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Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, and well as petroleum and agricultural products. Accessed Dec. 23, 2020. "Value Added by Industry." For the third year in a row, China was the world's largest economy in 2019. World Bank. As the government has gradually phased out collectivized agriculture and industry, allowed greater flexibility for market prices, and increased the autonomy of businesses, foreign and domestic trade and investment have taken off. 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. "SWEDEN." It also has a large agricultural sector that makes it a major exporter of coffee and soy beans. U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion. U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion The U.S. remains the world’s largest economy and this has been effective since 1971. "NETHERLANDS." World Bank. Because it has slashed energy prices, cratered tourism, lowered volumes of trade, and shuttered stores due to quarantines, countries have seen record-breaking declines in GDP. Before this decade, the U.S. consistently had the largest economy in the world for the last 40 years, growing from $2.86T in 1980 to a projected $23.18T next year. CIA World Factbook. Accessed Dec. 23, 2020. Dollars: $3.86 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.68 trillion, 2019 Nominal GDP Per Capita in Current U.S. Accessed Dec. 23, 2020. CIA World Factbook. "BRAZIL." Brazil emerged from a severe recession in 2017 and along the way suffered a series of high level corruption scandals. Accessed Dec. 23, 2020. This number represents about a quarter of the global economy. 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. Last year (2014), China overtook the United States in gross domestic product adjusted for purchasing power (GDP-PPP, see point 4 for explanation), according to both the International Monetary Fund (IMF) and the World Bank (Note 1). Fell Short of Saudi Prince’s Wish. Dollars: $52,331, 2019 Nominal GDP in Current U.S. Dollars: $1.84 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.23 trillion, 2019 Nominal GDP Per Capita in Current U.S. "GDP (current US$)." Per capita GDP is a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. Dollars: $42,330, 2019 Nominal GDP in Current U.S. These include white papers, government data, original reporting, and interviews with industry experts. "TURKEY." When factoring in the gross domestic product based on purchasing power parity, by 2050 both China and India will become the two largest economies in the world, with the US third. Sweden's manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications. There is a discrepancy between the data for China given by IMF's World Economic Outlook (October 2020) database and the same data given by IMF's DATAMAPPER; the number here is from the former source. [17] When supranational entities are included, the European Union is the second largest economy in the world. China has now displaced the U.S. to become the largest economy in the world. "SWITZERLAND." Canada also has impressive manufacturing and services sectors, based mostly in urban areas near the U.S. border. GDP growth Population (2017) GDP per capita Share of World GDP ; 1: United States: $19,485,394,000,000: $19.485 trillion: 2.27%: 325,084,756: $59,939: 24.08%: 2: China: $12,237,700,479,375: $12.238 trillion: 6.90%: 1,421,021,791: $8,612: 15.12%: 3: Japan: $4,872,415,104,315: $4.872 trillion: 1.71%: 127,502,725: $38,214: 6.02%: 4: Germany: … Belgium faces a high public debt burden relative to its GDP that can constitute an obstacle to growth., One of the largest economies in Africa, Nigeria's economy relies heavily on the oil industry. "POLAND." CIA World Factbook. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange ratesof the cou… China extends stimulus measures for small businesses — a sign the recovery is not yet complete, Brexit: All you need to know about the UK leaving the EU, How Aramco’s Huge I.P.O. Dollars: $33,228, 2019 Nominal GDP in Current U.S. 2020Q2 … CIA World Factbook. However, Japan is poor in natural resources and dependent on energy imports, especially after the general shutdown of its nuclear power industry following the 2011 Fukushima disaster. While in pure numerical output China is among th… 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. Dollars: $51,615, 2019 Nominal GDP in Current U.S. [6], The United States is the world's largest economy with a GDP of approximately $20.513 trillion, notably due to high average incomes, a large population,[7] capital investment, low unemployment,[8] high consumer spending,[9] a relatively young population,[10] and technological innovation. "China extends stimulus measures for small businesses — a sign the recovery is not yet complete." (It’s expected to pass China in 2026) Dollars: $11,585, 2019 Nominal GDP in Current U.S. 2019 Nominal GDP in Current U.S. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. 2020 marks the start of the first decade where the U.S. does not have the largest economy in the world ($22.32T). Accessed Dec. 23, 2020. Peru has the lowest growth rate of -13.94%, followed by Spain. World Bank. CIA World Factbook. Dollars: $29,600, 2019 Nominal GDP in Current U.S. Accessed Dec. 23, 2020. Major exports include coal and petroleum products as well as agricultural commodities suitable for industrial use, such as rubber and palm oil. Dollars: $703.08 billion, 2019 PPP Adjusted GDP in Current International Dollars: $608.72 billion, 2019 Nominal GDP Per Capita in Current U.S. "KOREA, SOUTH." CIA World Factbook. Indonesia has an institutional cap on its national budget deficit, at 3% of GDP, which has led to its relatively low debt burden and investment-grade credit rating. The Top 20 Economies in the World. It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles. The official name is "West Bank and Gaza" in IMF and World Bank reports. In some contexts, the two terms … In those days, economic output was a function of the population rather than productivity. Accessed Dec. 23, 2020. China (GDP: $14.17 trillion) China, though the second-largest economy in the world, is still … Japan. It contributed $22.5 trillion, or 17.3%, of the world's $130 trillion in gross domestic product (GDP), according to estimates by the World Bank. 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. 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. Accessed Dec. 23, 2020. Since 2008, the financial … Dollars: $40,494, 2019 Nominal GDP in Current U.S. CIA World Factbook. CIA World Factbook. CIA World Factbook. CIA World Factbook. You can learn more about the standards we follow in producing accurate, unbiased content in our. The magazine expects India to rise to fifth place in 2019 from seventh, and France to remain at sixth. [3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. It has a highly developed agricultural sector and is the second largest agricultural exporter in the world. Thailand is highly dependent on exports, which account for about two-thirds of its GDP. "MEXICO." Dollars: $2.72 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.32 trillion, 2019 Nominal GDP Per Capita in Current U.S. The official name is "Hong Kong SAR" in IMF's report. CIA World Factbook. Accessed Dec. 23, 2020. [14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s. We also reference original research from other reputable publishers where appropriate. Dollars: $4,136, 2019 Nominal GDP in Current U.S. The United States has the largest economy in the world with a nominal GDP of $20.4 trillion according to the International Money Fund. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. The nominal … 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. Many major Japanese businesses are organized as networks of interlinked companies known as Keiretsu. World Bank. 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. The official name is "Macao SAR" in IMF's report. Accessed Dec. 23, 2020. "BELGIUM." Italy and Russia complete the top five of Europe with economies worth $1.8 trillion and $1.5 trillion respectively. Dollars: $9,846, 2019 Nominal GDP in Current U.S. [13][14] Since China's transition to a market-based economy through controlled privatisation and deregulation,[15][16] the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016 as economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016. "CHINA." 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? This works to the advantages of Australia's abundant natural resource and agricultural export industries. The official name is "Taiwan Province of China" in IMF's report. Dollars: $2.00 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $2.67 trillion, 2019 Nominal GDP Per Capita in Current U.S. [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. Accessed Dec. 23, 2020. Dollars: $543.55 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.34 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. 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. These five nations contribute around 15% of the total world economy with a combined value of around $12 trillion. GDP (nominal): $21.43 trillion. The Korean won (KRW) is the national currency of South Korea. 1. Encyclopedia Britannica. After the Lost Decade of the 1990's and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of Prime Minister Shinzo Abe. "FRANCE." The CEBR said departure from the EU would not prevent the UK – likely to be the world’s fifth biggest economy in 2020 – from being one of the better performing economies … Poland's business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. "SAUDI ARABIA." Germany. 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.. Based on IMF data. GDP Growth: This is the annual percent growth rate of nominal GDP in local prices and currencies, which estimates how fast a country's economy is growing. Dollars: $2,230. 2. Many states already have economies that are comparable to some of the world’s largest countries, giving you a sense of what they might be … 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. China and India moved up into second and fifth place respectively, having been in sixth and 13th place in 2000. GDP is popularly used to estimate the size of a country's economy. France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. CIA World Factbook. Dollars: $46,195, 2019 Nominal GDP in Current U.S. GDP (nominal, 2017) GDP (abbrev.) Dollars: $46,445, 2019 Nominal GDP in Current U.S. The Biggest Economies in the World Looking at global GDP at constant 2017 prices, but adjusted for purchasing power/cost of living, China was … CNBC. China, which used to be neck and neck with India around 40 years ago, is… 4. Accessed Dec. 23, 2020. Dollars: $1.12 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.34 trillion, 2019 Nominal GDP Per Capita in Current U.S. The Saudi government has also begun to at least partially privatize Aramco, launching an IPO for the company in late 2019. , Turkey is the 19th largest economy in the world, with a GDP of $761.43 billion in GDP in 2019. Turkey has a largely open economy with large industrial and service sectors. Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the U.S. economy is still the largest in the world with a nominal GDP forecast to exceed USD 21 trillion in 2019. ", "A Beginner's Guide to Purchasing Power Parity Theory", "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia", "Purchasing Power Parity: Weights Matter", "Gross Domestic Product: An Economy's All", "The World's Richest Countries and Biggest Economies, In 2 Graphics", "An Elusive Relation Between Unemployment and GDP Growth: Okun's Law", "America The Youthful? Dollars: $55,060, 2019 Nominal GDP in Current U.S. The aggregate global GDP was US$ 88 trillion according to howmuch.net. Canada's close ties to the U.S. mean that it has developed largely in parallel to the world's largest economy., Russia is the world's 11th largest economy, with a GDP of $1.70 trillion as of 2019, 1.3% higher than in 2018. Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. While many economies have begun to recover in the third quarter of 2020, most have not yet recovered to pre-pandemic GDP levels. GDP (PPP): $20.28 trillion. "The World Bank in Nigeria." "JAPAN." Were it a sovereign nation, Texas would have the 10th-largest economy in the world. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Accessed Dec. 23, 2020. United States. The nominal GDP of Japan for the year 2020 is $5.15 trillion. "Nigeria: Economy." This is based on the previous analysis and the expected developments over the years. Bureau of Economic Analysis. "GDP, PPP (current international $)." United States. "UNITED STATES." Animation: The 20 Largest State Economies by GDP. Since 1950, it has been administered by the nation's central bank, the Bank of Korea. World Bank. [11] Tuvalu is the world's smallest national economy, with a GDP of about $45 million, because of its very small population, a lack of natural resources, reliance on foreign aid, negligible capital investment, demographic problems, and low average incomes. The international drug trade constitutes an ongoing challenge to Mexico's development, which has directly contributed to violence and corruption in the country. The latest projected “GDP rankings of the world’s largest economies” is based on the size of national economies in US dollar terms. CIA World Factbook. With a projected 26.21% growth in 2020, Guyana is the fastest growing economy in the world. : the 20 largest State economies by GDP, 2019 Nominal GDP in Current U.S soy! And parts, and well as agricultural commodities suitable for industrial use, as... Honduran Lempira, the Nominal GDP in Current U.S that of China '' in IMF report. ). services sectors, based mostly in urban areas near the U.S. to become the largest,... 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