fbpx
9.2 C
New York
Tuesday, November 24, 2020

Top 10 Largest Economies of the World: An Analysis

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

largest economies in the world including states

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.




2. China

largest economies in the world by gdpThe 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.

3. Japan

largest economies in the world gdpThe 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.

 

 




4. Germany

largest economies in the world listThe 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.

5. India

what are the largest economies in the worldThe 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

list of largest economies in the worldIt 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.

7. France

10 largest economies in the world

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.

 




8. Italy

biggest economies in the world

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.

 

9. Brazil

largest economies in the world 2020

 

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.

 

 

 

10. Canada

canada economyIn 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.




Related Articles:

Post a Record GDP Growth, US Braces Up For a Grave Slowdown

Case Study on Indian economy’s shrinkage of 24% last quarter

Also Read:

Unemployment during the Great Depression: Facts and figures

What Caused The Great Depression?

Discovery from the Web:

Chart of the Day: This is how the $88 trillion global economy is spread around the world

Largest Economies in the World

Top 15 Countries by GDP in 2020

Kiara Dutta
Kiara Dutta comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

Latest news

Are There Planets Like Earth?

The search for planets like Earth has always been a scientists' area of interest. Most of the alien planet discoveries were made by the...

Racism Deemed As A ‘Public Health Threat’ – AMA

Even as the coronavirus continues to surge in the United States (US), the nation’s largest association of medical practitioners and public health care have...

How Long Till the COVID Vaccine Trials Hit the Market?

The desperation for the Coronavirus Virus The coronavirus, or the Covid-19, to be more specific, for almost a year now, is posing the biggest challenge...

Top 4 Side Effects of Sparkling Water

It is a well-known fact that water is a very essential part of our wellbeing and unarguably the most important part of our diet....

Coronavirus Vaccine Update

China reported the first case of Covid 19 in November 2019 in Wuhan. It was only a matter of time when the seemingly harmful...

USA Coronavirus Vaccine – What is USA planning?

Coronavirus Coronavirus or Covid-19 is the deadliest virus which first formed in Wuhan, a city in China. The virus slowly started to spread in the...

Want Hassle-Free Transactions? Check Out this App

What makes a credit card app great? The idea of a credit card app is to ease out tracking and management of finances. A credit...

Read Also

Want Hassle-Free Transactions? Check Out this App

What makes a credit card app great? The idea of a credit card app is to ease out tracking and management of finances. A credit...

Know Why Buying Made Comfortable With Select Credit Cards

Best Credit Cards to Buy The best credit card to have for any purpose like traveling, for students, and more may vary according to many...

Best Credit Card for Students – Build Credit while in School

Why choose the best credit card for students? One may wonder why students should own credit cards while in school. How must a young adult...

Best Fuel Credit Cards – Earn while Travelling

Which is the best credit card for gas? The best credit card for fuel? Which is the best credit card for gas? The best credit card...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here