The economy of any country is determined by its GDP (Gross Domestic Product). GDP is the total market value of goods and services produced by a country in a year. The ranking of the country’s economy also fluctuates due to the rise and fall of GDP from year to year. Fluctuations in the currency of the country are also the result of this.
Top 10 GDP: Economy Countries for 2019-20
America (United States)
The US GDP in 2019 was expected to exceed US$21 trillion. The US economy is 20% of the world economy and is still bigger than China’s. America’s service sector is fully developed and technology-rich, which outputs 80 percent of the total GDP. Apart from this, its finance, retail and healthcare also play an important role in the global economy.
China’s economy has grown tremendously in the last few decades. This is the reason that it has made it the second place in the world’s 10 economy. China’s GDP in 2019 was US$9.2 trillion.
The GDP of Japan in 2019 was .2 trillion US dollars. With this, it has come to number three in the global ranking. Japan’s economy grew rapidly in the 1960s, 70s and 80s. Japan’s economy has already stagnated since 1990. However, in the last few years, Japan has done a lot better in the field of economy and managed to occupy the number three position.
Germany’s nominal GDP in 2019 was US$4.2 trillion. With this, Germany made its place in the global ranking at number four. After 2009, Germany’s economy grew by 4.0 percent and then it boomed. This is the reason that today it makes its place in the top 5 global economy.
The average GDP in the UK between 1999 and 2008 was 2.8 per cent. The next year, Brexit caused the country’s internal situation to be in turmoil and it had a bad effect on the private sector and fixed investment. However, with a nominal GDP of US$3.2 trillion, it is currently ranked 5th in the global rankings.
In 2018, India made its place in the top 6, beating France’s economy. With this, soon India is looking forward to make its place in the top rapidly. India’s nominal GDP in 2019-20 was US$ 2.9 trillion. With this, India has recently made a name for itself in the fastest growing economy in the world, beating China.
In 2019, France’s economy was at number seven in the global ranking. The country’s GDP stood at US$2.9 trillion in 2019. At present, 70 percent of the GDP in the country comes from the private sector of the country. France is number one in the world in the fields of automotive, railways and aerospace.
With a GDP of 2.07 trillion US dollars in 2019, Italy managed to make it to the eighth position in the global rankings. With this, it became the country with the eighth largest economy in the world. Its economy is expected to grow to US$2.26 trillion by 2013.
Brazil’s economy was very good before the global economic crisis. At that time its GDP was maintained at 3.4% every year. Brazil’s economy declined significantly after the crisis in 2009, and so did its GDP in 2019 at close to US$2.0 trillion.
Canada’s nominal GDP in 2019 was US$1.8 trillion. With this, it was ranked 10th in the global ranking. The annual growth rate this year is expected to be 2.0%. Canada ranks above Russia in terms of economy and GDP.