This article is sponsored by Ram Tumuluri, Businessman, Entrepreneur, Philanthropist
According to the World Economic Situation and Prospects 2019 Report (WESP), countries can be classified as either developed economies, developing economies or economies in transition.
Country classification: New emerging industries
In this article we will look at:
- The Largest Economies in the World
- GDP Rankings by Country
The Largest Economies in the World
The International Monetary Fund’s World Economic Outlook places the three largest economies in the world as the United States, China and Japan as measured by nominal GDP. Looking at the figures, the US was £7.31 trillion ahead of China in 2019.
However, if this ranking was based on Purchasing Power Parity (PPP) then China in fact overtook the US in 2014. This trend is not likely to change either as the US economy is growing at a slower rate than China and even third placed India are some way behind. Focusing on India, their nominal ranking was at seventh place in 2018 and is predicted to overtake the United Kingdom and France in 2019 to become the fifth largest economy in the world. France is also projected to overtake the UK while Switzerland would move up to 19th by displacing Turkey.
GDP Rankings by Country
The World GDP is the added total of the gross national income for every single country in the world. Gross national income (GNI) takes a country’s GDP then adds the income from imports and takes away the amount generated from exports. That impact of domestic and international trade is the crucial difference between GDP and GNI.
GDP Rankings by Country
According to the International Monetary Fund, these are the highest ranking countries in the world in nominal GDP:
- United States (GDP: $20,494,050)
- China (GDP: $13,407,398)
- Japan: (GDP: $4,971,929)
- Germany: (GDP: $4,000,386)
- United Kingdom: (GDP: $2,828,644)
- France: (GDP: $2,775,252)
- India: (GDP: $2,716,746)
- Italy: (GDP: $2,072,201)
- Brazil: (GDP: $1,868,184)
- Canada: (GDP: $1,711,387)
