The different economic cycle phases hurl the economies around the sphere. The best part about the top economies is that they are very strong in their précised position and do not budge on an easy note. It has long been in similar positions from the past 20+ years.
Though the prime players remain in the same place, the analysis proves that the economies are the engine of growth and commands a majority in global wealth. The top 10 GDP of the economies add 66% of the world economy.
Let’s take a look at some of the top 10 economies in the world.
1. United Nations
The United Nations has been topping the list of the world’s largest economy since the year 1871. The U.S economy size in 2018 was $20.58 trillion and is believed to surge up to $22.32 trillion by 2020. The US is mostly called as the economic superpower because it almost quarters the global economy. The economy takes pride in advanced technology, infrastructure, international politics, an abundance of natural resources, and more.
U.S. GDP: $21.44 trillion
China has witnessed a great growth rate in the past few decades. It has successfully broken all closed barriers and has proved itself to be one of the most evolving exporters and manufacturer countries in the world. China is also known as the World Factory for its huge exporting and manufacturing base. China was once a seventh position country back in 1980, but because of its GDP contribution, it successfully succeeded in the top position.
China GDP: $14.14 trillion
The third position to come in terms of the top economic country is Japan. In 2019 it reached 5 trillion marks after recovering from the 2008 recession. The recession of 2008 became a challenging period for Japan’s economy. It triggered a recession, domestic demand followed by high public debt. The economy slowly began to come to its normal term when very soon it met with natural disasters, earthquakes. The country suffered both economically and socially.
The economy of Japan is expected to reach a high point in 2020 because of the Olympics. The investment ensures a strong flow which is aided by the Japan bank’s Lax Monetary Policy.
Japan GDP: $5.15 trillion
Germany is not just known as the largest economy of Europe but also is the strongest economy. Germany slipped from the third position to fourth because it suffered export setbacks. The country is hugely dependent on capital goods export but suffered a great loss in the financial crisis of 2008. The country now to regain its power and position back in place, has come up with Industrie 4.0. It is a smart and strategic initiative to ensure it establishes itself as a lead provider and market for advanced manufacturing solutions.
Germany GDP: $3.86 trillion
India is one of the fast-developing countries in the world gaining its fifth position in the year 2019. It overtook France and the United Kingdom. Earlier India was known as an agrarian nation. But with strong services and the manufacturing sector, it beat all odds to be where it is today. It is also the fastest-growing sector and contributes almost 60% to its economy. It also accounts for 28% employment rate. The most important sector in India is the manufacturing sector because of the government initiative Make in India.
India GDP: $2.94 trillion
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6. United Kingdom
The United Kingdom saw a great growth rate from 1992 to 2008, but it declined after 2008 April. It lost its position to India and the economy shrunk to 6%. It took the nation 5 years to regain its pre-recession stage and now takes sixth place in the economical world. The prime economy of the country is dependent on the service sector, manufacturing followed by the agricultural sector.
United Kingdom GDP: $2.83 trillion
France takes the place of Europe’s third-largest country in terms of economic growth. The country is known for offering a high level of standard of living to its citizens. But in recent times, the growth of the economy has slowed down resulting in unemployment.
The country highly depends on tourism followed by agriculture, armament, and automotive industry and chemical industry.
France GDP: $2.71 trillion
Italy is a prime member of the eurozone because of which it has been facing huge economical and political chaos. The prime contribution to the country is its business investment and export. It takes the eight positions in the economy and is believed to grow $2.26 trillion by 2023.
Italy GDP: $1.99 trillion
Being the most populous country the country survives on business investment. It is also a part of BRICS along with India, Russia, China, and South Africa.
Brazil GDP: $1.85 trillion
Canada overtook Russia’s position and since then has been claiming strongly on this part. The country successfully contained its unemployment and offers great services like manufacturing, export, and other similar sectors.
Canada GDP: $1.73 trillion