These are the 5 largest economies in the world — India ranks fifth surpassing UK and France


  • The US has been wearing the crown as the world’s largest economy for the last 149 years.
  • China is the second largest economy in the world and grew at an average of 9.52% between 1989 and 2019.
  • India ranks 5th surpassing UK and France.
  • As India gained the distinction last year, it was hit by a slowdown. The International Monetary Fund on Monday lowered India’s economic growth estimate for the current fiscal to 4.8%.
India became the fifth largest economy by overtaking the UK and France in 2019 said a US-based think tank World Population Review. It pegged the size of Indian economy at $3.26 trillion.

“India is developing into an open-market economy from its previous autarkic policies. India’s economic liberalization began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatization of state-owned enterprises. These measures have helped India accelerate economic growth,” said the report.

India’s service sector is the fastest growing sector in the world accounting to 60% of the economy and 28% of the employment.

As India gained the distinction last year, it was hit by a slowdown. The International Monetary Fund on Monday lowered India’s economic growth estimate for the current fiscal to 4.8%. It also called the country’s much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years. In October last year, IMF had pegged India economic growth at 6.1% for 2019.

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United States

United States

(Photo: AP/Alex Brandon)

GDP (IMF ‘19) - $22.20 tn | GDP (UN ‘16) - $18.62 tn

The US has been wearing the crown as the world’s largest economy for the last 149 years. The nominated GDP of the country stood at $21.44 trillion whereas GDP (PPP) was $21.44 trillion.

The US ranks second in the world in deposits with natural resources worth $45 trillion.

China

China

Photo: AP

GDP (IMF ‘19) - $15.47 tn | GDP (UN ‘16) - $11.22 tn

China is the second largest economy in the world and grew at an average of 9.52% between 1989 and 2019. Last year, the country’s economy saw the lowest annual growth in 29 years at 6.1%. It was also hammered with tariffs owing to the trade war between US and China.

China’s nominal GDP stood at $14.14 trillion. It owns $23 trillion worth of natural resources — some of it includes rare metals. It’s growth this year might be hampered by the Coronavirus epidemic.

Japan

Japan

(Wang Zhao/Pool Photo via AP)

GDP (IMF ‘19) - $5.50 tn | GDP (UN ‘16) - $4.94tn

With a nominal GDP of $5.15 trillion, Japan is the third largest economy in the world. Most of the country's growth is derived from its electronic goods industry — the largest in the world.

“While the 2008 financial crisis took a hit on the Japanese economy and has stunted its growth since then, it is expected that the 2020 Olympics will give it a boost,” said the report.

Germany

Germany

Photo/Pavel Golovkin/AP, Pool)

GDP (IMF ‘19) - $4.16 tn | GDP (UN ‘16) - $3.48 tn

The size of Germany’s economy is $4 trillion — the fourth largest in the world. The economy is undergoing a fourth industrial revolution and is likely to transform the internet industry.

“Germany’s major industries are car manufacturing, machinery, household equipment, and chemicals. Because of its dependency on capital good exports, the economy had a significant setback post-2008 financial crisis,” said the report.

5. India

5. India

GDP (IMF ‘19) - $3.26 tn | GDP (UN ‘16) - $2.26 tn

India is the fifth largest and fifth fastest growing economy in the world with a GDP of $2.94 trillion. It was ahead of the UK and France in 2019. Prime Minister Narendra Modi wants to replicate China’s economic growth. He aims to make India a $5 trillion economy by 2024 banking on higher investments, saving and exports. If he is successful, that would take India ahead of Germany.

Last year, Finance Minister Nirmala Sitharaman in her budget speech said India is set to become a $3 trillion economy in the current financial year itself.


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