The Largest Economies in the World
Rank 1 The United States has been the world’s largest economy since 1871. The nominal GDP for the United States is $21.44 trillion. The U.S. GDP (PPP) is also $21.44 trillion. Additionally, the United States is ranked second in the world for the approximate value of natural resources. In 2016, the U.S. had an estimated natural resource value of $45 trillion.
Rank 2 China
As the second-largest economy in the world, China has seen an average growth rate of 9.52% between 1989 and 2019. China is the second-largest economy considering nominal GDP, at $14.14 trillion, and the largest using GDP (PPP), which is $27.31 trillion. China has approximately $23 trillion in natural resources, 90% of which are rare earth metals and coal.
Rank 3 Japan has the third-largest economy in the world with a GDP of $5.15 trillion. Japan’s GDP (PPP) is $5.75 trillion. Japan’s economy is market-driven so businesses, production, and prices shift according to consumer demand, not governmental action. While the 2008 financial crisis took a hit on the Japanese economy and has stunted its growth since then, it is expected that the 2020 Olympics will give it a boost.
Rank 4 The German economy is the fourth-largest in the world with a GDP of $4.0 trillion. Germany has a GDP (PPP) of $4.44 trillion and a per capita GDP of $46,560, the 18th –highest in the world. Germany’s highly developed social market economy is Europe’s largest and strongest economy and has one of the most skilled workforces. According to the International Monetary Fund, Germany accounted for 28% of the euro area economy.
Rank 5 India’s economy is the fifth-largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot. India’s GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India’s high population, India’s GDP per capita is $2,170 (for comparison, the U.S. is $62,794). India’s real GDP growth, however, is expected to weaken for the third straight year from 7.5% to 5%.
Rank 6 The United Kingdom, which has a $2.83 trillion GDP, is the sixth-largest economy in the world. In terms of GDP purchasing power parity, the UK is in the ninth spot with a GDP (PPP) of The UK is ranked 23rd for GDP per capita which is $42,558. The UK is expected to fall to the seventh-largest economy by 2023 with a GDP of $3.27 trillion. In 2016, the UK was the tenth-largest exporter of goods in the world, exporting goods to 160 countries worldwide. In the 18th century, the United Kingdom was the first country to industrialize.
France
Rank 7 France is the third-largest economy in Europe (behind Germany and the UK) and the seventh-largest economy in the world. France has a nominal GDP of $2.71 trillion. France’s GDP per capita is $42,877.56, the 19th highest in the world, and GDP (PPP) is $2.96 trillion. According to World Bank, France has unfortunately experienced high unemployment rates in recent years: a 10% unemployment rate was recorded for 2014, 2015, and 2016 and it declined to 9.681% in 2017.
Rank 8 Italy With a nominal GDP of $1.99 trillion, Italy is the eighth-largest economy in the world. In terms of GDP (PPP) Italy’s economy is worth $2.40 trillion and its per capita GDP is $34,260.34. Italy’s economy is expected to expand to $2.26 trillion by 2023. Unfortunately, Italy is experiencing a relatively high unemployment rate of 9.7% and a debt at 132% of GDP.
Rank 9 Brazil has the ninth-largest economy in the world and the largest in Latin America with a nominal GDP of $1.85 trillion. Brazil is also the largest and most populous nation in Latin America. Brazil has the world’s 73rd highest per capita GDP of $8,967 and a GDP (PPP) of $2.40 trillion. The country has an estimated $21.8 trillion in natural resources, which includes vast amounts of timber, uranium, gold, and iron.
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