The world's largest economies
1. The United States
US economy still holds its number one position as the largest economical Country in the World with a nominal GDP forecast to exceed 21 trillion US dollars. All this was still happening despite its challenges facing at the domestic level along with a rapidly growing global landscape. Its economy represents 20 % of global output and hence it still holds its number one position in the list of economies.
The U.S economy is still dominated by service-oriented companies such as technology, financial services, retail and health care. It was expected that the United States of America is going to grow its economy by 2.5 % in 2019 and 1.7 % in 2020.
2. China
As we know everything about China, it holds the second position after the United States in economy. The Chinese economy has experienced its rapid growth in the last few decades. In the beginning, China has placed at a ninth position with 214 US $. But later after 35 years, their economy got a drastic change and jumped to USD 9.2 trillion.
China has become the World’s manufacturing hub where the Secondary sector represents the largest share of GDP. All of this has happened since from the introduction of the economic reforms in 1978.
From the recent surveys, it was known that China’s economy to grow by 6.3 % in 2019.
3. Japan
Japan has taken the third position in the World’s largest economies. Its nominal GDP forecast in 2019 is 5.2 trillion. Before 1990’s China and Japan are equivalent in the economy. But now it hasn’t been quite for Japan as China is growing drastically in its economy.
Due to the burst of Japanese asset price bubble, 1990s can be termed as a lost decade for Japan. A
s a result, Japan Government has taken crucial decisions that ran massive budget deficits to finance large public work projects. All of these led the economy into deflation in between 1999 to 2004 in numerous occasions. To raise inflation expectations, the next largest step its Government going to take was Quantitative Easing. For overall 2018, they have projected 1.1 % economic growth. According to the GDP forecast, they are going to expect 1.1 % in 2019.
4. Germany
From 1998 to 2008, in ten years before the great recession, GDP has grown 1.6% every year as an average per year. German economy plummeted 5.2 % in 2009, owing to Germany’s dependence on capital goods exports. But companies all around the World have taken back their investments because of the wake of the financial crisis. Later the next year, its GDP has raised by 4.0 % expansion that brought a drastic change in its economic growth. Between 2011 and 2013, Germany’s economy bounced back its crisis which brings a luster pace in Germany’s economy. Analysts see Germany growing 1.8 % in 2019 which keeps them to hold its position in its economic growth.
5. United Kingdom
As we compare from the period before the recession which is from 1999 to 2008, on an average its economy shows growth by 2.8 % every year. The economy has faced severe financial crisis and credit bunch because of its over-investment in the housing market and consumer’s strong dependence on credit.
Until 2020, the United Kingdom will stay in the top 5 list of economic countries with a nominal GDP of USD 3.2 trillion. GDP growth estimated by our panelists is 1.4 % in 2018 and 1.5 % in 2019.
6. India
Although with a lot of population, India has its place in 6th due to differences in society. It was known that India was going to overtake its position by two places in 2020. Before moderating in 2008 because of global financial crisis, from 2003 to 2007 India experienced high growth rates of around 9% annually.
After a few years, India has begun to see its growth slowly because of a plunging rupee, India has experienced a persistently high current account balance and slow industry growth. However, as the stock market has boomed, India’s economy has bounced back, and the current account deficiency has decreased.
7. France
France was placed in seventh place in terms of the economy by a survey from GDP. France represents around one-fifth of Euro Area Gross Domestic product at USD 2.9 trillion. Currently, its services are the main contributors for Country’s economy with an average of 70 % stemming from this sector. France also has the highest educated labor force and the highest number of science graduates per thousand workers in Europe.
After a period of changes in readings for the recent years, its position has now become stable and steady on track. GDP forecast shows that 1.7 % growth in 2019 and 1.6 % in 2020.
8. Italy
It was recorded as the World’s ninth-largest economy. But the Country suffers from political industry. It was because of the Country’s political instability, lack of structural reforms, and economic stagnation. This was holding back Italy from Country’s economic growth. GDP forecasts nominal GDP with USD 2.1 trillion in 2018 with an increase of 1.3 % annually.
9. Brazil
From 1999 to 2008 which is before the global economic crisis, GDP of Brazil grows by 3.4% on average every year. After their formidable growth in 2007 and 2008, Brazil’s economy fell 0.3 %, as there is a demand for Brazil’s commodity exports and foreign credits waned. Brazil’s nominal GDP is forecasted to be USD 2.0 trillion in 2019.
10. Canada
It was just ahead of Russia. Canada has got strong economic growth and GDP also expanded 2.9 % annually on average. Canada’s economy expanded over 1.4% between 2010 and 2013. It was expected an outcome of 1.8trillion USD as its GDP and an annual growth rate of 2.0 in 2019.
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