largest economy in the world

It had a GDP of $2.83 trillion in 2019, up 1.4% from the prior year. The U.K. economy is driven by its large service sector, particularly in finance, insurance, and business services. CIA World Factbook. "GDP (current US$)." For the third year in a row, China was the world's largest economy in 2019. The United States, the world’s largest economy with a nominal GDP of $21.44 trillion, constitutes one-fourth of the world economy. Dollars: $1.12 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.34 trillion, 2019 Nominal GDP Per Capita in Current U.S. Accessed Dec. 23, 2020. [14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s. Dollars: $21.43 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $21.43 trillion, 2019 Nominal GDP Per Capita in Current U.S. Dollars: $4,136, 2019 Nominal GDP in Current U.S. When it comes to understanding the size and scope of the $18 trillion U.S. economy, it’s sometimes easier to consider that it’s the sum of many parts.. The international drug trade constitutes an ongoing challenge to Mexico's development, which has directly contributed to violence and corruption in the country. CIA World Factbook. GDP (PPP): $19.39 trillion. Since 2008, the financial … "BRAZIL." Dollars: $65,298, 2019 Nominal GDP in Current U.S. This article mentions several popular ways to measure GDP, all of which are drawn from the World Bank database: Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars unless otherwise specified. CNBC. Dollars: $533.10 billion, 2019 PPP Adjusted GDP in Current International Dollars: $630.53 billion, 2019 Nominal GDP Per Capita in Current U.S. However, it's interesting to see that despite these ups and downs, the top economies as measured by GDP don't budge easily from the positions they hold. 2. Dollars: $907.05 billion, 2019 PPP Adjusted GDP in Current International Dollars: $1.03 trillion, 2019 Nominal GDP Per Capita in Current U.S. Bureau of Economic Analysis. CIA World Factbook. It has recovered in recent years as moderating inflation and labor costs have encouraged foreign investment and increased the competitiveness of Spain's exports, including manufactured machinery and foodstuffs. Nominal GDP: $19.39 trillion. The Top 20 Economies in the World. However, inefficient legal and regulatory structures and an aging population are challenges for Poland's ongoing growth in the future., Thailand is the 22nd largest economy in the world with a $543.55 billion. The Thai economy enjoys relatively high quality infrastructure as well as pro-free enterprise and pro-investment policies. Dollars: $51,615, 2019 Nominal GDP in Current U.S. CIA World Factbook. Accessed Dec. 23, 2020. The U.S. economy is at the forefront of technology in many industries, but it faces rising threats in the form of economic inequality, rising healthcare and social safety net costs, and deteriorating infrastructure., China has the world's second largest nominal GDP in current dollars and the largest in terms of PPP. Further down the list, Indonesia, one of the three aforementioned newcomers to the list, vaulted forward from 27th largest economy in 2000 to 16th in 2019, while Nigeria leapt from 46th place all the way to 25th., While 2019 is the most recent annual data available for these countries, the COVID-19 pandemic has had a major impact on economies across the world. The official name is "Hong Kong SAR" in IMF's report. Italy and Russia complete the top five of Europe with economies worth $1.8 trillion and $1.5 trillion respectively. Dollars: $11,585, 2019 Nominal GDP in Current U.S. "How Aramco’s Huge I.P.O. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo, the State of Palestine and Taiwan) are included in the list in cases in which they appear in the sources. Dollars: $595.86 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.31 trillion, 2019 Nominal GDP Per Capita in Current U.S. Nigeria is the largest oil exporter on the continent and also has Africa's largest reserves of natural gas. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. In some contexts, the two terms … HNL is the foreign exchange currency abbreviation for the Honduran Lempira, the currency for the Republic of Honduras. For countries by GDP based on purchasing power parity, see. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. CIA World Factbook. The report predicts Asian economies will grow significantly in the next decade, taking seven of the top 10 spots on the list of the world's biggest economies by 2030. Accessed Dec. 23, 2020. [12], Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output. Dollars: $7,807, 2019 Nominal GDP in Current U.S. United States. "Brexit: All you need to know about the UK leaving the EU," Accessed September 19, 2020. The biggest contributor to that GDP is the economy's service sector which includes finance, real estate, insurance, professional and business services, and healthcare., The U.S. has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. "RUSSIA," Accessed September 20, 2020. Yes, On a Relative Basis", "5 Most Powerful Economic Empires of All Time", "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition", "World Economic Outlook Database, April 2019", "United Nations Statistics Division - National Accounts", "All countries and regions/subregions (totals) for all years - sorted by region/subregion", List of top international rankings by country, Number of broadband Internet subscriptions, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_GDP_(nominal)&oldid=998417836, Wikipedia indefinitely semi-protected pages, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 5 January 2021, at 08:22. World Bank. China and India were the largest economies in the world before the mid-19th century due to their large populations. While in pure numerical output China is among th… Accessed Dec. 23, 2020. [17] When supranational entities are included, the European Union is the second largest economy in the world. Dollars: $55,060, 2019 Nominal GDP in Current U.S. Dollars: $46,195, 2019 Nominal GDP in Current U.S. Dollars: $40,494, 2019 Nominal GDP in Current U.S. Its low fertility rate makes replacing its aging workforce more difficult and its high levels of net immigration put strain on its social welfare system., India is the fifth largest economy in the world, with a GDP of $2.87 trillion in 2019, more than 4% higher than in 2018. "GERMANY," Accessed September 19, 2020. List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, List of countries by past and projected GDP (nominal), List of countries by past and projected GDP (PPP), "World Economic Outlook Database, October 2020", "What is GDP and why is it so important? Dollars: $10,262, 2019 Nominal GDP in Current U.S. Accessed Dec. 23, 2020. Canada's free trade relationship with the U.S. means that three-quarters of Canadian exports head to U.S. market each year. Weak legal institutions have made it difficult to regulate and integrate the large informal economy that employs over half of Mexico's workforce., Indonesia is the world's 16th largest economy, with a GDP of $1.12 trillion as of 2019. Indonesia's economy is the largest economy in Southeast Asia, and it is based largely on commodity export industries. Political instability has hindered the government's ability to sustain further economic reforms, however., Mexico's GDP was $1.27 trillion in 2019, making it the 15th largest economy in the world. Over the past three decades, Mexico has emerged as a manufacturing economy under a series of free trade arrangements with the U.S., Canada, and 44 other countries. Were it a sovereign nation, Texas would have the 10th-largest economy in the world. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty around Turkey's economic future in recent years., The Alpine nation of Switzerland had a GDP of $703.08 billion in 2019, making it the 20th largest economy in the world. Switzerland has a large service sector, including financial services, and a high tech manufacturing sector served by a highly skilled labor force. Canada also has impressive manufacturing and services sectors, based mostly in urban areas near the U.S. border. Despite these advantages, China faces some significant challenges such as a rapidly aging population and severe environmental degradation., Japan is the third largest economy in the world. CIA World Factbook. "GDP per capita (current US$)." By 2050, India is projected to be the world’s second-largest economy (overtaking the United States) and will account for 15% of the world’s total GDP. Dollars: $1.70 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.28 trillion, 2019 Nominal GDP Per Capita in Current U.S. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Dollars: $14.34 trillion, 2019 PPP Adjusted GDP in Current International Dollars:  $23.52 trillion, 2019 Nominal GDP Per Capita in Current U.S. In those days, economic output was a function of the population rather than productivity. Accessed Dec. 23, 2020. Dollars: $703.08 billion, 2019 PPP Adjusted GDP in Current International Dollars: $608.72 billion, 2019 Nominal GDP Per Capita in Current U.S. Liberalization of India's economy since the 1990's has boosted economic growth, but inflexible business regulation, widespread corruption, and persistent poverty pose challenges to ongoing expansion., The United Kingdom has the 6th largest economy in the world. Accessed Dec. 23, 2020. "SPAIN," Accessed September 20, 2020. "KOREA, SOUTH." Sweden's manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications. Gross domestic product (GDP) is an estimate of the total value of finished goods and services produced in a country's borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country's economy. China (GDP: $14.17 trillion) China, though the second-largest economy in the world, is still … Year 2020 is $ 5.15 trillion have integrated supply chains with counterparts or operations in Mexico %... Long shot ( $ 29.47T ). many major Japanese businesses are organized as networks of interlinked companies known Keiretsu... Honduran Lempira, the financial … the world major U.S. manufacturers have integrated supply chains with counterparts or operations Mexico... Pretty huge at the start of the population rather than productivity and electrical power generation are important. 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