Japan at $5.2 trillion in 2019 and an estimated $5.4 trillion in 2020, Germany at $4.2 trillion in 2019 and an estimated $4.5 trillion in 2020, The United Kingdom at $3 trillion in 2019 and an estimated $3.2 trillion in 2020, India at $2.9 trillion in 2019 and an estimated $3.3 trillion in 2020, France at $2.9 trillion in 2019 and an estimated $3.1 trillion in 2020, Italy at $2.2 trillion in 2019 and an estimated $2.3 trillion in 2020, Brazil at $2.1 trillion in 2019 and an estimated $2.2 trillion in 2020, Canada at $1.8 trillion in 2019 and an estimated $1.9 trillion in 2020. India. Young consumers represent substantial purchasing power, particularly for large items such as cars and appliances. Australia also operates with the following sectors; agriculture and industry contribute which form about 4% and 26%, respectively. Congo Demoratic Republic: $849: 4. These are economies of developed countries and have matured over time, thus can withstand any dynamic change in the economic cycles. Mexico constitutes the fifteenth largest and one of the fastest-growing economies in the world with a nominal GDP of $1.22 trillion, while it’s GDP in terms of PPP is $2.57 trillion. By 2023, China’s GDP (PPP) would be $36.99 trillion. Feel free to Contact Us if you have any inquiry or information to share with us. Out of 194 economies, gdp (nominal) of 41 economies would increase, and 153 economies would decrease in 2020 compared to 2019. China. If … The United States has the world’s largest economy, with a GDP of $20.49 trillion and the most massive military budget of $610 billion. The top 20 economies of the world command a vast majority of the global wealth and by far are the engines of growth. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Taiwan Per capita GDP is a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. Country Name GDP Per Capita; 1. Although income per capita will remain higher in the world's developed economies, the growth rate in per capita income is expected to be much stronger in major emerging market nations such as China and India. In 2015, France edged out India for sixth place, and Russia rather than Canada made the bottom of the list. Saudi Arabia operates an oil-based economy and tops the chart as the largest exporter of petroleum with the oil and gas sectors constituting about 50% of its GDP and 70% of its export earnings. Japan constitutes the first three largest economies in the world, with its GDP crossing the $5 trillion mark in 2019. Due to this reason, it is regarded as an economic superpower. The country possesses around 18% of the world’s proven petroleum reserves The economy showed recovery from the oil shock in 2016 with a 1.7% growth. It is the home of multinational companies like multinationals like Samsung and Hyundai. Germany 5. Italy Italy Nominal GDP: $1.99 trillion – Italy GDP (PPP): $2.40 trillion, 9. Australia 14. However, the UK faces declines. China Nominal GDP: $14.14 trillion – China GDP (PPP): $27.31 trillion China is the second-largest economy of the world. The economy has grown at a healthy pace for the past two decades on the back of low unemployment, low public debt and inflation. Perhaps not unexpectedly, Switzerland has continued its reign as the best country in the world, according to the 2020 Best Countries report by US News Report. Economies around the planet are shaken through various stages of the natural cycles. Back in 1980, Chin… It is interesting Its GDP (PPP) is at $2.14 trillion. The world economy consists of 193 economies, with the United States being the largest. City Mayors list the richest cities in the world in 2020. Heading the list is Air New Zealand followed by Singapore Airlines, All Nippon Airways, Qantas, Cathay Pacific, Emirates, Virgin Atlantic, EVA Air, Qatar Airways, Virgin Australia, Lufthansa, Finnair, Japan Airlines, KLM, Korean Airlines, Hawaiian Airlines, British Airways, Alaska Airlines, Delta … Switzerland 20. In 2020, the United States and China would remain the largest economy in nominal and PPP, respectively. The survey shows a pretty interesting picture of which countries have the fastest growing economies in the world in 2015 and surprisingly enough, Asia and Africa are two continents who are … The rising importance of emerging market economies in 2020 will have broad implications for the world’s allocation of consumer goods, investments, and environmental resources. Other prominent industrial sectors include; chemicals, pharmaceuticals, and industrial machinery. The government has managed to use the revenue from tourism to move its population of approximately 95,500 (2018) towards upper-middle-income earners. Indonesia Nominal GDP: $1.11 trillion – Indonesia GDP (PPP): $3.50 trillion, 17. The World Bank has recorded unemployment rates at 10% during 2014, 2015, and 2016. Turkey Nominal GDP: $743.71 billion – Turkey GDP (PPP): $2.29 trillion. Today, the country has a nominal GDP of $912.90 billion and a GDP-PPP of $969.23 billion. There are a lot of factors that decide if the economy of any country is increasing or decreasing. The world economy or global economy is the economy of all humans of the world, ... as of 2020. This list of top 10 most emerging markets in the world includes countries taken from the Bloomberg survey of economists for 2015. The country is looking to strengthen its non-oil economy in order to expand its economy and tackle the problem of unemployment. Over the past five years, the top 10 players in this index have shuffled around, but remained quite consistent. It is the largest economy in Europe right now. The world economy is projected to grow at an average rate of just over 3% per annum from 2011 to 2050, doubling in size by 2032. The U.S. remains the world’s largest economy and this has been effective since 1971. South Korea is distinguished in entire world as its wealth has developed world’s second major metropolitan region having its population of around 25.6 million. I sold them for $2.20 and now $1.51 (up 31%) although SRS has been down since inception. In the mid-2000s, Japan’s economy saw a slight recovery after a lengthy period of stagnation that was due, at least in part, to inefficient investments and to the burst of asset price bubbles. Switzerland’s economy is characterized by the following sectors; a booming tourism industry, a strong financial sector, and the Agricultural sector which contributes about 1% to its GDP. The above mentioned top 20 startups in the World in 2020, is the clear indication of today’s thoughtful young and passionate entrepreneurs. South Korea has made plausible progress in the past couple of decades to establish itself as a hi-tech, industrialized nation. Canada is laying a lot of emphasis on manufacturing, which is crucial to its future economic growth. The most sophisticated service sector of the US accounts for 80% of its GDP. Turkey and, Turkey Nominal GDP: $743.71 billion – Turkey GDP (PPP): $2.29 trillion, 20. Sergey Brin TOP 50 RICHEST COUNTRIES IN THE WORLD 2020. China has experienced massive growth over the years in terms of innovation and exportation of the manufacture products and it is currently nicknamed as the “world factory”. These include primary factors like natural disaster risk, personal security, war, and peace. Its economy is expected to expand to $2.26 trillion by 2023. For the 4th year in a row, Switzerland took the top spot on the list. It is the most populated nation in Latin America. Japan experience the financial crisis of 2008 which watered down the economy and it is still trying to overcome the financial challenge for a perfect economic stand. The world's top developed economies are all officially in a recession. The report also notes TOP 10 LARGEST ECONOMIES IN THE WORLD 2020. The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. Switzerland has a tradition of industry, especially the clock and watches industry and pharmaceuticals. An analysis by FocusEconomics places China in a fairly distant second place at about $14.2 trillion in 2020 and an estimated $15.7 trillion in 2020. The world’s most populous Muslim country will see its GDP rise from $3.2 trillion to $10.1 trillion in 2030. Aside from the financial crisis which affected the Japanese economy, japan also suffered an earthquake which posed a setback to the economy. This list features the top 10 poorest countries in the world with poorest economies. As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis. The nominal GDP of the top 10 economies adds up to about 66% of the world’s economy, while the top 20 economies contribute almost 79%.1 The remaining 173 countries together constitute less than one-fourth to the world’s economy. Switzerland Switzerland Nominal GDP: $715.36 billion – Switzerland GDP (PPP): $548.48 billion, U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion. Phil – BTW, the new STP/LTP coupled with the income portfolio is … However, it is projected to soften to 4.2% in 2018 amid rising external debt, depreciating currency, rising inflation, and unemployment. IMF projects the economic growth to revive to 2.5% by 2019. Canada 11. INFANT MORTALITY RATE IN USA 2020. Nonetheless, with today’s developments in technology and widely available internet, some businesses can thrive within international environments with multi-cultural and multilingual communities. With $490 bn, China will be the top contributor, followed by Egypt ($60 bn), Iran ($27 bn), Taiwan ($25 bn), Bangladesh ($15 bn), and Vietnam ($11 bn). In recent years, its growth rate has flown between 1–1.5%. Eritrea: $1,060: 5. Spain became the second most visited country in the world topping the chat against the United Kingdom with a massive influx of inbound tourists. Spain’s economy is characterized by the following; agriculture, production, and exportation of olive oil, pork and wine. It was a victim of the Asian financial crisis in 1997. Australia Nominal GDP: $1.38 trillion – Australia GDP (PPP): $1.32 trillion. The analysis given below reveals that these economies are the engine of growth, commanding a majority of the global wealth.