It also has a large agricultural sector that makes it a major exporter of coffee and soy beans. China, which used to be neck and neck with India around 40 years ago, is… Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [11] Tuvalu is the world's smallest national economy, with a GDP of about $45 million, because of its very small population, a lack of natural resources, reliance on foreign aid, negligible capital investment, demographic problems, and low average incomes. Dollars: $65,298, 2019 Nominal GDP in Current U.S. "CHINA." 2020 marks the start of the first decade where the U.S. does not have the largest economy in the world ($22.32T). China (GDP: $14.17 trillion) China, though the second-largest economy in the world, is still … Dollars: $1.70 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.28 trillion, 2019 Nominal GDP Per Capita in Current U.S. 5. CIA World Factbook. Accessed Dec. 23, 2020. Dollars: $40,247, 2019 Nominal GDP in Current U.S. Before this decade, the U.S. consistently had the largest economy in the world for the last 40 years, growing from $2.86T in 1980 to a projected $23.18T next year. Non-sovereign entities are marked in italics. Accessed Dec. 23, 2020. Since 1950, it has been administered by the nation's central bank, the Bank of Korea. It had a GDP of $2.83 trillion in 2019, up 1.4% from the prior year. The U.K. economy is driven by its large service sector, particularly in finance, insurance, and business services. 2019 Nominal GDP in Current U.S. The official name is "Taiwan Province of China" in IMF's report. It has a highly developed agricultural sector and is the second largest agricultural exporter in the world. Dollars: $9,846, 2019 Nominal GDP in Current U.S. Because it has slashed energy prices, cratered tourism, lowered volumes of trade, and shuttered stores due to quarantines, countries have seen record-breaking declines in GDP. Dollars: $11,585, 2019 Nominal GDP in Current U.S. By nominal GDP, The USA is the biggest economy in the world, followed by China and Japan. Bangladesh is the fastest growing economy with 3.80%, followed by Egypt, China, Vietnam, and Taiwan. Accessed Dec. 23, 2020. CIA World Factbook. By 2030, India will be the second largest economy in PPP terms according to many different models – and by then, it will also be the most populous country in the world as well. While oil dominates in terms of contribution to GDP and exports, between a fifth and a half of Nigerians work in agriculture, mostly small-scale subsistence agriculture. Japan. "AUSTRALIA." CIA World Factbook. Thailand is highly dependent on exports, which account for about two-thirds of its GDP. Limited government is a political system in which legalized force is restricted through delegated and enumerated powers, such as The United States Constitution and Bill of Rights. "GERMANY," Accessed September 19, 2020. When compared to the top 25 economies in 2000, there are only three countries in the top 25, Thailand, Indonesia, and Nigeria, that weren't there before. US continued to lead at $21.43T, about 50% larger than the next biggest, China at $14.34T. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, does not take into account the differences of quality of goods and services among countries, and it also requires more estimation than nominal GDP. The Biggest Economies in the World Looking at global GDP at constant 2017 prices, but adjusted for purchasing power/cost of living, China was … 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 (exports minus imports). Accessed Dec. 23, 2020. The World Bank. These include white papers, government data, original reporting, and interviews with industry experts. Accessed Dec. 23, 2020. It contributed $22.5 trillion, or 17.3%, of the world's $130 trillion in gross domestic product (GDP), according to estimates by the World Bank. China.  Nigeria's economy has grown rapidly in the past decades, but it also faces significant challenges such as desertification, lack of infrastructure, and government corruption. . Major industries include electronics, petrochemicals, and automotive production. Accessed Dec. 23, 2020. Dollars: $8,717, 2019 Nominal GDP in Current U.S. Dollars: $2.87 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $9.56 trillion, 2019 Nominal GDP Per Capita in Current U.S. Accessed Dec. 23, 2020. After the Lost Decade of the 1990's and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of Prime Minister Shinzo Abe. Dollars: $2.83 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.25 trillion, 2019 Nominal GDP Per Capita in Current U.S. Indonesia has an institutional cap on its national budget deficit, at 3% of GDP, which has led to its relatively low debt burden and investment-grade credit rating. "INDONESIA," Accessed September 21, 2020. Dollars: $595.86 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.31 trillion, 2019 Nominal GDP Per Capita in Current U.S. The official name is "West Bank and Gaza" in IMF and World Bank reports. "How Aramco’s Huge I.P.O. CIA World Factbook. Dollars: $55,060, 2019 Nominal GDP in Current U.S. Dollars: $2,230. Its main exports include electronics, agricultural products, motor vehicles and parts, and food products. Accessed Dec. 23, 2020. In the wake of these events, Brazil instituted a series of major economic reforms intended to rein in public spending and debt, invest in energy infrastructure, lower barriers to foreign investment, and improve labor market conditions., Canada had $1.74 trillion in GDP in 2019, rounding out the top 10 economies in the world by GDP. Canada has a well developed energy extraction sector, with the world's third largest proven oil reserves. The United States' economy is the largest in the world as measured by nominal GDP. BBC News. Accessed Dec. 23, 2020. Canada also has impressive manufacturing and services sectors, based mostly in urban areas near the U.S. border. Accessed Dec. 23, 2020. CIA World Factbook. Accessed Dec. 23, 2020. Dollars: $1.65 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $2.23 trillion, 2019 Nominal GDP Per Capita in Current U.S. "BELGIUM." Dollars: $10,262, 2019 Nominal GDP in Current U.S. The U.S. economy features a highly-developed and technologically-advanced services sector, which accounts for about 80% of its output. Brazil emerged from a severe recession in 2017 and along the way suffered a series of high level corruption scandals. The CEBR said departure from the EU would not prevent the UK – likely to be the world’s fifth biggest economy in 2020 – from being one of the better performing economies … Dollars: $4,136, 2019 Nominal GDP in Current U.S. 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. Belgium faces a high public debt burden relative to its GDP that can constitute an obstacle to growth., One of the largest economies in Africa, Nigeria's economy relies heavily on the oil industry. 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