The health of the economy of a nation can be measured by the GDP (Gross Domestic Product) that is the value in market of all goods and services that a country produces in the course of a year. The actual GDP is used in assessing the country’s economic health. Variations in the value of a currency’s value can result in different outcomes.
Here’s the most recent list of the top 10 world economies:
1. United States
The true economic output in the US is estimated at $20.94 trillion. The service sector in the US is more developed and technologically advanced. It accounts for around 70% of total output. Therefore, the biggest companies and the role of the companies that provide its services within the field of retail, technology and finance, and healthcare also are the most important in the world scene.
It is true that the Chinese economy has seen a staggering growth in the past few years. This has enabled China achieve the desired second position on the top 10 global economies. China’s real GDP China for 2020 stood at $14.72 trillion.
Based on the actual forecast of GDP on the basis of the real GDP forecast, according to the forecast for real GDP, Japanese economy currently ranks third with an estimate that is $5.05 trillion. Through the 1960s the 70s and 80s Japan’s economy grew quickly. But, Japan’s economy has not been as impressive following the period of 1990s. In the last decade, Japan has been doing the best it can to expand its economy.
With a GDP of $3.84 trillion Germany is ranked fourth place in the world’s top 5 economies around the planet. After a brief decline in 2009, the German economy rebounded by registering a 4.0 percent growth in the decade later. The years following saw Germany achieving consistent performance.
5. United Kingdom
The average annual growth rate of the GDP of the UK between 1999 between 1999 and 2008 was 2.8 percent. It is expected to slow down because of an increase in private consumption as well as the lowering of fixed investments due to the uncertain circumstances that resulted from the BREXIT negotiations. With a total gross domestic product of $2.76 trillion The UK will maintain its spot in the top 10 countries around the globe.
In the process of catching up with in the race to take over the French market, India sits at the sixth spot of the most affluent economies around the globe with a GDP real that is $2.66 trillion. The Indian economy has also become the fastest-growing economy in the world’s largest economies.
The estimated GDP of France is $2.63 trillion. Today, more than 70% of the country’s GDP is derived from the service industry. France is also the world leading country in the fields of aerospace, railways, and automotive.
The third largest economy in the European Union, Italy has an extremely developed market. It is also known for its prestigious and innovative business economics as well as its thriving and competitive agriculture sector. The GDP real in Italy is estimated at $1.88 trillion, making it the eighth-largest economy on earth.
The actual GDP of Canada is estimated at $1.64 trillion, which makes Canada the ninth-largest economy on earth. Although it is still in the ninth spot of the top world economic systems, Canada is just one position over South Korea.
10. South Korea
South Korea is a highly developed mixed economy that is the 4th largest economic power in Asia. South Korea is one of the fastest-growing developed nations around the globe, even after the Great Recession. Based on the actual GDP projection that South Korea’s South Korean economy ranks tenth in the world, with a value of $1.63 trillion.
The list was compiled of the estimates made by the World Bank World Development Indicators (WDI) in 2020.