List of top 10 largest economies of the world by GDP
- A country’s GDP is the major determinant to rank the country’s position among the global economies.
- Based on the GDPs of different countries, the order might shift slightly from year to year though the key players largely remain the same.
- Here are the top 10 largest national economies for 2020 based on their latest GDP
Confronting some domestic challenges around these times, USA is also pitted against the fast changing global landscape. However, till date, the US economy is the largest in the world. Making up 20% of the global output, the US economy exceeded USD 21 trillion in 2019. The most sophisticated service sector of the US accounts for 80% of its GDP. In 2020, the estimated growth of the US GDP is 1.7%.
Over the last few decades, China’s economy has experienced phenomenal growth following the 1978 economic reforms. China’s manufacturing hub accounts for the largest share of the country’s GDP. Modernization in China has given momentum to the growth of the tertiary sector also during the present times. China takes a novel approach to economy known as “New Normal” and a 6.3% growth rate is projected of the USD 13.41 trillion.
Ranked as the third in the world, the Japanese economy is estimated in terms of its GDP valued at USD 5.2 trillion in 2019. The wide spread measures known as Quantitative Easing helped the country outperform the economies of the US and UK in 2004. Following a setback in 2008, forecasts say Japan’s economy will grow by 1.1%
Between the years 1999 and 2008, Germany experienced 1.6% average growth in its GDP. The main determinant of Germany’s economy is its capital goods export segment. Flowing a slowdown in growth between 2011 and 2013, the German’s economy has been bouncing back over the recent years. However, with its GDP of USD 4.2 trillion, the country’s economy is growing at the rate of 1.8% annually.
5. United Kingdom
On average, UK’s GDP grew at an average of 2.8% from 1999 to 2008. Plummeting of private fixed investment led to the falling of GDP by 5.2% in 2009. Rebounding eventually, the country’s GDP experienced 1.7% expansion in 2010. Since the beginning of 2017, the GDP growth has stuttered and fell behind the EU average. With its nominal GDP of USD 3.2 trillion, UK is expected to continue its position among the top 5 economies with a growth rate of 1.5%.
Very soon, India is projected to overtake the UK's economy to capture a place among the five top economies of the world. In 2018, India overtook France's economy with a GDP of USD 2.9 trillion. Decrease of current account deficit and the booming of stock market in India has contributed to its economy bouncing back after a temporary setback over the past decade. Recently, India’s economy became the fastest growing in the world overtaking the growth rate of that of China. The growth rate is forecasted at 7.4%.
The seventh largest in the world as on date, France’s economy makes up one-fifth of the Euro area GDP at USD 2.9 trillion. The country’s services sector accounts for 70% of its GDP. France leads the world in the automotive, aerospace and railway sectors. Enduring the economic crisis very well, France’s economy is growing at a steady pace expected to increase by 1.7%.
Despite political instability, stagnation of economy and slow structural reforms, Italy has managed to grow its GDP at a steady pace. The nominal GDP of the country is valued at USD 2.1 trillion increasing by 1.3% annually seeing the country occupy the 8th position among the global best performers in GDP.
For so long, Brazilian commodities were highly in demand which accounted for the GDP growth of 3.4% between 1999 and 2008. After shrinking 0.3% in 2009, Brazil’s GDP witnessed the highest growth ever of 7.5% in 2010. Reporting a steady growth since then with 0.3% contraction in 2015 and 2016, Brazil is expected to see a nominal GDP of USD 2.0 trillion.
The 10th largest economy of the world just ahead of Russia, Canada showed up a strong economic growth between 1999 and 2008. Following a short contraction in the next year, Canada has been showing up a steady growth in GDP Canada could expand it by 1.4% year on year. Shortly Canada’s GDP might touch 1.8 trillion with an annual growth rate of 2.0%.