Top 10 largest economies in the world

The GDP (Gross Domestic Product) of a country determines its economic health, which refers to the total market value of all products and services generated in a given year. Year-on-year nominal GDP estimations aid in rating nations economically. Fluctuations in a country’s currency rate can also have an impact on the outcome.

Here is the most recent ranking of the world’s top ten economies for 2019-20.

1. United States

The nominal GDP of the United States is predicted to reach USD 21 trillion in 2019. The US economy accounts for 20% of global production and is still significantly larger than China’s. The US services industry is highly developed and technologically advanced. This fact accounts for almost 80% of overall production. As a result, the largest organisations and firms providing services in the industries of technology, retail, banking, and healthcare play a key role on the world stage.

2. China

Over the last several decades, the Chinese economy has grown at an astounding rate. This feature has aided the country’s ascension to the much-coveted second spot in the world’s top ten economies. China’s nominal GDP in 2019 is USD 9.2 trillion.

3. Japan

According to nominal GDP forecasts, Japan’s economy will rank third in 2019 with a value of USD 5.2 trillion. Japan’s economy expanded fast during the 1960s, 1970s, and 1980s. Nonetheless, Japan’s economy has not been outstanding following that time in the 1990s. Japan has worked hard to expand its economy during the last decade.

4. Germany

With a nominal GDP of USD 4.2 trillion based on 2019 projections, Germany ranks fourth among the world’s top ten economies. After a temporary dip in 2009, Germany’s economy rebounded with a 4.0 percent rise a decade ago. In the years that followed, the country produced steady outcomes.

5. United Kingdom

Between 1999 and 2008, the average yearly growth rate of the UK’s GDP was 2.8 percent. Growth is expected to decline in the next year as a result of a drop in private spending and a dampening of fixed investments as a result of the uncertain conditions produced by BREXIT. However, with a nominal GDP of USD 3.2 trillion, the United Kingdom will remain one of the world’s top five economies.

6. India

With a nominal GDP of USD 2.9 trillion, India is predicted to overtake the French economy in 2018 and rise to the fifth place among the world’s major economies in 2019-20. The Indian economy has also lately surpassed China’s as the world’s fastest expanding among significant economies.

7. France

France’s economy is expected to be the seventh largest in 2019. The GDP of the country will be USD 2.9 trillion in 2019. Currently, the service sector accounts for more than 70% of the nation’s GDP. France is also the world leader in automobile, railway, and aerospace.

8. Brazil

Prior to the global economic crisis, Brazil had a stable year-on-year GDP growth rate of 3.4 percent. After contracting for a brief period in 2009, Brazil’s economy rebounded the following year, growing by 7.5 percent. Brazil is anticipated to have a nominal GDP of USD 2.0 trillion in 2019.

9. Canada

Canada’s nominal GDP in 2019 will be USD 1.8 trillion, making it the world’s tenth biggest economy. This year’s yearly growth rate is predicted to be 2.0 percent. While being at tenth place among the world’s top economies, Canada is only one place ahead of Russia.

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