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:
1. United States of America 2. China 3. Japan 4. Germany 5. India 6. Great Britain 7. France 8. Italy 9. Canada 10. Brazil |
The world’s largest economy is the United States with a GDP of $26.854 billion. The US has remained at the top of the list since the 20th century. However, in the coming years, China is expected to overtake the US as the world’s largest economy.
Related | 10 answers to questions about the American government
10 largest economies in 2023
1. United States
The USA is the largest economy in the world. Its current GDP is a whopping $26.462 billion. The per capita income of the USA is 80,399 dollars.
2. China
China is the second largest economy in the world with a nominal GDP of 19.374 billion. China’s per capita income is $13,724.
3. Japan
Japan is the third largest economy in the world with a nominal GDP of 4411 billion dollars. The income per inhabitant is 35,395 dollars.
4. Germany
Germany is the fourth largest economy in the world with a GDP of 4.309 billion dollars. The per capita income in Germany is 51,432 dollars.
5. India
Recently, India overtook the UK to become the fifth largest economy in the world. Its GDP is 3,755 billion dollars, and the income per inhabitant is 2,389 dollars.
6. Great Britain
The UK is the sixth largest economy in the world with a GDP of $3.159 billion. Income per capita in the UK is $45,850.
7. France
The seventh largest economy in the world has a GDP of 2,782 billion dollars and a per capita income of 46,314 dollars.
8. Italy
The eighth largest economy in the world is Italy with a GDP of 2,170 billion dollars. Its per capita income is $35,810.
9. Canada
Despite being a small country with a smaller population, Canada is the world’s ninth largest economy. Its GDP is 2,090 billion dollars, and its per capita income is 52,728 dollars.
10. Brazil
The tenth largest economy in the world is Brazil with a GDP of 2800 billion dollars. Per capita income in Brazil is $9.67.
All of the above 10 countries have trillion dollar economies. As of September 2023, there are a total of 19 trillion dollar economies in the world.
How do countries rank on this list?
The top 10 economies in the world are ranked according to their GDP, according to information provided by the IMF (International Monetary Fund). This ranking is based on the total value of goods and services produced within each country’s borders in a given year. GDP 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 borders in a specific time period, usually a financial year. It is calculated by adding up 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.
Related | Differences between GDP and GNP
Categories: Trends
Source: HIS Education