The economic condition of a country is represented by the gross domestic product (GDP). The total market value of all goods and services produced by a nation within a year is called GDP. GDP is used to estimate the size of a country’s economy. GDP of countries around the world is fluctuating with the cycle of economic cycles.
Fluctuations in the country’s currency rates are also affecting GDP. Despite the ups and downs, the lists of top economies measured by GDP have remained largely the same. So which are the 7 largest economies or GDP countries in the world? This may be of interest to many. In this regard, I have tried to dig it.
1)USA
The real gross domestic product of the United States is about 209 trillion dollars. According to the World Bank’s 2020 figures, the per capita GDP of the United States is more than 65,500. The main contributors to US GDP are finance, real estate, insurance, healthcare and the country’s service sector. The US service sector is also highly developed and technically sophisticated. The United States accounts for 24.67% of the global economy.
2)China
It is the world’s second largest economy. Over the past few decades, China has made enviable economic progress. According to the World Bank, China’s gross domestic product (GDP) by 2020 is 147 trillion. The per capita GDP is 10,500 dollars.
The manufacturing sector is a major contributor to China’s economy. As a result, China has become the world’s number one exporter. According to estimates, China will surpass the United States as the world’s largest economy by 2030. China accounts for 17.39% of the global economy.
3)Japan
Japan’s economy is worth more than 5 trillion, according to World Bank figures. The per capita GDP is more than 40,000 dollars. In the 1960s, 70s and 80s, Japan achieved remarkable economic growth. Japan is an export-oriented economy, a leader in technology and manufacturing. However, due to lack of natural resources, energy has become dependent on imports. Japan’s share of the world economy is 5.97%.
4) Germany
Germany’s gross domestic product in 2020 will be 38 trillion rupees. Similarly, the per capita GDP is 45 thousand 723 dollars. Germany is a major exporter of automobiles, machinery, chemicals and other manufactured goods. Although Germany has a skilled workforce, the recent decline in the fertility rate has added to the challenge of replacing the aging workforce. Germany’s share of the world economy is 4.54%.
5)United Kingdom(UK)
The UK, the fifth largest economy in the world, has a GDP of 2.8 trillion. The UK economy is being led by the services sector, including finance, insurance and business services. Its per capita GDP is 40 thousand 284 dollars. Britain has left the European Union. However, there have been recent talks between the union and the UK on trade relations. The UK accounts for 3.26% of the world economy.
6) India
Neighboring India’s economy has grown to more than 2.6 trillion, according to World Bank figures. In 2020, India’s per capita GDP will increase by 1,900. India’s economy is a mixture of modern industry and mechanized agriculture and traditional village farming. India’s share in the world economy is 3.14%. India’s economy is projected to overtake the UK by 2023.
7) France
In 2020, the size of the French economy reached 2.6 trillion. Tourism is a major part of the French economy. France’s economy is mixed. Various industries are privately and semi-privately owned, while in some areas the government itself is involved. Government involvement in security and power generation is high. France’s per capita GDP is 38,625 dollar. Its share in the global economy is 3.11%.