These are the 5 largest economies in the world, India ranks 5th surpassing UK and France

(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.

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.

(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.

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.

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.