Top 10 Best Economies in The World
10. Canada
Canada has the 10th largest (PPP) economy in the world (measured in US dollars at market exchange rates), is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Seven (G7). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians.Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With a long coastline, Canada has the 8th largest commercial fishing and seafood industry in the world.Canada is one of the global leaders of the entertainment software industry.
9. Italy
The economy of Italy is the 3rd-largest national economy in the eurozone, the 9th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). The country is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), United States (6.8%), Switzerland (5.7%), United Kingdom (4.7%), and Spain (4.4%).
8. Brazil
With its $2.14 trillion economy, Brazil now ranks as the eight largest economy by nominal GDP. The Brazilian economy has developed services, manufacturing, and agricultural sectors, with each sector contributing around 68%, 26%, and 6% respectively. Brazil is one of the BRIC countries, and was projected to continue to be one of the fastest growing economies in the world. However, the recession in 2015 caused Brazil to go from seventh to ninth place in the world economies ranking, with a negative growth rate of 3.6% (2016). The IMF expects the economy to grow at 0.2% during 2017, further recovering to 1.7% in 2018 and then to 2% during the next four years. The Brazilian GDP measured in purchasing power parity is $3.22 trillion, while its GDP (PPP) per capita is $15,485.In 2012 Forbes ranked Brazil as having the 8th largest number of billionaires in the world, a number much larger than what is found in other Latin American countries, and even ahead of United Kingdom and Japan. Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, and the Cairns Group.
7. France
France, the most visited country in the world, is now the seventh largest economies with a nominal GDP of $2.42 trillion. Its GDP in terms of purchasing power parity is around $2.83 trillion. France has a low poverty rate and high standard of living, which is reflected in its GDP (PPP) per capita of $43,652. The country is among the top exporters and importers in the world.
France's economy entered the recession of the late 2000s later and appeared to leave it earlier than most affected economies, only enduring four-quarters of contraction.However, France experienced stagnant growth between 2012 and 2014, with the economy expanding by 0% in 2012, 0.8% in 2013 and 0.2% in 2014, though growth picked up in 2015 with a growth of 0.8% and a growth of 1.1% for 2016, and a forecasted growth of 1.6% for 2017 and 1.8% for 2018, both forecast growth to each being the highest since 2011 (2.1%).
6. India
The economy of India is the sixth-largest in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP). The country is classified as a newly industrialised country, and one of the G-20 major economies, with an average growth rate of approximately 7% over the last two decades. India's economy became the world's fastest growing major economy in the last quarter of 2014, surpassing the People's Republic of China.However, the country ranks 141st in per capita GDP (nominal) with $1723 and 123rd in per capita GDP (PPP) with $6,616 as of 2016.
5. United Kingdom
The economy of the United Kingdom is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest measured by purchasing power parity (PPP), and nineteenth-largest measured by GDP per capita, comprising 3.9% of world GDP.It is the second-largest economy in the European Union by both metrics.
The United Kingdom, with a $2.5 trillion GDP, is currently the world’s fifth largest. Its GDP in terms of PPP is slightly higher at $2.91 trillion while its GDP (PPP) per capita is $44,001. The economy of the UK is primarily driven by services, as the sector contributes more than 75% of the GDP. With agriculture contributing a minimal 1%, manufacturing is the second most important contributor to GDP. Although agriculture is not a major contributor to GDP, 60% of the U.K.’s food needs is produced domestically, even though less than 2% of its labor force is employed in the sector.
4. Germany
Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). In 2017, the country accounted for 28% of the euro area economy according to the IMF.Germany is a founding member of the European Union and the Eurozone.The economic model of Germany is based on the concept of the social market economy.
The size of its nominal GDP is $3.42 trillion, while its GDP in terms of purchasing power parity is $4.13 trillion. Germany’s GDP (PPP) per capita is $49,814, and the economy has moved at a moderate pace of 1-2% in recent years and is forecasted to stay that way.
3. Japan
The economy of Japan is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP).and is the world's second largest developed economy.Japan is a member of the G7. According to the International Monetary Fund, the country's per capita GDP (PPP) was at $37,519, the 28th highest in 2014,down from the 22nd position in 2012. Due to a volatile currency exchange rate, Japan's GDP as measured in dollars fluctuates widely. Accounting for these fluctuations through use of the Atlas method, Japan is estimated to have a GDP per capita of around $38,490.
2. China
China is a populous nation in East Asia whose vast landscape encompasses grassland, desert, mountains, lakes, rivers and more than 14,000km of coastline. Capital Beijing mixes modern architecture with historic sites such as the Forbidden City palace complex and Tiananmen Square. Shanghai is a skyscraper-studded global financial center. The iconic Great Wall of China runs east-west across the country's north.the Asian giant has achieved economic growth averaging 10% annually (though it’s slowed recently) and, in the process, lifted almost half of its 1.3 billion population out of poverty and become the undisputed second-largest economy on Earth. The Chinese economy has already overtaken the U.S. economy in terms of GDP, based on another measure known as purchasing power parity (PPP), and is estimated to pull ahead of the U.S. steadily in the following years. However, the difference between the economies in terms of nominal GDP remains large with China's $11.8 trillion economy. The Chinese economy has long been known for its strong growth, a growth of over 7% even in recent years. However, the country saw its total GDP growth go down to 6.7% in 2016 and is projected to slow to 6.6% in 2017.
The nominal GDP for the U.S. and China for the year 2022 is estimated at $23.76 trillion and $17.71 trillion respectively, while the GDP in terms of PPP is projected at $23.76 trillion for the U.S. and $34.31 trillion for China.
1. United States
The U.S. is a country of 50 states covering a vast swath of North America, with Alaska in the northwest and Hawaii extending the nation’s presence into the Pacific Ocean. Major Atlantic Coast cities are New York, a global finance and culture center, and capital Washington, DC. Midwestern metropolis Chicago is known for influential architecture and on the west coast, Los Angeles' Hollywood is famed for filmmaking.
The U.S. economy remains the largest in the world in terms of nominal GDP. The $19.42 trillion U.S. economy is 25% of the gross world product. The United States is an economic superpower that is highly advanced in terms of technology and infrastructure and has abundant natural resources. However, the U.S. economy loses its spot as the number one economy to China when measured in terms of GDP based on PPP. In these terms, China’s GDP is $23.19 trillion exceeds the U.S. GDP of $19.42 trillion. However, the U.S. is way ahead of China in terms of GDP per capita in nominal terms as well as PPP; GDP per capita (PPP) for the U.S. economy is approximately $59,609 versus $16,676 in China. In nominal terms, China’s GDP per capita further falls to $8,480.
Canada has the 10th largest (PPP) economy in the world (measured in US dollars at market exchange rates), is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Seven (G7). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians.Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With a long coastline, Canada has the 8th largest commercial fishing and seafood industry in the world.Canada is one of the global leaders of the entertainment software industry.
9. Italy
The economy of Italy is the 3rd-largest national economy in the eurozone, the 9th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). The country is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), United States (6.8%), Switzerland (5.7%), United Kingdom (4.7%), and Spain (4.4%).
8. Brazil
With its $2.14 trillion economy, Brazil now ranks as the eight largest economy by nominal GDP. The Brazilian economy has developed services, manufacturing, and agricultural sectors, with each sector contributing around 68%, 26%, and 6% respectively. Brazil is one of the BRIC countries, and was projected to continue to be one of the fastest growing economies in the world. However, the recession in 2015 caused Brazil to go from seventh to ninth place in the world economies ranking, with a negative growth rate of 3.6% (2016). The IMF expects the economy to grow at 0.2% during 2017, further recovering to 1.7% in 2018 and then to 2% during the next four years. The Brazilian GDP measured in purchasing power parity is $3.22 trillion, while its GDP (PPP) per capita is $15,485.In 2012 Forbes ranked Brazil as having the 8th largest number of billionaires in the world, a number much larger than what is found in other Latin American countries, and even ahead of United Kingdom and Japan. Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, and the Cairns Group.
7. France
France, the most visited country in the world, is now the seventh largest economies with a nominal GDP of $2.42 trillion. Its GDP in terms of purchasing power parity is around $2.83 trillion. France has a low poverty rate and high standard of living, which is reflected in its GDP (PPP) per capita of $43,652. The country is among the top exporters and importers in the world.
France's economy entered the recession of the late 2000s later and appeared to leave it earlier than most affected economies, only enduring four-quarters of contraction.However, France experienced stagnant growth between 2012 and 2014, with the economy expanding by 0% in 2012, 0.8% in 2013 and 0.2% in 2014, though growth picked up in 2015 with a growth of 0.8% and a growth of 1.1% for 2016, and a forecasted growth of 1.6% for 2017 and 1.8% for 2018, both forecast growth to each being the highest since 2011 (2.1%).
6. India
The economy of India is the sixth-largest in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP). The country is classified as a newly industrialised country, and one of the G-20 major economies, with an average growth rate of approximately 7% over the last two decades. India's economy became the world's fastest growing major economy in the last quarter of 2014, surpassing the People's Republic of China.However, the country ranks 141st in per capita GDP (nominal) with $1723 and 123rd in per capita GDP (PPP) with $6,616 as of 2016.
5. United Kingdom
The economy of the United Kingdom is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest measured by purchasing power parity (PPP), and nineteenth-largest measured by GDP per capita, comprising 3.9% of world GDP.It is the second-largest economy in the European Union by both metrics.
The United Kingdom, with a $2.5 trillion GDP, is currently the world’s fifth largest. Its GDP in terms of PPP is slightly higher at $2.91 trillion while its GDP (PPP) per capita is $44,001. The economy of the UK is primarily driven by services, as the sector contributes more than 75% of the GDP. With agriculture contributing a minimal 1%, manufacturing is the second most important contributor to GDP. Although agriculture is not a major contributor to GDP, 60% of the U.K.’s food needs is produced domestically, even though less than 2% of its labor force is employed in the sector.
4. Germany
Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). In 2017, the country accounted for 28% of the euro area economy according to the IMF.Germany is a founding member of the European Union and the Eurozone.The economic model of Germany is based on the concept of the social market economy.
The size of its nominal GDP is $3.42 trillion, while its GDP in terms of purchasing power parity is $4.13 trillion. Germany’s GDP (PPP) per capita is $49,814, and the economy has moved at a moderate pace of 1-2% in recent years and is forecasted to stay that way.
3. Japan
The economy of Japan is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP).and is the world's second largest developed economy.Japan is a member of the G7. According to the International Monetary Fund, the country's per capita GDP (PPP) was at $37,519, the 28th highest in 2014,down from the 22nd position in 2012. Due to a volatile currency exchange rate, Japan's GDP as measured in dollars fluctuates widely. Accounting for these fluctuations through use of the Atlas method, Japan is estimated to have a GDP per capita of around $38,490.
2. China
China is a populous nation in East Asia whose vast landscape encompasses grassland, desert, mountains, lakes, rivers and more than 14,000km of coastline. Capital Beijing mixes modern architecture with historic sites such as the Forbidden City palace complex and Tiananmen Square. Shanghai is a skyscraper-studded global financial center. The iconic Great Wall of China runs east-west across the country's north.the Asian giant has achieved economic growth averaging 10% annually (though it’s slowed recently) and, in the process, lifted almost half of its 1.3 billion population out of poverty and become the undisputed second-largest economy on Earth. The Chinese economy has already overtaken the U.S. economy in terms of GDP, based on another measure known as purchasing power parity (PPP), and is estimated to pull ahead of the U.S. steadily in the following years. However, the difference between the economies in terms of nominal GDP remains large with China's $11.8 trillion economy. The Chinese economy has long been known for its strong growth, a growth of over 7% even in recent years. However, the country saw its total GDP growth go down to 6.7% in 2016 and is projected to slow to 6.6% in 2017.
The nominal GDP for the U.S. and China for the year 2022 is estimated at $23.76 trillion and $17.71 trillion respectively, while the GDP in terms of PPP is projected at $23.76 trillion for the U.S. and $34.31 trillion for China.
1. United States
The U.S. is a country of 50 states covering a vast swath of North America, with Alaska in the northwest and Hawaii extending the nation’s presence into the Pacific Ocean. Major Atlantic Coast cities are New York, a global finance and culture center, and capital Washington, DC. Midwestern metropolis Chicago is known for influential architecture and on the west coast, Los Angeles' Hollywood is famed for filmmaking.
The U.S. economy remains the largest in the world in terms of nominal GDP. The $19.42 trillion U.S. economy is 25% of the gross world product. The United States is an economic superpower that is highly advanced in terms of technology and infrastructure and has abundant natural resources. However, the U.S. economy loses its spot as the number one economy to China when measured in terms of GDP based on PPP. In these terms, China’s GDP is $23.19 trillion exceeds the U.S. GDP of $19.42 trillion. However, the U.S. is way ahead of China in terms of GDP per capita in nominal terms as well as PPP; GDP per capita (PPP) for the U.S. economy is approximately $59,609 versus $16,676 in China. In nominal terms, China’s GDP per capita further falls to $8,480.
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