Accessed Dec. 23, 2020. The Netherlands has a large financial services sector, with assets four times the size of Dutch GDP., Saudi Arabia had a GDP of $792.97 billion in 2019, the 18th largest in the world. The Saudi economy is heavily based on oil, and it's the world largest oil exporter. Japan. "GERMANY," Accessed September 19, 2020. The U.S. … "UNITED STATES." 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. Canada also has impressive manufacturing and services sectors, based mostly in urban areas near the U.S. border. Dollars: $14.34 trillion, 2019 PPP Adjusted GDP in Current International Dollars:  $23.52 trillion, 2019 Nominal GDP Per Capita in Current U.S. The world economy was pretty huge at the start of the Covid-19 pandemic. [17] When supranational entities are included, the European Union is the second largest economy in the world. Dollars: $1.12 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.34 trillion, 2019 Nominal GDP Per Capita in Current U.S. These five nations contribute around 15% of the total world economy with a combined value of around $12 trillion. 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: … The official name is "Taiwan Province of China" in IMF's report. World Bank. "BRAZIL." It also has a large agricultural sector that makes it a major exporter of coffee and soy beans. Germany. While its agricultural sector makes up about 10% of its economy, it employs about 30% of its workers., Sweden, with a GDP of $530.88 billion, is the 23rd largest economy in the world. Sweden is a competitive economy with a high standard of living and a mix of free-enterprise alongside a generous social welfare state. CIA World Factbook. US continued to lead at $21.43T, about 50% larger than the next biggest, China at $14.34T. CIA World Factbook. 2019 Nominal GDP in Current U.S. CIA World Factbook. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Dollars: $11,585, 2019 Nominal GDP in Current U.S. "MEXICO." World Bank. Accessed Dec. 23, 2020. Accessed Dec. 23, 2020. That said, there have been some big movers within the list. However, with global environmental concerns driving increasing interest in developing non-fossil fuel energy sources, the Saudis are looking to diversify their economy by encouraging more private investment in healthcare and other service industries. Dollars: $761.43 billion, 2019 PPP Adjusted GDP in Current International Dollars: $2.35 trillion, 2019 Nominal GDP Per Capita in Current U.S. 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. "SWEDEN." Dollars: $65,298, 2019 Nominal GDP in Current U.S. 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: $3.86 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.68 trillion, 2019 Nominal GDP Per Capita in Current U.S. Dollars: $55,060, 2019 Nominal GDP in Current U.S. Its GDP crossed the $5 trillion mark in 2019. Strong co-operation between government and industry and advanced technological know-how have built Japan's manufacturing and export-oriented economy. 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… "THAILAND." "SAUDI ARABIA." Germany. CIA World Factbook. In the wake of these events, Brazil instituted a series of major economic reforms intended to rein in public spending and debt, invest in energy infrastructure, lower barriers to foreign investment, and improve labor market conditions., Canada had $1.74 trillion in GDP in 2019, rounding out the top 10 economies in the world by GDP. Canada has a well developed energy extraction sector, with the world's third largest proven oil reserves. 4. Dollars: $2.83 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.25 trillion, 2019 Nominal GDP Per Capita in Current U.S. CIA World Factbook. Dollars: $40,247, 2019 Nominal GDP in Current U.S. CIA World Factbook. The report predicts Asian economies will grow significantly in the next decade, taking seven of the top 10 spots on the list of the world's biggest economies by 2030. Dollars: $543.55 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.34 trillion, 2019 Nominal GDP Per Capita in Current U.S. Accessed Dec. 23, 2020. Dollars: $9,846, 2019 Nominal GDP in Current U.S. "INDONESIA," Accessed September 21, 2020. As a leading exporter of oil and gas, as well as other minerals and metals, Russia's economy is highly sensitive to swings in world commodity prices., South Korea, with a GDP of $1.65 trillion in 2019, is the 12th largest world economy. South Korea's economy is a 20th century success story that is today firmly established as an advanced, industrial economy. It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles. Accessed Dec. 23, 2020. CIA World Factbook. Accessed Dec. 23, 2020. "GDP, PPP (current international $)." CIA World Factbook. Dollars: $21.43 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $21.43 trillion, 2019 Nominal GDP Per Capita in Current U.S. However, there is still heavy government involvement in certain key sectors such as defense and electrical power generation. China and India were the largest economies in the world before the mid-19th century due to their large populations. With a projected 26.21% growth in 2020, Guyana is the fastest growing economy in the world. Accessed Dec. 23, 2020. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. United States of America. Dollars: $1.84 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.23 trillion, 2019 Nominal GDP Per Capita in Current U.S. The official name is "West Bank and Gaza" in IMF and World Bank reports. The official name is "Hong Kong SAR" in IMF's report. While many economies have begun to recover in the third quarter of 2020, most have not yet recovered to pre-pandemic GDP levels. "UNITED KINGDOM." The World Bank. It has recovered in recent years as moderating inflation and labor costs have encouraged foreign investment and increased the competitiveness of Spain's exports, including manufactured machinery and foodstuffs. 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. "World Development Indicators." 2020Q2 … Fell Short of Saudi Prince’s Wish." Dollars: $46,195, 2019 Nominal GDP in Current U.S. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, does not take into account the differences of quality of goods and services among countries, and it also requires more estimation than nominal GDP. 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). China. "SPAIN," Accessed September 20, 2020. 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. World Bank. CIA World Factbook. 5. The Korean won (KRW) is the national currency of South Korea. China has now displaced the U.S. to become the largest economy in the world. Brazil emerged from a severe recession in 2017 and along the way suffered a series of high level corruption scandals. Since 1950, it has been administered by the nation's central bank, the Bank of Korea. [5] On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. Dollars: $1.27 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $2.63 trillion, 2019 Nominal GDP Per Capita in Current U.S. CIA World Factbook. "INDIA." World Bank. ", "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? CIA World Factbook. 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 … 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. [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. CIA World Factbook. United States. Dollars: $2,100, 2019 Nominal GDP in Current U.S. Accessed Dec. 23, 2020. Other resource extraction industries, such as coal, tin, and other metal mining, are also important to the Nigerian economy. The nominal … China is a notable exception, and it's currently on track to be the only major economy to end 2020 with a larger GDP than it started with.. Despite these advantages, China faces some significant challenges such as a rapidly aging population and severe environmental degradation., Japan is the third largest economy in the world. The New York Times. Dollars: $9,127, 2019 Nominal GDP in Current U.S. The offers that appear in this table are from partnerships from which Investopedia receives compensation. By nominal GDP, The USA is the biggest economy in the world, followed by China and Japan. Accessed Dec. 23, 2020. With annual growth that consistently outpaces the U.S., China may be on track to become the largest economy in the world by nominal GDP in the years to come., As China has progressively opened its economy over the past four decades economic development and living standards have greatly improved. While in pure numerical output China is among th… For the third year in a row, China was the world's largest economy in 2019. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports (exports minus imports). Accessed Dec. 23, 2020. Accessed Dec. 23, 2020. 2020 marks the start of the first decade where the U.S. does not have the largest economy in the world ($22.32T). The French government's commitment to economic intervention in favor of social equality also creates some challenges for the economy such as a rigid labor market with high unemployment and a large public debt relative to other advanced economies., The world's eighth largest GDP belongs to Italy at an even $2.00 trillion, up 0.3% from 2018. The eurozone's third largest economy, Italy's economy and level of development vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions. The United States, the world’s largest economy with a nominal GDP of $21.44 trillion, constitutes one-fourth of the world economy. CIA World Factbook. It is the world's dominant geopolitical power and is able to maintain a large external national debt as the producer of the world's primary reserve currency. By 2030, India will be the second largest economy in PPP terms according to many different models – and by then, it will also be the most populous country in the world as well. Yes, On a Relative Basis", "5 Most Powerful Economic Empires of All Time", "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition", "World Economic Outlook Database, April 2019", "United Nations Statistics Division - National Accounts", "All countries and regions/subregions (totals) for all years - sorted by region/subregion", List of top international rankings by country, Number of broadband Internet subscriptions, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_GDP_(nominal)&oldid=998417836, Wikipedia indefinitely semi-protected pages, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 5 January 2021, at 08:22. The official name is "Macao SAR" in IMF's report. United States. CIA World Factbook. Peru has the lowest growth rate of -13.94%, followed by Spain. GDP (PPP): $19.39 trillion. 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.. Its main exports include electronics, agricultural products, motor vehicles and parts, and food products. The United States has been the world’s largest economy since 1871. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. However, it has also left Australia vulnerable to swings in world commodity demand and prices in energy (coal and natural gas), metals (iron ore and gold), and agricultural products (beef and sheep products)., Spain had a GDP of $1.39 trillion in 2019, making it the 14th largest economy in the world by GDP. Spain's economy suffered severely during the Great Recession, with unemployment soaring above 25% and a rising national debt despite attempts at fiscal austerity. [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. CIA World Factbook. Thailand is highly dependent on exports, which account for about two-thirds of its GDP. GDP is popularly used to estimate the size of a country's economy. Dollars: $10,262, 2019 Nominal GDP in Current U.S. Thailand also has a substantial international tourism industry. Nigeria's economy has grown rapidly in the past decades, but it also faces significant challenges such as desertification, lack of infrastructure, and government corruption. . $ 5.15 trillion Korean won ( KRW ) is the second largest agricultural in! Relationship with the U.S. border 2019 from seventh, and is still heavy involvement! $ 21.44 trillion - U.S. GDP ( PPP ): $ 40,494, 2019 largest economy in the world GDP their... 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