quora 20 Top economies around the Globe (Top 11-20)
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20 Top economies around the Globe (Top 11-20)

On the first part of this topic, we’ve listed down the top ten economies around the globe. For a quick re-run, here are the top ten economies worldwide – (in order) United States, China, Japan, Germany, United Kingdom, India, France, Brazil, Italy, and Canada.

To continue our list, we’ll start off this post from our eleventh going straight down to the twentieth top economy.

 

South Korea

  • GDP (nominal): $1.53 trillion
  • GDP – PPP: $2.02 trillion

South Korea is well-known for product brands including Samsung and Hyundai. The country’s economy landed on the 11th spot with a nominal GDP of $1.53 trillion. South Korea has made incredible growth in the past decades by establishing itself as a high-tech industrial nation. For the past four decades, the country has shown incredible economic progress and global unification in becoming a high-tech industrialized economy.

In the 1960s the country’s GDP per capita was included in the poorer countries in the world yet now at the 29th spot with $29,981. South Korea came in the trillion-dollar club during 2004 driven by the international trade and industrialization.

 

Russia

  • GDP (nominal): $1.52 trillion
  • GDP – PPP: $4.01 trillion

One of the largest country worldwide when it comes to the landmass and now the 12th-largest economy around the globe with a nominal GDP of $1.52 trillion. When it comes to Russia’s GDP (PPP), the company lands on the sixth spot with $4.01 trillion. In the 1990s Russian economy had a rough time, after inheriting a devastating industrial and agricultural section with their main and centric planned economy. On the next decades of Russian economy, it has shown growth at a healthy pace with 7%, in which the growth was due to a commodity boom.

 

Australia

  • GDP (nominal): $1.38 trillion
  • GDP – PPP: $1.24 trillion

The 13th largest economy with a nominal GDP around $1.38 trillion. The Australian economy grew towards a healthier one for the past two decades from a high unemployment rate and low public debt and inflation, exports and strong service industry with a stable financial system. Knowing that Australia is rich in land and natural resources, the country also a major exporter of energy, natural resources, and food. The economy of Australia is expected to come close to $2 trillion marks by the year 2023, and their GDP PPP, currently at $1.24 trillion will come close to $1.65 trillion at the same time.

 

Spain

  • GDP (nominal): $1.31 trillion
  • GDP – PPP: $1.77 trillion

The 14th largest economy around the globe. Spain is the fourth largest economy in the Eurozone. With a population of 46.6 million, the country saw a long recessionary timeline (2nd quarter of the year 2008 till 3rd quarter of the year 2013) with slow recovery on their tourism records and exports with domestic consumption. The country of Spain replaced the United Kingdom and became the 2nd most visited country worldwide.

 

Mexico

  • GDP (nominal): $1.15 trillion
  • GDP – PPP: $2.45 trillion

The 15th largest economy globally and also the 2nd largest economy within Latin America with nominal GDP of $1.15 trillion and a GDP (PPP) of $2.45 trillion. The Mexican economy is expected to reach $1.58 trillion (nominal GDP) and $3.26 trillion (GDP PPP) by 2023. During 1980, the country was the 10th largest economy with a recorded nominal GDP of $228.6 billion. Their economy grew by 2.9% and 2% in 2016 and 2017.

 

Indonesia

  • GDP (nominal): $1.01 trillion
  • GDP – PPP: $3.24 trillion

The largest economy in Southeast Asia and landing on the 16th spot of the largest economy worldwide. The country’s economy provided tremendous progress within the last two decades. Indonesia then was a victim of the Asian financial crisis during 1997, but it has shown charted growth since. Indonesian economy was now part of the trillion-dollar club with nominal GDP around $1.01 trillion. Their GDP per capita as of now is $3, 875 which is way higher than their 2000 record of $857.

 

Turkey

  • GDP (nominal): $849.48 billion
  • GDP – PPP: $2.17 trillion

Turkey reach the spot of getting the 17th largest economy worldwide. The country’s middle-class increased from 18% towards 41% of the population in the years 1993 and 2010. The country economy is estimated to join the trillion-dollar club by 2020 with GDP (PPP) reaching $3.05 trillion in 2023. Turkey has been growing at an impressive pace since the year 2000, propelled by both industry and services.

 

Netherlands

  • GDP (nominal): $849.48 billion
  • GDP – PPP: $2.17 trillion

The Netherlands is the 6th largest economy within the European Union which also landed the 18th largest economy in the world. During 1980, the country reached the twelfth spot as the largest economy globally with GDP of $189.49 billion. Currently, Netherlands is on the 13th spot on the basis of per capita with $48,345. Their economy was propelled by natural resources, growing tourism and industries such as food processing, chemicals, machinery, and petroleum.

 

Saudi Arabia

  • GDP (nominal): $ 683.82 billion
  • GDP – PPP: $1.77 trillion

A dominant oil-based economy – Saudi Arabia. Fact is, the country produces around 18% of the world’s petroleum reserves. The country ranks as the largest exporter/provider of petroleum and oil, also gas sector with about 50% of its GDP and 70% of the export earnings. Saudi Arabia has rich natural resources such as natural gas, iron ore, gold, and copper.

 

Switzerland

  • GDP (nominal): $678.57 billion
  • GDP – PPP: $517.17 billion

The country is among the most stable market economies worldwide. Having the 20th spot as the largest economy in the world with nominal GDP around $678.57 billion. The country has high standard of living with GDP per capita of $80, 590. Switzerland currently has a booming tourism industry and a strong financial sector. Agricultural industry within the country is at about 1% of their GDP. The country has a high skill workforce and only 3% unemployment rate.

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