Which Country has the Best Economy in the World?

Largest Economies in the World

When it comes to the top national economies, they may shift their order a bit but they key players usually remain on the top. Talking about the top economies, there are number of countries which each day, strive hard to reach on the top economies and then remain there. it’s easy to reach on the top, but to remain there is a challenge.

Here is a list of the countries with the best economies. Have a look at these countries, you will get an idea why they are on the top.

  1. The United States:
    In terms of nominal GDP, the U.S. economy has been and is still the largest economy of the world. $19.42 trillion is 25% of the gross world product. The country is an economic super power which is highly advanced in terms of infrastructure, technology and is enriched with natural resources. Not only this, the United States dollar is the most used currency which is used in the international transactions and is also the foremost reserve currency. The country has always tried to maintain its place and be the best in everything whether its forces, any kind of advancement, the United States in no doubt the most powerful economy of the world and strives hard to reach each milestone which comes its way.
  2. China:
    China is one of the (started from the bottom and reached at the top) countries in the world. The country has really worked hard to transform itself from a closed economy to an exporting and manufacturing hub over the years. 1978 was the year, China started making its reforms and since then the country has not stopped. Because of 10% average growth each year, China was able to pull almost 1.3 billion of its population out of poverty. With the continuous growth, this country has managed to become the second largest economy in the world. If we talk about in terms of GDP, based on purchasing power parity (PPP), China has already overtaken the U.S. economy and is also estimated to beat the U.S. in other sectors too.
  3. Japan:
    In terms of nominal GDP, Japan’s economy ranks third. Although Japan as a country has faced hard times and since 2008, the country has showed recessionary symptoms. But the economy once again became positive in 2016 to about 1% and around 1.2% in 2017. The nominal GDP of Japan is $4.84 trillion. Japan has come a long way in terms of all sectors. And it’s amazing to see Japan’s tremendous efforts towards achieving and growing as a nation.
  4. Germany:
    Germany in terms of economy comes under the strongest and one of the largest economies of Europe. Germany ranks on 4th on the world for its economy. The economy is well known for its household equipment, exports of machinery, chemicals and vehicles. The country has a very skilled labor force, but the economy does face few challenges. The nominal GDP of Germany is $3.42 trillion and in terms of purchasing power parity it has $4.13 trillion GDP. The economy has been increasing with a moderate pace and the country as a whole is doing everything to remain in the top economies.
  5. United Kingdom:
    With a $2.5 trillion GDP, the United Kingdom comes on the world’s 5th largest economy. The economy of this country is mostly driven by services, because this sector contributes about 75% or even more than that to the GDP. After services, manufacturing comes on the 2nd in contributing to the GDP. The agriculture sector contributes about 1% to GDP. Although it’s a small contributor but 60% of the country’s food need are produced domestically.
  6. India:
    India in terms of GDP is the sixth largest economy in the world. It has a nominal GDP of $2.45 trillion. In terms of purchasing power, the country ranks third in GDP with $9.49 trillion. Its nominal GDP per capita got down to $1,850 because of the country’s high population. The country’s GDP is still highly dependent on agriculture which is 17%, compared to western countries. Although, in recent years, the services sector have also picked up and now accounts for almost 57% of the GDP. The industry sector contributes about 26% to the GDP. The strength of economy lies in a limited dependence on exports, favourable demographics, rising middle class and high saving rates.
  7. France:
    France, one of the most visited countries in the world, is the seventh largest economy with a nominal GDP of $2.42 trillion. In terms of purchasing power parity, it’s GDPis around $2.83 trillion. The country has a high standard of living and a very low poverty rate, which is clearly reflected in its GDP per capita which is $43,652. In terms of exports and imports, the country comes among the top exporters and importers in the world. Although in the past few years, France has experienced a slowdown and the government is under immense pressure to rekindle the economy, and work on combating high unemployment which stands at 9.6%. According to IMF forecasts the country’s GDP growth rate is expected to rise over the next five years according to IMF forecast. And the unemployment rate is expected to go down in future.
  8. Brazil:
    Brazil ranks as the eight largest economy of the world. it has a nominal GDP of $2.14 trillion. The economy of Brazil has increased because of developed manufacturing, services and agricultural sectors. Brazil in one of the countries which are expected to be the fastest growing economies of the world.
  9. Italy:
    Italy’s $1.81 trillion GDP makes it the 9th largest economy of the world. Italy is a country which is among the prominent economies of the Eurozone, but it has too been impacted by the debt crisis in the past. The economy of the country suffers from a huge public debt which is estimated to be about 133% of GDP, but Italy is working hard to overcome the problems.

S.No Countries with top economies GDP
1 United states $18.57 trillion
2 China $11.2 trillion
3 Japan $4.939 trillion
4 Germany $3.467 trillion
5 United Kingdom $2.619 trillion
6 India $2.264 trillion
7 France $2.465 trillion
8 Brazil $1.796 trillion
9 Italy $1.85 trillion
10 Canada $1.53 trillion
11 South Korea $1.411 trillion
12 Russia $1.283 trillion
13 Australia $1.205 trillion
14 Spain $1.232 trillion
15 Mexico $1.046 trillion

Source:1- Investopedia  2- Weforum

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