The United States has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. It is the world’s dominant geopolitical power and is able to maintain a large external national debt as the producer of the world’s primary reserve currency. The countries on this list have various populations, politics, trade agreements, and demographics, all of which play a factor in how their economies and, therefore, GDP perform. As countries take measures to reduce corruption, open their markets, and take advantage of their natural resources and new technologies, they can see their GDP grow. Coupled with an industrial policy that encourages domestic manufacturing, this has made China the world’s number one exporter.
Most People in 35 Countries Say China Has a Large Impact on Their National Economy
Differences of more than 40 percentage points on this question, in favor of the U.S., are also present in Israel (+41), Poland (+41) and Japan (+42). The links in the “Country/Territory” row of the following table link to the article on the GDP or the economy of the respective country or territory.
Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo and Taiwan) are included in the list where they appear in the sources. Data compile this ranking from the World Bank and the IMF for the year 2021 and 2022. If data is not available for any economy or year in the world bank, data from the IMF has been listed. Out of 196 economies, the rank of 93 economies has changed with Guyana is the biggest improver by a huge 11 position, followed by Norway (+8), Ireland (+5), and Tajikistan (+5). This chart shows the biggest economies in the world by GDP technology stocks and tech stocks (current prices/PPP) in 2019 and their growth prospects in 2020. Views are somewhat mixed in Argentina, Canada, France, the Netherlands, South Africa and the UK.
In these six countries, roughly equal shares name both the U.S. and China as the top economy. Gross domestic product (GDP) measures the total output of a nation and is used as a gauge of the health of an economy and its size. Countries consistently measure GDP growth as a way to determine how the economy is performing and what actions need to be taken to create steady growth. Its largest export partners are Brazil, the U.S., Chile, and China, with which it has seen a growing relationship. Its primary imports are petroleum, cars, natural gas, and soybeans.
The Future Of Top Economies
She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest. In the top 10 nominal rankings, Russia overtook Italy and Canada in 2022 and Canada overtook Italy in the top ten, as Russia is up by two positions and Italy is down by two positions in the year 2022 compared to 2021. Out of 196 economies, the rank of 154 economies changed in 2022. Venezuela and Guyana are the biggest gainers in the ranking by 17, followed by Azerbaijan up by 15 positions.
Global and regional data
Emerging markets will have far-reaching implications for the future of the top asp net core web api development with onion architecture using prototype design pattern economies of the world. This is because consumer markets provide opportunities for economic growth. Tapping into the vast consumer markets will determine the growth rate of a given economy.
Overall, countries have continued that growth, and global GDP rose to $109.53 trillion in the first quarter of 2024. There have been some big movers within the list in the last 20-plus years. China was in 13th place in 2000 but has been sitting in second place since 2010. Further down the list, Indonesia vaulted forward from the 27th largest economy in 2000 to the 16th as of 2024. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator.
France is the fifth largest economy in the world with a nominal GDP of 2.93 trillion US dollars. The high standard of living and low poverty levels in France is a true reflection of the high GDP and per capita. In recent years, the high level of unemployment which stands at 9.6 percent poses a considerable challenge to economic growth. However, the unemployment rate is expected to continue going down in the next five years as projected by IMF.
Australia combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim. Canada has a well-developed energy extraction sector, with the world’s third-largest proven oil reserves. Canada also has impressive manufacturing and service sectors, based mostly in urban areas near the U.S. border. India’s economy is a mixture of traditional village farming and handicrafts alongside booming modern industry and mechanized agriculture. India is a major exporter of technology services and business outsourcing, and the service sector makes up a large share of its economic output. Since the 1970s, China has transformed its economic model from a centrally-planned economy to a manufacturing and exporting economy.
The U.S., China, Germany, Japan, and India are some of the top economies in the world based on gross domestic product (GDP). GDP is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy and its impact on the global economy. Argentina’s primary contributor to GDP is the industrial sector, followed by services and then agriculture. Its industries include food processing, motor vehicles, consumer durables, textiles, chemicals, printing, metallurgy, and steel. Sweden is a competitive economy with a high standard of living and a mix of free enterprise alongside a generous social welfare state.
- However, if one evaluates the economic performance of a country, the country not only provides the workers, but also land, machines, innovations and sales markets.
- Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products.
- Asian countries among the top 8 biggest economies exhibited the best growth prospects, even among a global pandemic.
- Germany is a top exporter of vehicles, machinery, chemicals, and other manufactured goods and has a highly skilled workforce.
- If data is not available for any economy or year in the world bank, data from the IMF has been listed.
These changes have primarily occurred in high-income countries. In Sweden, for example, 32% say China is the top economy, down from 47% in 2019. Swedes are now more likely to name the U.S. than China as the world’s leading economic power. Even in Australia, where more name China than the U.S. as the top economy, the share who holds this view has gone down by 5 percentage points since June 2020. People in Australia, Germany, Greece, Italy, the Netherlands and Spain – all high-income countries – name China as the world’s top economy. Italy especially stands out as the only country where more than half say that China is the world’s leading economic power.
Macao, Zimbabwe Should i invest in apple and Lao PDR lost 12 positions each, followed by Sri Lanka (-11) and Cote d’Ivoire (-11). ABOUT PEW RESEARCH CENTER Pew Research Center is a nonpartisan, nonadvocacy fact tank that informs the public about the issues, attitudes and trends shaping the world. The Center conducts public opinion polling, demographic research, computational social science research and other data-driven research. Pew Research Center is a subsidiary of The Pew Charitable Trusts, its primary funder.
Canada’s free trade relationship with the United States means that three-quarters of Canadian exports head to the U.S. market each year. Canada’s close ties to the United States mean that it has developed largely in parallel to the world’s largest economy. Brazil emerged from a severe recession in 2017 and suffered a series of high-level corruption scandals along the way. Strong cooperation between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy.
Sweden has taken in a large number of new immigrants and thus faces a short- to medium-term challenge with integrating them into Swedish society and its labor market. The Saudi government has also begun to at least partially privatize Aramco, listing the company on the Saudi Stock Exchange through an initial public offering (IPO) in December 2019. Tourism is an important industry, and France receives the most visitors of any country each year. Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars as of the first quarter of 2024, unless otherwise specified. South Koreans are the least likely to see China as the preeminent economy, choosing the U.S. by 75 percentage points.
Poland’s business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. However, inefficient legal and regulatory structures and an aging population are challenges for Poland’s ongoing growth in the future. Heavy industry, including iron and steel production, machinery manufacturing, shipbuilding, and coal mining, is an important part of Poland’s economy. Economy is driven by its large service sector, particularly in finance, insurance, and business services. The nation’s extensive trading relationship with continental Europe has been greatly complicated by the resolution of Brexit subsequent to the 2016 vote to leave the European Union (EU). Is officially not a member of the EU, but contentious negotiations over trade relations between the two are ongoing.