Gross Domestic Product (GDP) according to the International Monetary Fund (IMF) of the world stands at $91.98 trillion. Nominal GDP is an assessment of economic output in an economy but includes the current prices of goods and services in the calculation.
GDP is generally measured as the monetary value of the goods and services produced in a country. According to the survey, these are the top 10 countries with the highest GDP in the world.
The GDP of Canada is around $1.7 Trillion and it stands at 10th position on the list of countries with Top GDP. The country’s economy is dominated by the service industry which occupies three-quarters of Canadians.
It has the world’s largest petroleum reserves and is 4th largest exporter of petroleum and natural gas and is considered as ‘Energy Superpower’ due to its abundant natural resource.
The South American country is in the 9th position where it’s GDP stands at $1.78 trillion. However, Brazil has a developing mixed economy and is one of the largest economies in Latin America and the second largest in the Americas region.
The country has a vast amount of metals like Gold, Uranium, Iron, and timber which is estimated to be around $20.8 trillion worth.
Italy has a nominal GDP of $2.07 trillion which makes the country a 3rd largest economy in the European Union and 8th largest nominal GDP in the world. Italy has a major advanced economy and is one of the founding members of EU, the Eurozone, G7 and G20.
Italy is the 8th largest exporter in the world and has closest ties with the EU. Italy became one of the advanced European Nation post World War II which they turned from Agricultural based economy to the current economy.
India is characterized as a developing market economy and is the 7th largest economy per GDP with a nominal GDP of $2.72 trillion.
After independence and until 1991, the government promoted protectionist economic policies and with extensive regulations, the end of the cold war made an acute payment crisis which in the year 1991, made India adopt a broad programme of economic liberalization.
From 2014-2018, India was one of the fastest-growing economies surpassing China and the Long term growth perspective remains positive due to its young population and correspondingly low dependency ratio, healthy savings, and investment rates.
France’s economy is highly developed and free-market-oriented. It has the second-highest economy in the European Union after Germany where it has a nominal GDP of $2.78 trillion.
France has a diversified economy where The Chemical industry is the key factor of its economy, apart from that tourism is one of the ways that France gains economy from. Sophia Antipolis is the major technology hub for the economy of France.
Paris is ranked as the most elegant city in the world, which is driving the agglomeration of the fashion industry.
5) The UK
With a nominal GDP of $2.83 Trillion, the UK stands 5th in Top 10 GDP around the world by IMF. The UK is a highly developed social market and a market-oriented economy. It has 9th largest purchasing power parity, 22nd largest GDP per capita and it comprises of 3.3% of the world’s GDP.
It is the 10th largest goods exporter and 5th largest goods importer, it also has 2nd largest inward FDI and 3rd largest outward FDI, the UK is one of the most globalized economies in the world comprising of England, Scotland, Wales and Northern Ireland.
Germany is one of the largest national economies in Europe and the 4th largest GDP in the world. It is a highly developed social market economy.
According to the IMF, Germany accounted for 28% of the euro area economy and Germany is one of the founding members of the EU and Eurozone. The surplus in the nation’s economy is thanks to their locomotive inventions and the invention of cars.
Germany is one of the largest exporters globally with $1448.17 billion worth of goods and services exported in the year 2017. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%.
Exports account for 41% of national output. The top 10 exports of Germany are vehicles, electronic products, machinery, chemical goods, pharmaceuticals, electrical equipment, transport equipment, food products, basic metals, and rubber and plastics.
Japan is one of the highly developed free market and the 3rd largest nominal GDP country in the world with a nominal of $4.97 trillion. Japan is a member of G7 and Grouptwenty and according to IMF, GDP per capita of Japan stands around $38,967 in the year 2016.
Due to their volatile currency exchange, Japan’s GDP measured via USD fluctuates sharply. Japan is the world’s 3rd largest automobile manufacturing country, the largest exporter of electronic goods, and is one of the world’s most innovative countries. Their immediate rivals in the manufacturing industry are China and South Korea.
China is a market-oriented economy in the world since 1978. Its transition from centrally planned system to the market-oriented economy which has led to many changes and now is one of the top nominal GDP countries in the world which has around $13.4 trillion GDP.
As we all know China is one of the world’s fastest-growing economies in the world. In 2018, the Chinese private sector accounted for between 70% and 80% of GDP, the private sector is also responsible for 80% of urban employment and 90% of new jobs.
China has the largest manufacturing economy in the world and is the fastest-growing consumer market, 2nd largest importer of goods. It is the world’s largest trading nation and plays a leading role in international trade and has become increasingly involved in trade organizations and treaties in recent years.
It also has free trade agreements with several countries, including Asian, Australia, New Zealand, Pakistan, South Korea, and Switzerland.
USA occupies the top position of nominal GDP in the world with a GDP of around $20.49 trillion. The US is a mixed and developed economy. It is the largest economy in the world in terms of nominal GDP and net wealth and the second largest in terms of purchasing power parity (PPP).
The United States has the most technologically powerful economy in the world, and its companies are at the forefront of technological advancements, especially in computers, pharmaceuticals, medical equipment, aerospace, and the military.
The U.S. dollar is the currency most used in international transactions and is the world’s foremost reserve currency; the nation’s economy is fueled by its abundant natural resources, a well-developed infrastructure, and its high productivity.