2020 is the year when the entire world experienced the worst recession. COVID has affected the lives of all on a global scale, especially, the economy of the countries around the world. Even the largest economies of the world has been largely affected due to the current scenario of the pandemic.
These 10 largest economies of the world altogether build the backbone of the world economy.
Below is the list of biggest economies in the world by GDP
1. United States of America
The Nominal GDP of the U.S.A for 2020 is $21.44 trillion. Since 1871, the U.S is the first largest economy of the world. The size of the state’s economy is expected to reach $22.32 trillion by end of 2020. This country is backed by technology, natural resources in abundance, and advanced infrastructure. As the U.S constitutes nearly a quarter of the global economy, it is considered an economic superpower country.
The nominal GDP of China for the year 2020 is $14.14 trillion. Earlier China was considered a country with a closed economy. But, since the past few years, it has developed a lot in the exporting and manufacturing field and has become a hub for the same. China had the seventh-largest economy in the world back in 1980 but the country has seen a 10% growth annually after initiating the market reforms. This elevation contributed to establishing themselves as the second largest economy of the world. It is forecasted that the GDP of China will cross $36 trillion by 2023.
The nominal GDP of Japan for the year 2020 is $5.15 trillion. Since 2008, the financial crisis of japan has been challenging the countries economy. It suffered from an earthquake at the time it started to recover its economical situation. The Olympics this year, is expected to show some positive changes in Japan.
The nominal GDP of Germany for the year 2020 is $3.86 trillion. This country is the largest as well as the strongest in Europe. In the 1980s Germany was the third-largest in terms of nominal GDP. Currently, the manufacturing unit is developing here with the launch of Industry 4.0.
The current nominal GDP of India is $2.94 trillion. It grabbed the position of the 5th largest economy of the world in the year 2019 and is one of the fastest-growing $trillion economies. Initiatives like Make in India, low dependence on exports, and many other factors will contribute to the GDP in near future.
6. United Kingdom
It is a nominal GDP of $2.83 trillion which includes the UK in the list of largest economies in the world in 2020. It is the service sector which contributes three-fourth of the GDP. The remaining is driven by manufacturing units and agriculture.
The US might be the largest economies in the world but it is France which is the most visited country in the world. It has a nominal GDP of $2.71 trillion. Tourism, agriculture, and manufacturing units contribute to this countries GDP.
The nominal GDP of Italy which is $1.99 Trillion is expected to become $2.26 trillion by 2023. Due to a lot of economic and political chaos, the GDP is going down significantly but there is hope of it to recover soon as the unemployment level is going down.
The most populous and largest country in Latin America has a nominal GDP of $1.85 trillion currently. This country which was famous for commodities has undergone a lot of setbacks of late.
In 2015, the tenth position was held by Russia and not Canada. Currently, Canada has a nominal GDP of $1.73 trillion. It is expected that by 20203, the nominal GDP would be somewhere around $2.13 trillion.
So, many factors affect the GDP. It is because of GDP, we know that countries with the largest economies of the world including states exist.