Top 30 Countries with largest economy based on GDP


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Top 30 Countries with largest economy based on GDP
Posted on: December 25, 2022, 05:09:42 PM
This piece will examine the 30 most significant economies on the planet in terms of GDP. You can skip ahead to the section under "Countries by GDP
The Gross Domestic Product measures a country's economic output by tallying the value of all its products and services over a given year.

The larger a country's GDP, the more prosperous it's economy. If a country's GDP rises, it may become better able to provide its citizens with amenities that enhance its standard of living.

Two measures of gross domestic product (GDP) are often used: nominal and PPP.

The value of a nation's annual output of final products and services at current prices, unadjusted for inflation, is known as its nominal gross domestic product (GDP).

When computing GDP and PPP, the disparity in the cost of living across nations is considered.

Products and services often cost less in many developing market nations than in the United States. Therefore, the value of products and services generated in these nations is under-represented in their nominal GDP. GDP PPP adjusts for inflation to more precisely reflect the buying power of GDP. GDP and PPP are more complicated to compute since modifications might be ambiguous and subjective.

Neither metric is inherently superior to the other; instead, they complement one another.

According to many experts, PPP is the only measure of a country's living level since it more accurately represents the buying power of its citizens.

When it comes to actual cash inflows, however, nominal GDP far outstrips GDP and PPP in terms of usefulness.

Many of the World's top economies are nations with either enormous populations and resources, like India and China, or high levels of development, like Japan. Exceptions aside, developing countries often have a smaller gap between their nominal and PPP GDPs than developed economies.

As a result of the recovery from the epidemic, several countries' economies increased in 2022. However, many economists fear 2019 will bring a downturn in economic activity due to the Federal Reserve's seven rate hikes this year.

The stock market returns of nations that are more politically stable, technologically sophisticated, and economically growing than their peers tend to be more significant. Example: the U.S. stock has returned little more than 10% yearly over the previous 40 years, although the U.S. economU.S.has been at the forefront of technological innovation since the early 1980s.

 Warren Buffett's advice to "never gamble against America" has been successful. Taking the "never bet against Russia" approach to investment, Buffett would have lost money if he had been born in the Soviet Union.

List of the World's 30 Largest Economies Based on Their GDP

The World Bank's projections for nominal GDP growth between 2020 and 2021 served as the basis for our ranking of the 30 nations with the largest economies.

1. United States

2021 GDP: $23 trillion

With a projected $23 trillion in GDP for 2021, the United States is the world's largest economy. The United States is home to both the financial capital of the world in New York City and the global innovation hub in Silicon Valley. The country also has the best military force, the most widely used reserve currency, and the highest ranked academic institutions in the world.

2. China

2021 GDP: $17.73 trillion

China's nominal GDP will be above $17.73 trillion in 2023, making it the world's second biggest economy. However, China has the largest economy in the world in terms of GDP, PPP, since its consumer prices are lower on average than those in the United States. While China's population is four times that of the United States, its GDP per person is far lower.

3. Japan

2021 GDP: $4.94 trillion

As of 2021, Japan's GDP of $4.94 trillion places it third among the world's economies. This year, inflation has been an issue in many nations, although consumer price increases in Japan have been rather mild. The countrywide core consumer price index in Japan increased 3.6% year over year in October, up from a 3% increase in September. Japan's central bank aims to maintain interest rates low to aid the economy, a decision made possible by recent lower inflation data.

4. Germany

2021 GDP: $4.22 trillion

A $4.22 trillion GDP in 2021 makes Germany Europe's largest economy. Germany's economy has been considered one of the most sophisticated in the world for some time, and the country has one of the highest income per capita among major economies, with $50,801.79 in 2016.

5. United Kingdom

2021 GDP: $3.19 trillion

London, England is one of the world's financial capitals and the European headquarters for several of the world's largest investment banks. In 2021, financial services contributed 8.3% of GDP to the United Kingdom. However, the industry is probably much more vital to GDP since it generates so many employment in other industries.

6. India

2021 GDP: $3.17 trillion

In 2021, India's GDP was projected to be $3.17 trillion nominally and $7.33 trillion PPP. In general, the cost of goods and services in India is lower than in industrialized nations because the country is still in its emerging stages. Consequently, the size of the economy cannot be inferred from the GDP that is reported in nominal terms. India has one of the world's fastest-growing major economies, with the forecasted expansion of 7% this year and 7.2% next year.

7. France

2021 GDP: $2.94 trillion

With a GDP of $2.94 trillion, France is Europe's second-largest economy. Since nuclear power provides over 70% of the country's electricity, it has one of the lowest carbon-emitting economies in the world on a per capita basis. France plans to enhance its use of renewable energy by installing more solar and wind power generators in the future.

8. Italy

2021 GDP: $2.1 trillion

With a projected GDP of $2.1 trillion in 2021, Italy is one of Europe's major economies. In 2021, services made up around 65% of Italy's GDP, making them the country's most significant economic contributor. The services sector is predicted to remain strong despite increasing inflation, leading to an expected 3.3% increase in Italy's GDP in 2022.

9. Canada

2021 GDP: $1.99 trillion

Canada's GDP in 2021 is projected to be $1.99 trillion, making it one of the world's most significant economies. Canada is the world's fourth-biggest oil producer and sixth-largest natural gas producer. However, the real estate industry is the country's most important economic driver.

10. South Korea

2021 GDP: $1.8 trillion

With a projected $1.8 trillion GDP in 2021 and a GDP per capita of $34,757.72, South Korea has one of the most developed economies in Asia. The government invests heavily in research and development, which has attracted global technology leaders like Samsung and Hyundai. The 2020 GDP share of South Korea devoted to R&D was 4.81 per cent, second only to Israel.

11. Russia

2021 GDP: $1.78 trillion

In 2021, Russia's GDP was estimated at $1.78 trillion nominally and $4.79 trillion PPP. The country is a landlocked energy giant thanks to its vast oil and gas reserves.

12. Brazil

2021 GDP: $1.61 trillion

With a GDP of $1.61 trillion in 2021, Brazil is ranked 12th on our ranking of the 30 largest economies in the World by GDP. Brazil's GDP, PPP, was $3.44 trillion in the same year that the United States was $4.16 trillion due to the lower cost of living in Brazil compared to the United States.

13. Australia

2021 GDP: $1.54 trillion

A developed economy, with a GDP per capita of $59,934.13 in 2021, places Australia among the wealthiest countries in the Asia-Pacific region. Australia is one of the largest economies in the Asia-Pacific region, with a GDP of $1.54 trillion in 2021.

14. Spain

2021 GDP: $1.43 trillion

Spain will be the E.U.'s foE.U.'s-largest economy, with a GDP of $1.4 trillion in 2021. According to official projections, Spain's GDP will grow by more than 4.4% in 2022. Despite inflation being a drag on the economy, experts predict 1.3% growth in 2023 and 1.7% growth in 2024.

15. Mexico

2021 GDP: $1.29 trillion

In 2021, Mexico's GDP was estimated at $1.29 trillion nominally and $2.61 trillion PPP. The country's closeness to the United States, its large population, and abundant natural resources bode well for its economic growth.

16. Indonesia

2021 GDP: $1.19 trillion

Indonesia has great potential due to its large population, abundant natural resources, and diverse topography. A nominal GDP of $1.19 trillion and a GDP PPP of $3.57 trillion were recorded for the country in 2021. Because of its potential, Indonesia's economy has the chance to increase over the next several decades.

17. Netherlands

2021 GDP: $1.02 trillion

The Dutch economy is one of Europe's largest, with a GDP of slightly over $1 trillion in 2016. With a GDP per capita of $58,061 in 2021, the country has one of the highest salaries in the E.U. thanksE.U.o its strong economy.

18. Saudi Arabia

2021 GDP: $833.54 billion

In 2021, Saudi Arabia's GDP was $833.54 billion, making it a global oil powerhouse. Due to the rise in oil and gas prices this year caused by the conflict between Russia and Ukraine, the GDP is expected to grow in 2022. According to preliminary estimates, annual growth in GDP was 8.8 per cent in the third quarter.

19. Turkey

2021 GDP: $815.27 billion

Turkey's nominal gross domestic product (GDP) in 2021 was $815.27 billion, while the GDP, PPP, was $2.59 trillion. Because of the disparity between the two, Turkey's economy has a lot of room to expand in the coming years. In 2022, the economy is expected to grow by 5%, according to experts.

20. Switzerland

2021 GDP: $812.87 billion

One of the world's wealthiest countries, Switzerland's GDP per capita of $93,457.44 in 2021. In 2021, Switzerland will have one of the world's largest economies, with a gross domestic product of $812.87 billion.

21. Poland

2021 GDP: $674.05 billion

Since Poland entered the European Union in 2004, the country's GDP has more than doubled. Having started at $255.1 billion in 2004, Poland's GDP will increase steadily to $674.05 billion by 2021.

22. Sweden

2021 GDP: $627.44 billion

After expanding by 2.9% in 2022, Sweden's economy is predicted to decrease by 0.6% in 2023 due to the risk of a worldwide recession brought on by the U.S.U.S.eral Reserve's interest rate rises. The Scandinavian country's GDP in 2021 was $627.44 billion, placing it at #22 on our list of Countries by GDP: 30 Largest Economies in the World.

23. Belgium

2021 GDP: $599.88 billion

With a projected GDP of approximately $600 billion in 2021, Belgium is a mature E.U. economy. Belgium is ideally situated to serve as the home to the European Union and North Atlantic Treaty Organization. In 2021, Belgium will have a GDP per capita of $51,767.79, which is impressive given the country's advanced economy.

24. Thailand

2021 GDP: $505.98 billion

According to the World Bank, Thailand's GDP is expected to rise by 3.4% in 2022 and 3.6% in 2023. Its nominal GDP was $505.98 billion in 2021, while its PPP GDP was $1.34 trillion.

25. Ireland

[hb]2021 GDP: $498.56 billion[/b]

Ireland is among the world's wealthiest countries, with an estimated GDP per capita of $99,152.10 in 2021. Due to sustained economic development, Ireland's GDP is projected to rise from $221.9 billion in 2010 to $498.56 billion in 2021, from $100.2 billion in 2000.

26. Argentina

2021 GDP: $491.49 billion

In addition to being the most excellent economy in South America in 2021 (with a GDP of $491.49 billion), Argentina will also host the 2022 World Cup. Economists forecast a 0.5% increase in real GDP in 2023, with growth picking up to 1.8% the following year despite inflation being a drag.

27. Norway

2021 GDP: $482.44 billion

In 2021, the petroleum industry was responsible for 14% of Norway's $482.44 billion GDP and 40% of Norway's exports. Considering the increase in oil and gas prices this year, this industry may contribute a more significant share of GDP in 2022. Norway's GDP in 2021 ranks it at #27 among our 30 largest economies worldwide.

28. Israel

2021 GDP: $481.59 billion

Israel is often cited as an innovation frontrunner due to the country's high spending on R&D (5.44 per cent of GDP in 2020). The country's GDP in 2021 is projected to be $481.59 billion, with a per capita GDP of $51,430.08, thanks to its innovative leadership.

29. Austria

2021 GDP: $477.08 billion

Considering GDP, Austria ranks 29th globally. The central European country's GDP had quadrupled since 2000, when it stood at $197.3 billion, thanks to the economy's expansion. According to experts, the Austrian economy is expected to grow by 4.7% this year before perhaps experiencing a minor recession in 2019.

30. Nigeria

2021 GDP: $440.78 billion

With a gross domestic product of $440.78 billion, Nigeria is Africa's most populous and economically powerful country. Since the cost of living in Nigeria is far lower than in the United States, the country's GDP, PPP, will be even more significant at $1.15 trillion in 2021. Since Nigeria has a sizable population, it has room to expand its economy.

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