6 Biggest Economies In The World
The GDP (Gross Domestic Product) depicts the total market value of all goods and services produced by a country in a given year and determines its health. The nominal GDP forecasts made year over year help to economically evaluate the countries. Fluctuations in the rate of the country's currency can lead to different outcomes, too. Posted On December 3rd, 2020
United States
The nominal GDP of the US is anticipated to reach USD 21 trillion in 2019. 20% of global production is accounted for by the US economy. The economy is also much greater than that of China. The US service sector is highly developed and technologically advanced. Around 80% of the total production accounts for this fact. Therefore the largest companies and the role played by companies providing their services in the fields of technology, retail, finance, and healthcare play an essential role on the world stage.
China
Aloft the last few decades, the Chinese economy has experienced astonishing growth. This reality has helped the nation capture a much second place in the world's top 10 economies list. China's 2019 nominal GDP is USD 9.2 trillion.
Japan
The Japanese economy is ranked third in 2019, estimated at USD 5.2 trillion, based on the nominal GDP estimate. Japan's economy was rising rapidly during the 1960s, 70s, and 80s. Nevertheless, the economy of Japan during the 1990s was not impressive after that time. Japan has been doing its best to expand its economy over the past decade.
Germany
The nominal GDP of USD 4.2 trillion relying on 2019 estimates, Germany ranks fourth among the world's top 6 economies. After a brief collapse in 2009, the German economy bounced forward a decade ago with 4.0 per cent growth. The following years saw the nation showing consistent results.
India
With the French economy overtaken in 2018, India is all set to move to the fifth position in the world's top economies in 2019-2020 with a nominal GDP of USD 2.9 trillion. Among the major economies, the Indian economy has also become the world's fastest-growing economy, recently surpassing China's.
United Kingdom
Between 1999 and 2008, the UK's average annual GDP growth was 2.8 %. Growth is likely to fall in the next year, owing to the decline in private consumption and the dampening of fixed investment under the uncertain conditions produced by BREXIT. However, with its USD 3.2 trillion nominal GDP, the United Kingdom will continue to retain its place among the world's top 5 economies.
