The world’s top ten largest economies contribute significantly to global GDP and have a strong influence on international trade and economic policies. As of September 2023, the world’s largest economies are:
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1. America 2. China 3. Japan 4. Germany 5. India 6. United Kingdom 7. France 8. Italy 9. Canada 10. Brazil |
The largest economy in the world is the United States with a GDP of $26,854 billion. America has topped the list since the 20th century. However, in the coming years, China is expected to overtake the US as the world’s largest economy.
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10 Largest Economies by 2023
1. America
America is the largest economy in the world. Its current GDP stands at an astonishing $26,462 billion dollars. The US per capita income is $80,399.
2. China
China is the world’s second largest economy with a nominal GDP of 19,374 billion. China’s per capita income is $13,724.
3. Japan
Japan is the world’s third largest economy with a nominal GDP of $4,411 billion. Per capita income is $35,395.
4. Germany
Germany is the world’s fourth largest economy with a GDP of $4,309 billion. Per capita income in Germany is $51,432.
5. India
Recently, India overtook the UK to become the world’s fifth largest economy. Its GDP is $3,755 billion and per capita income is $2,389.
6. United Kingdom
The UK is the sixth largest economy in the world with a GDP of $3,159 billion. UK per capita income is $45,850.
7. France
The world’s seventh largest economy with a GDP of $2,782 billion and a per capita income of $46,314.
8. Italy
Italy is the eighth largest economy in the world, with a GDP of $2,170 billion. Its per capita income is $35,810.
9. Canada
Despite being a small country with a small population, Canada is the ninth largest global economy. Its GDP is $2,090 billion and per capita income is $52,728.
10. Brazil
Brazil is the world’s tenth largest economy with a GDP of $2,800 billion. Brazil’s per capita income is $9.67.
All the 10 countries listed above have trillion dollar economies. As of September 2023, the world has a total of $19 trillion economies.
How do countries rank on this list?
According to the information provided, the world’s top 10 economies are ranked by their GDP. IMF (International Monetary Fund). This ranking is based on the total value of goods and services produced within each country in a given year. Gross domestic product is a key indicator of a country’s economic strength and can greatly influence global markets and policies.
What is GDP and how is it calculated?
GDP or Gross Domestic Product is a measure of the total value of all goods and services produced within a country’s territory during a given period, usually a fiscal year. It is calculated by adding the value of consumption, investment, government spending and net exports (exports minus imports). This calculation provides an overall picture of a country’s economic activity and helps economists and policy makers analyze economic growth and development.
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