The economic health of a country is indicated by GDP (Gross Domestic Product), which refers to the total market value of all the goods and services a nation produces in a given year. The real GDP helps in ranking the countries economically. Fluctuations in the rate of a country’s currency can also lead to varying results.
Here is the latest list of top 10 economies of the world:
- United States
The real GDP of the US is estimated to be $20.94 trillion. The services sector of the US is much more developed and technologically sophisticated. This fact accounts for about 80% of the total output. Hence the largest corporations and the part played by the firms offering their services in the fields of technology, retail, finance and healthcare play the major role on the global stage.
- China
The Chinese economy has witnessed astonishing growth over the last few decades. This fact has helped the country capture the much coveted second place in the list of top 10 economies of the world. The real GDP of China in 2020 was $14.72 trillion.
- Japan
Based on the real GDP forecast, the Japanese economy ranks third currently at an estimate of $5.05 trillion. During the 1960, 70s and 80s, Japan’s economy was growing rapidly. Nevertheless, Japan’s economy had not been impressive after that period during the 1990s. Over the past decade, Japan has been doing its best to grow its economy.
- Germany
With a real GDP of $3.84 trillion, Germany captures the fourth place among the top five economies on the globe. After a brief plummeting in 2009, Germany’s economy bounced forward with 4.0% expansion a decade back. The years that followed saw the country showing consistent results.
- United Kingdom
The average annual growth of the UK’s GDP between 1999 and 2008 was 2.8%. The growth is most likely to slow down due to a dip in the private consumption and dampening of fixed investments under the uncertain conditions created by the BREXIT. However, with its real GDP of $2.76 trillion, the UK will continue to hold its position among the top 10 economies in the world.
- India
Having overtaken the French economy, India sits at the sixth position of the topmost economies of the world with a real GDP of $2.66 trillion. The Indian economy also has become the world’s fastest growing economy among the large economies.
- France
France’s GDP estimate represents $2.63 trillion. At present over 70% of the nation’s GDP stems from the service sector. France is also the global leader in the arenas of automotive, railway and aerospace.
- Italy
The third-largest national economy in the European Union, Italy has a highly developed market. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector. The real GDP of Italy is estimated to be $1.88 trillion making it the eighth largest economy on the earth.
- Canada
The real GDP of Canada is valued at $1.64 trillion, making it the ninth largest economy on the earth. While staying in the ninth position of the largest world economies, Canada is just one place ahead of South Korea.
- South Korea
South Korea is a highly developed mixed economy and is the 4th largest economy in Asia. The country still remains one of the fastest growing developed countries in the world, following the Great Recession. Based on the real GDP forecast, the South Korean economy ranks tenth, valued at $1.63 trillion.
