in nominal terms and is expected to
reach $22.32 trillion in 2020. The U.S. is often dubbed as an economic
superpower and that's because the economy constitutes almost a quarter
of the global economy, backed by advanced infrastructure, technology,
and an abundance of natural resources.
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.[1] Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.[1] Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.
When the economies are assessed in terms of purchasing power parity,
the U.S. loses its top spot to its close competitor China. In 2019, the
U.S. economy, in terms of GDP (PPP), was at $21.44 trillion, while the
Chinese economy was measured at $27.31 trillion. The gap between the
size of the two economies in terms of nominal GDP is expected to lessen
by 2023; the U.S. economy is projected to grow to $24.88 trillion by
2023, followed closely by China at $19.41 trillion.
2. China
China Nominal GDP: $14.14 trillion - China GDP (PPP): $27.31 trillion
China has experienced exponential growth over the past few decades,
breaking the barriers of a centrally-planned closed economy to evolve
into a manufacturing and exporting hub of the world. China is often
referred to as the "world's factory," given its huge manufacturing and
export base. However, over the years, the role of services has gradually
increased and that of manufacturing as a contributor to GDP has
declined relatively. Back in 1980, China was the seventh-largest
economy, with a GDP of $305.35 billion, while the size of the U.S. then
was $2.86 trillion. Since it initiated market reforms in 1978, the Asian
giant has seen an economic growth averaging 10% annually. In recent
years, the pace of growth has slowed, although it remains high in
comparison to its peer nations.
The IMF projects a growth of 5.8% in 2020, which would sober down to
around 5.6% by 2023. Over the years, the difference in the size of the
Chinese and the U.S. economy has been shrinking rapidly. In 2018, the
Chinese GDP in nominal terms stood at $13.37 trillion, lower than the
U.S. by $7.21 trillion. In 2020, the gap is expected to reduce to $7.05
trillion, and by 2023, the difference would be $5.47 trillion. In terms
of GDP in PPP, China is the largest economy, with a GDP (PPP) of $25.27
trillion. By 2023, China's GDP (PPP) would be $36.99 trillion. China's
huge population brings down its GDP per capita to $10,100 (seventieth
position).
3. Japan
Japan Nominal GDP: $5.15 trillion- Japan GDP (PPP): $5.75 trillion
Japan is the third-largest economy in the world, with its GDP
crossing the $5 trillion mark in 2019. The financial crisis of 2008
rocked the Japanese economy and it's been a challenging time for its
economy since then. The global crisis triggered a recession, followed by
weak domestic demand and huge public debt. When the economy was
beginning to recover, it suffered a massive earthquake that hit the
country socially and economically. While the economy has broken the
deflationary spiral, economic growth remains muted.
Its economy will get some stimulus with the 2020 Olympics keeping the
investment flow strong, which is backed by a lax monetary policy by the
Bank of Japan. Japan slips to the fourth spot when GDP is measured in
terms of PPP; GDP (PPP) is $5.75 trillion in 2019, while its GDP per
capita is $40,850 (24th spot).
4. Germany
Germany Nominal GDP: $3.86 trillion - Germany GDP (PPP): $4.44 trillion
Germany is not just Europe's largest economy but also the strongest.
On the global scale, it is the fourth-largest economy in terms of
nominal GDP, with a $4 trillion GDP. The size of its GDP in terms of
purchasing power parity is $4.44 trillion, while its GDP per capita is
$46,560 (18th place). Germany was the third-largest economy in nominal
terms in 1980, with a GDP of $850.47 billion.
The nation has been dependent upon capital good exports, which
suffered a setback post-2008 financial crisis. The economy grew by 2.2%
and 2.5% in 2016 and 2017, respectively. However, the IMF says this
slipped to 1.5% and 0.5% in 2018 and 2019, respectively. To bolster its
manufacturing strength in the current global scenario, Germany has
launched Industrie 4.0—its strategic initiative to establish the country
as a lead market and provider of advanced manufacturing solutions.
5. India
India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion
India is the fastest-growing trillion-dollar economy in the world and
the fifth-largest overall, with a nominal GDP of $2.94 trillion. India
has become the fifth-largest economy in 2019, overtaking the United
Kingdom and France. The country ranks third when GDP is compared in
terms of purchasing power parity at $11.33 trillion. When it comes to
calculating GDP per capita, India's high population drags its nominal
GDP per capita down to $2,170. The Indian economy was just $189.438
billion in 1980, ranking 13th on the list globally. India's growth rate
is expected to rise from 7.3% in 2018 to 7.5% in 2019 as drags from the
currency exchange initiative and the introduction of the goods and
services tax fade, according to the IMF.
India’s post-independence journey began as an agrarian nation;
however, over the years the manufacturing and services sector has
emerged strongly. Today, its service sector is
the fastest-growing sector in the world, contributing to more than 60%
to its economy and accounting for 28% of employment. Manufacturing
remains as one of its crucial sectors and is being given due push via
the governments' initiatives, such as "Make in India." Although the
contribution of its agricultural sector has declined to around 17%, it
still is way higher in comparison to the western nations. The economy's
strength lies in a limited dependence on exports, high saving rates,
favorable demographics, and a rising middle class.
6. United Kingdom
U.K. Nominal GDP: $2.83 trillion - U.K. GDP (PPP): $3.04 trillion
The United Kingdom, with a $2.83 trillion GDP is the sixth largest
economy in the world. When compared in terms of GDP
purchasing-power-parity, U.K. slips to the ninth spot with a GDP-PPP of
$3.04 trillion. It ranks 23rd in terms of GDP per capita, which is
$42,558. Its nominal GDP is estimated to remain at $2.83 trillion during
2019, but its ranking is expected to slide to the seventh spot by 2023
with its GDP of $3.27 trillion.
Starting from 1992 until 2008, the economy of the U.K. witnessed an
uptrend in each quarter. However, it witnessed a decline in its output
for five consecutive quarters starting April 2008. The economy shrunk by
6% during this time (between the first quarter of 2008 and the second
quarter of 2009) and eventually took five years to grow back to the
pre-recession levels, according to data from the Office of National
Statistics.
The economy of the U.K. is primarily driven by the services sector,
which contributes more than 75% of its GDP, with manufacturing the
second prominent segment, followed by agriculture. Although agriculture
is not a major contributor to its GDP, 60% of the U.K.'s food needs are
produced domestically, even though less than 2% of its labor force is
employed in the sector.
7. France
France Nominal GDP: $2.71 trillion - France GDP (PPP): $2.96 trillion
France, the most-visited country in the world, is the third-largest
economy of Europe and the sixth-largest in the world, with a nominal GDP
of $2.78 trillion. Its GDP in terms of purchasing power parity is
around $2.96 trillion. The country offers a high standard of living to
its people as reflected in its GDP per capita of $42,877.56. In recent
years, the economic growth has slowed, resulting in unemployment that
has placed immense pressure on the government to reboot the economy. The
World Bank has recorded unemployment rates at 10% during 2014, 2015,
and 2016. During 2017, it declined to 9.681%.
In addition to tourism, which remains very important for its economy,
France is a leading agricultural producer, accounting for about
one-third of all agricultural land within the European Union. France is
the world's sixth-largest agricultural producer and the second-largest
agricultural exporter, after the United States. The manufacturing sector
is primarily dominated by the chemical industry, automotive, and
armament industries. The economy has grown by 2.3% during 2017 and is
expected to grow 1.8% and 1.7% during 2018 and 2019 as per the IMF.
8. Italy
Italy Nominal GDP: $1.99 trillion - Italy GDP (PPP): $2.40 trillion
With a nominal GDP of $2.07 trillion, Italy is the world’s
eighth-largest economy. Its economy is expected to expand to $2.26
trillion by 2023. In terms of GDP (PPP), its economy is worth $2.40
trillion and it has a per capita GDP of $34,260.34. Italy—a prominent
member of the eurozone—has been facing deep political and economic
chaos. Its unemployment rate continues to be in double-digits, while its
public debt remains sticky at around 132% of GDP.
On the positive side, exports and business investment are driving
economic recovery. The economy clocked 0.9% and 1.5% in 2016 and 2017,
respectively. It is projected to edge down to 1.2% in 2018 and 1.0% in
2019.
9. Brazil
Brazil Nominal GDP: $1.85 trillion - Brazil GDP (PPP): $3.37 trillion
Brazil is the largest and most populous nation in Latin America. With
a nominal GDP of $1.87 trillion, Brazil is the ninth-largest economy in
the world. The nation that had been riding on the commodity wave
suffered multiple setbacks with the end of the commodity supercycle, in
addition to internal problems of corruption and political uncertainty,
which dampened the investment and business environment.
During 2006–2010, the nation grew at an average 4.5%, moderating to
around 2.8% in 2011–2013. By 2014, it was barely growing at 0.1%. In
2016, Brazil contracted by 3.5% before rebounding by 1% in 2017. IMF
projects the economic growth to revive to 2.5% by 2019. Brazil is part
of the BRICS, along with Russia, India, China, and South Africa. The
country has a GDP (PPP) of $3.37 trillion and a GDP per capita of
$8,967.66.
10. Canada
Canada Nominal GDP: $1.73 trillion - Canada GDP (PPP): $1.84 trillion
Canada displaced Russia to take the 10th spot in 2015 and has
retained its position since then. Canada's nominal GDP is currently at
$1.71 trillion and is expected to touch $1.74 trillion in 2019 and $2.13
trillion by 2023. Its per capita GDP of $46,260.71 is ranked 20th
globally, while its GDP of $1.84 trillion in terms of PPP pulls it down
to the 17th spot.
The country has contained its level of unemployment and it's likely
to further shrink. While services are the major sector, manufacturing is
the cornerstone of the economy, with 68% of its exports constituting of
merchandise exports. Canada is laying a lot of emphasis on
manufacturing, which is crucial to its future economic growth. Canada
registered a growth of 3% in 2017 vis-à-vis 1.4% in 2016 and is expected
to grow 2% during 2018 and 2019.
11. Russia
Russia Nominal GDP: $1.64 trillion - Russia GDP (PPP): $4.21 trillion
Russia, the largest country on Earth in terms of landmass, is the
11th-largest economy in the world, with a nominal GDP of $1.63 trillion.
Russia moves up the ladder to the sixth spot for rankings, with a $4.21
trillion GDP based on PPP.
The 1990s were a rough period for its economy, since it inherited a
devastated industrial and agricultural sector along with the
fundamentals of a centrally planned economy. During the next decade,
Russia witnessed growth at a healthy pace of 7%. However, this growth
was led by the commodity boom.
The dependence of the Russian economy on oil was exposed during the
2008–2009 global financial crisis and eventually again in 2014. The
situation worsened with the imposition of sanctions by the West. The
economy contracted by 0.2% in 2016, however, it rebounded with a 1.5%
growth in 2017. IMF projects a growth of 1.7% and 1.5% during 2018 and
2019, respectively.
12. South Korea
South Korea Nominal GDP: $1.63 trillion - South Korea GDP (PPP): $2.14 trillion
The South Korean economy, known for conglomerates like Samsung and
Hyundai, is the 12th largest economy in the world, with a nominal GDP of
$1.62 trillion. The country has made incredible progress in the past
couple of decades to establish itself as a hi-tech, industrialized
nation.
Over the past four decades, South Korea has demonstrated incredible
economic growth and global integration to become an industrialized
economy. During the 1960s, its GDP per capita was among the poorer
countries in the world, which is now at the 29th spot with $31,345.62.
Its GDP (PPP) is at $2.14 trillion. South Korea entered the
trillion-dollar club in 2004, propelled by international trade and
industrialization. It is among the top exporters in the world and
presents great investment opportunities, reflected in its ease of doing
business ranking.
13. Spain
Spain Nominal GDP: $1.4 trillion - Spain GDP (PPP): $1.86 trillion
The $1.4 trillion Spanish economy is the 13th-largest in the world.
Post-Brexit, Spain is the fourth-largest economy in the eurozone. The
country, with a population of 46.6 million, has witnessed a long
recessionary period (second quarter of 2008 until the third quarter of
2013) and is slowing returning to health on the back of record tourism
and exports, along with a revival in domestic consumption.
Spain replaced the United Kingdom to become the second most-visited
country in the world, with a huge influx of inbound tourists. In terms
of sectors, agriculture has traditionally played a crucial role,
however, with time the contribution of this sector has fallen to about
3%. The country remains a major exporter of olive oil, pork, and wine.
Some of the prominent industrial sectors are automobiles, chemicals,
pharmaceuticals, and industrial machinery. The economy grew 3.1% in 2017
and is expected to edge down to 2.8% and 2.2% in 2018 and 2019,
respectively.
14. Australia
Australia Nominal GDP: $1.38 trillion - Australia GDP (PPP): $1.32 trillion
Australia is the 14th-largest economy, with a nominal GDP of $1.42
trillion. The economy has grown at a healthy pace for the past two
decades on the back of low unemployment, low public debt and inflation,
robust exports, a strong service sector, and a stable financial system.
Australia is also a land rich in natural resources, as well as a major
exporter of energy and food.
In terms of different sectors of its economy, agriculture and
industry contribute about 4% and 26%, respectively, while its service
sector, which engages 75% of its employed population, contributes 70% to
its GDP. It is estimated that the economy of Australia will be close to
the $1.7 trillion mark by 2023 and its GDP based on PPP, which is
currently at $1.32 trillion, will be nearing $1.65 trillion during the
same time period. Australia ranks 11th on the measure in terms of GDP
per capita, with $56,351.58 in 2018.
15. Mexico
Mexico Nominal GDP: $1.27 trillion - Mexico GDP (PPP): $2.57 trillion
Mexico, the second-largest economy in Latin America, is the
15th-largest economy in the world, with a nominal GDP of $1.22 trillion,
while its GDP in terms of PPP is $2.57 trillion. The same are expected
to touch $1.50 trillion and $3.18 trillion, respectively, by 2023. Back
in 1980, Mexico was the 10th-largest economy, with a nominal GDP of
$228.6 billion.
The economy expanded by 2.9% and 2% during 2016 and 2017. Over the
next two years, the IMF projects a growth of 2.3% and 2.7%,
respectively. The share of agriculture in the Mexican economy has
remained under 4% over the last two decades, while its industry and
services contribute around 33% and 63% to its output. Automotive, oil,
and electronics are among the developed industries, while financial
services and tourism are prominent contributors within services.
16. Indonesia
Indonesia Nominal GDP: $1.11 trillion - Indonesia GDP (PPP): $3.50 trillion
Indonesia is the largest economy in Southeast Asia and the
16th-largest on the global map. The Indonesian economy has shown
tremendous progress over the last two decades. It was a victim of the
Asian financial crisis in 1997. However, it has charted impressive
growth ever since.
The economy is now a part of the trillion-dollar club, with a nominal
GDP of $1.02 trillion. The World Bank cites its enormous progress on
poverty reduction—"cutting the poverty rate to more than half since
1999, to 10.9% in 2016." Its GDP per capita at $3,871 is way higher than
it was in 2000 at $857. Indonesia, the fourth most populous nation, is
the seventh-largest economy, with a $3.50 trillion GDP in terms of
purchasing power parity. Among sectors, agriculture contributes about
14% to its GDP, while industry and services add approximately 43% each
to its output.
17. Netherlands
Netherlands Nominal GDP: $902.36 billion - Netherlands GDP (PPP): $969.23 billion
The Netherlands, the sixth largest economy in the European Union, is
the 17th-largest economy in the world. Back in 1980, the Netherlands was
the 12th-largest economy globally, with a GDP of $189.49 billion.
Today, the country has a nominal GDP of $912.90 billion and a GDP-PPP of
$969.23 billion. It ranks 13th on the basis of per capita income, with a
GDP per capita of $53,106.38.
The economy is backed by abundant natural resources, booming tourism,
and sound industries like food processing, chemicals, electrical
machinery, and petroleum refining. The Netherlands can boast of its
highly mechanized, highly productive agricultural sector, which makes it
among the top agricultural exporters globally. Despite its small
landmass, the Netherlands is a major player in the world's trade.
18. Saudi Arabia
Saudi Arabia Nominal GDP: $779.29 billion - Saudi Arabia GDP (PPP): $1.86 trillion
Saudi Arabia is predominantly an oil-based economy. The country
possesses around 18% of the world's proven petroleum reserves. It ranks as
the largest exporter of petroleum, with the oil and gas sectors
accounting for about 50% of its GDP and 70% of its export earnings.
Saudi Arabia is rich in other natural resources like natural gas, iron
ore, gold, and copper.
The economy showed recovery from the oil shock in 2016 with a 1.7%
growth. In 2017, it incurred a huge budget deficit, financed by foreign
reserves and bond sales. The country is looking to bolster its non-oil
economy in order to diversify its economy and tackle the problem of
unemployment. In 2018, its nominal GDP was $782.48 billion, while its
GDP based on PPP was $1.86 trillion. The economy, which slumped by 0.9%
in 2017, is expected to grow by 1.9% in 2018 and 2019.
19. Turkey
Turkey Nominal GDP: $743.71 billion - Turkey GDP (PPP): $2.29 trillion
Turkey, with its $766.43 billion economy, is the 19th-largest economy
in the world. The share of Turkey's middle-class increased from 18% to
41% of the population between 1993 and 2010, according to the World
Bank, and the country joined the upper-middle income group in the late
2000s.
The economy is projected to join the trillion-dollar club by 2023,
while its GDP-PPP will reach $2.78 trillion that same year. Between 1960
and 2012, Turkey's average annual GDP growth was 4.5%.
The economy has been growing at an impressive pace since the 2000s,
driven by both industry and services. Its economy witnessed
macroeconomic and fiscal stability, while its employment and income
levels witnessed an increase. The economy registered a 7.4% growth in
2017. However, it is projected to soften to 4.2% in 2018 amid rising
external debt, depreciating currency, rising inflation, and
unemployment.
20. Switzerland
Switzerland Nominal GDP: $715.36 billion - Switzerland GDP (PPP): $548.48 billion
Switzerland is one of the most stable market economies in the world.
It is the 20th-largest economy in the world, with a nominal GDP of
$703.75 billion. The country offers a very high standard of living for
its people, represented by the GDP per capita of $82,950.28, which is
only behind Luxembourg.
Switzerland has a booming tourism industry and a strong financial
sector. Switzerland also has a long tradition of industry, especially
the clock and watches industry and pharmaceuticals. Agriculture only
contributes about 1% to its GDP. The country has a highly skilled
workforce and low unemployment (3%). The country’s economy benefits from
its stable political system, sound infrastructure, and favorable tax
rates. In recent years, its growth rate has hovered between 1–1.5%.
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