Aug 21, 2024
By: Prerna Tyagi
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Gross Domestic Product (GDP) is the total monetary value of all goods and services produced within a country's borders in a year. Here’s a list of the top 10 economies in the world by GDP, as per IMF’s World Economic Outlook report.
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The United States maintains its position as the world’s largest economy, driven by a diverse and advanced economy with leading sectors in technology, finance, healthcare, and consumer goods. The U.S. dollar's status as the world’s reserve currency further solidifies its economic dominance.
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China’s rapid industrialisation and expansive manufacturing sector have propelled it to become the second-largest economy globally. Despite its slower growth in recent years, China continues to be a global leader in exports, infrastructure, and technological innovation.
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Germany stands as the largest economy in Europe, known for its robust automotive, engineering, and manufacturing industries. Its strong export market, particularly in high-quality industrial goods, underpins its economic strength.
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Japan remains a global economic powerhouse, with its economy heavily influenced by advanced technology, automotive manufacturing, and electronics. Despite challenges such as an ageing population, Japan continues to be a leader in innovation and exports.
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India's economy is growing rapidly, making it the fifth largest in the world. The country’s growth is driven by a young population, expanding technology sector, and increasing consumer demand. With ongoing reforms and investments, India’s economic influence is set to rise.
The UK remains a major global financial hub, with London at its centre. Despite the economic impacts of Brexit, the UK maintains its position as a top economy, driven by finance, technology, and services sectors.
France is known for its diverse economy, with strengths in aerospace, luxury goods, and tourism. As a key player in the European Union, France continues to play a significant role in global economic affairs.
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Brazil is the largest economy in South America, with strong sectors in agriculture, mining, energy, and manufacturing. Despite facing economic challenges, Brazil’s vast natural resources and large domestic market support its position as a leading economy.
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Italy's economy is driven by its manufacturing sector, particularly in high-quality goods such as fashion, automotive, and machinery. Despite economic and political challenges, Italy remains one of the world’s largest economies.
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Canada benefits from its rich natural resources, including oil, minerals, and timber, as well as a strong services sector. Its proximity to the U.S. and stable economic environment contribute to its place among the top global economies.
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