20 Top economies around the Globe (Top 1-10)
Economic phase cycle makes the economies around the world turn. Meanwhile, it is interesting to know the top economies aren’t moving easily from the position they hold currently. Compared with the year 1980 top 20 economies, but still seventeen of them are within the list, meaning there are only three new entries. Additionally, the key players that are still on the list have almost the same analysis revelation, making them the main engine of growth ruling the majority of the global wealth.
Fact is, the nominal GDP of those on the top 10 economies have about 67% of the world’s economy. Adding the complete top 20, it contributes about 81% of the world’s economy. In reality, the other 172 countries all together contribute about one-fifth of the global economy.
Take note of these items:
(1) GDP nominal= Gross Domestic Product/current prices
(2) GDP – PPP =Gross Domestic/Purchasing-Power-Parity (PPP)
(3) Gross domestic product
- GDP (nominal): $19.39 trillion
- GDP – PPP: $19.39 trillion
The United States retained their position being the world’s largest economy since the year 1871. During the year 2017, the U.S. economy size was $19.39 trillion and expected to reach of $20.41 trillion around the year 2018. The U.S. economy provides almost a quarter of the global economy with infrastructure, techs, and natural resources. Their economy is service-oriented, providing about 80% of their GDP. Meanwhile, they merely contribute about 15% of their output.
- GDP (nominal): $12.01 trillion
- GDP – PPP: $23.15 trillion
China has grown exponentially from the past decades, cracking out the barrier of centrally created and closed economy evolving into manufacturing and exporting channel of the world. The country mostly called the “world factory” for their big manufacturing and exporting base. But over some years, the role of services increased and manufacturing as a provider to GDP declined moderately. During 1980, the country is the seventh-biggest economy with $205.35 billion GDP while the U.S. then have $2.86 trillion. Ever since they’ve initiated market reforms during 1978, Asian giant seen an economic growth with an average of 10% yearly. From the previous years, the country’s pace of growth gone slower, yet still in the high comparison to its peer nations.
- GDP (nominal): $4.87 trillion
- GDP – PPP: 5.42 trillion
The third-largest among the top 20. As of 2017, Japan has a GDP of $4.87 trillion. The country’s economy was expected to break through $5 trillion in 2018. During 2008 the Japanese economy was financially challenged and since have been a challenge. The global crisis has triggered a recession and after that is weak domestic demand and a big public debt. While the economy is beginning to recover from its weak pullback, a massive earthquake hit the country socially and economically. Meanwhile, the economy is still feeling the crisis occurred, and the economic growth remains silent.
- GDP (nominal): $3.68 trillion
- GDP – PPP: $4.17 trillion
Germany isn’t just Europe’s largest economy but also their strongest. For the global scale, it is the fourth-largest economy when it comes to nominal GDP has about $3.68 trillion GDP. It’s GDP size when it comes to their PPP is $4.17 trillion while having a GDP per capita of $44,549.69, filling the 17th place. This country is the third-biggest economy in nominal terms during 1980 with GDP of $850.47 billion.
- GDP (nominal): $2.62 trillion
- GDP – PPP: $2.91 trillion
The fifth-biggest economy globally with $2.62 trillion GDP. In comparison with the GDP PPP, UK is in the ninth place with $2.91 trillion GDP – PPP. UK economy also ranked 23rd in terms with GDP per capita with $39,734.59. The country’s estimated nominal GDP is at $2.96 trillion in 2018, but it’s expected rank in 2023 is on the seventh spot with $3.47 trillion GDP.
- GDP (nominal): $2.61 trillion
- GDP – PPP: $9.45 trillion
Among the fast-profiting trillion-dollar economy around the globe. India falls on the sixth-largest with $2.61 trillion nominal GDP. As per IMF projection, the country is expected to overtake the UK and become the fifth-largest economy by 2019. When it comes with purchasing power parity, India is on the third place with $9.45 trillion GDP (PPP). If we are to calculate GDP per capita, the country’s high population brings their nominal GDP per capita to $1,982. In 1980, the Indian economy ranked 13th globally with $189.438 billion. The country’s growth is expected to rise from 6.7% to 7.5% (2017-2019), due to drags in their currency exchange initiative and their good and services tax decreases according to IMF.
- GDP (nominal): $2.58 trillion
- GDP – PPP: $2.83 trillion
One of the most visited country worldwide and the third-largest economy within Europe landed on the seventh-largest economy around the globe with a nominal GDP of $2.58 trillion. When it comes to their PPP GDP, the country have around $2.83 trillion. France has a high standard of living that reflected from its people around $44,549 GDP per capita. Recent years have shown the country’s economic growth slowed due to unemployment which provided a big pressure on the government to reboot the economy. During 2014, 2015 and 2016 the World Bank recorded a 10% unemployment rate, and during 2017, it decreases to 9.681%.
- GDP (nominal): 2.05 trillion
- GDP – PPP: $3.24 trillion
The biggest and the most popular nation in Latin America – Brazil. The country recorded a nominal GDP around $2.05 trillion, making it to the eighth-biggest economy around the globe. It has gone through a commodity wave suffering from numbers of setbacks during the end of the commodity cycle adding up to the internal problems of corruption and political uncertainty. That dampened the country’s investment and business industries.
- GDP (nominal: $1.93 trillion
- GDP – PPP: $2.31 trillion
The ninth-largest economy around the globe with a nominal GDP of $1,93 trillion. Italy’s economy is expected to grow to $2,5 trillion in 2023. When it comes with the country’s GDP (PPP), their economy is around $2.31 trillion with a per capita GDP of $31, 984. The country is a known member of the Eurozone and is facing deep political and economic conflicts. The unemployment rate still grows in a double-digit while the public debt still sticking around 132% of the GDP. On the bright side, export and business investment bring them to a possible recovery. Their economy records 0.9 % and 1.5% from 2016 to 2017. The estimated edge downward of the country is to reach 1.2% in 2018 and 1.0% for 2019.
- GDP (nominal): $1.65 trillion
- GDP – PPP: $1.76 trillion
Canada overpassed Russia and took the tenth spot during 2015 and has been retaining its place since then. The country’s current nominal GDP is at $1.65 trillion and is expected to reach $2.43 trillion by 2023. Looking at the country’s GDP per capita, the ranked on the 20th spot globally while their GDP (PPP) around $1.76 trillion puts them to 17th spot. The country’s containment on their unemployment level is to shrink further. While services are the country’s major sector, manufacturing is their economy’s cornerstone with 68% of their exports is consist of merchandise exports. Canada is giving efforts to their manufacturing, which is critical for their future economic growth. The country’s growth recorded 4% in 2017 from 1.4% in 2016 and is expected to reach 2% in 2018 and 2019.