By 2050, the UK is expected to slip to the 10th ranking by GDP (PPP) at USD 5.36 trillion. China has had trouble with the U.S. on the trade front; a series of tariffs and counter-retaliatory tariffs, among other restrictions, resulted in a trade war been the two biggest economies. Why is the German economy so big? China has the world's second largest nominal GDP in current dollars and the largest in terms of PPP. China’s GDP (PPP) would amount to $37.06 trillion by 2023. From 2014 to 2018, Indian was the fastest-growing major economy in the world only, behind China. Invest/Finance - 01/04/2019 31/03/2019. Ranking 2nd on this list of the top 20 biggest economies in the world is China, an economy the has transitioned from a centrally-planned system to a more market-oriented economy since 1978. Discover Suppliers | Target Prospects | Browse 10M+ CompaniesTry for Free>>, Top 10 Largest Manufacturing Companies in the World, Top 10 Largest Investment Companies in the World, Public Administration Industry Factsheets. Predictions that China would surpass the United States to become the world’s top economy by 2020 appear to have been exaggerated. Data from the IMF shows India has risen to become the world’s fifth largest economy, when ranked by nominal GDP. See Also: top 5 largest economy in the world 2020 … By nominal GDP, The USA is the biggest economy in the world, followed by China and Japan. The GDP per capita is based on nominal GDP. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. Although in terms of GDP per capita, Germany ($46,563) is way ahead of India ($2,171). By 2023 the US economy is expected to grow to USD 24.88 trillion. These symbols will be available throughout the site during your session. Germany, the largest economy in the EU, added $4.5 trillion. These are estimations based on market projections. China is the biggest economy in the world in terms of the gross domestic product (GDP) based on the data from the International Monetary Fund (IMF).. With a 2019 GDP amounting to USD 22.53 trillion, China is significantly ahead of the second placer United States with a GDP of USD 20.57 trillion. Exports account for 41% of national output. The report has been carefully prepared, and any exclusions or errors in reporting are unintentional. Based on nominal GDP, China is the 2nd largest economy in the world with a nominal GDP of USD 14.14 trillion. This is BizVibe’s list of the largest economies in the world in 2050 by Gross Domestic Product based on Purchasing Power Parity. This is an upgrade from earlier estimates, which comes on the back of the fiscal package of $122 billion announced in December 2019. Since 1871, the U.S is the first largest economy of the world. China has broken from a centrally planned economy that used to struggle to the manufacturing and exporting hub of the world. When measured bu purchasing power parity (GDP based on PPP) however, the USA ranks 2nd behind China with a GDP (PPP) of USD  21.44 trillion. Netherlands Nominal GDP Rank 2020: USD 900 billion (17, Netherlands GDP (PPP) Rank 2020: USD 970 billion (19, Netherlands Estimated GDP (PPP) Rank 2050: USD 1.49 trillion (19, Saudi Arabia Nominal GDP Rank 2020: USD 700 billion (18, Saudi Arabia GDP (PPP) Rank 2020: 1.86 trillion (16, Saudi Arabia Estimated GDP (PPP) Rank 2050: USD 4.69 trillion (13, Turkey Nominal GDP Rank 2020: USD 740 billion (19, Turkey GDP (PPP) Rank 2020: 2.29 trillion (13, Turkey Estimated GDP (PPP) Rank 2050: USD 5.18 trillion (11, Turkey Nominal GDP Rank 2020: USD 770 billion (20, Turkey GDP (PPP) Rank 2020: 550 billion (20, Turkey Estimated GDP (PPP) Rank 2050: USD 1.01 trillion (20. India, in this ranking, has leapfrogged France and the UK. Despite its growth, challenges remain, from sustainability to infrastructure. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. Japan, the third-largest economy in the world, contributes almost 6% to the global GDP. Japan ranks 3rd on our list of the top 20 largest economies in the world in 2020. The economy of the United Kingdom is a highly developed social market, with the economy being market­-oriented. Germany’s service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. As you can see from the list, as fast-growing economies prosper, expect to see a shift by 2050 in terms of who the largest economies in the world are. Italy ranks 8th on this list of the top 10 largest economies in the world in 2020. From a business perspective, all these nations are central hubs for various industries and ideal for business ventures. Africa has a pool of some of the fastest-growing economies in the world. BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. Compared to 2010, global economic power will be more balanced between developed and developing economies by 2020 with China, USA and India the three largest economies in the world in PPP terms. Based on 2019 figures, the size of … By 2050, Germany’s economy is expected to slip to 9th place with a GDP of USD 6.13 trillion. The impact of the sub-prime crisis that originated in the U.S. on the Japanese economy was majorly due to the severe impact on Japan’s exports. Expect to gain insights on the following: This list is based on the IMF’s World Economic Outlook Database. Type a symbol or company name. Here’s a snapshot of the trillion-dollar economies. That is, African countries with the highest Gross Domestic Product (GDP) in 2020 (in billion U.S. dollars). You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Do we rank countries by GDP, or is there more to get a clearer picture of assessing the most dominant economies in the world now, and looking ahead. By GDP by Purchasing Power Parity (PPP), The UK ranks 9th in GDP (PPP) at USD 3.04 trillion. In 2050, France’s economy is expected to reach a GDP (PPP) of USD 4.7 trillion — ranking 12th among this list of the biggest economies in the world. The trouble between the U.S. and China on trade is negatively impacting not just these two countries but many others. In our main scenario, we expect all of the major economies to grow, buoyed, in part, by accommodative financial conditions. Indian is the 5th largest economy in the world ranked by nominal GDP at USD 2.94 trillion. Why is France’s economy so big? By 2030, the complexion of the global economy could look very different than it does today. If we look even closer, the top five countries in terms of nominal GDP -- the U.S., China, Japan, Germany and India -- contribute a whopping 55% to the world’s GDP. Why is the UK economy so big? By 2050 Canada’s economy is projected to grow to USD 3.1 trillion — ranking 16th among the biggest economies in the world. The U.S. economy is set to grow to $25.8 trillion by 2024 with its GDP per capita at rising to $76,252 from the current $65,111. In our main scenario for 2020, we expect the global economy to expand at a rate of around 3.2% in purchasing power parity (“PPP”) terms which is below the 21st century average of 3.8% per annum. Well, China is the world’s largest manufacturing economy and exporter of goods. India’s growth has been impacted by country-specific issues such as stress in the non-bank financial sector, decline in credit growth, cooling private consumption, slowing industrial activity and stagnant investments. The data given on this page are based on the international dollar, a standardized unit used by economists. Just how big are the countries mentioned on this list? Here’s a look at how these five countries are poised to grow in 2020. India became the world’s fifth largest economy last year, according to data from the IMF’s October World Economic Outlook. While the 2008 financial crisis took a hit on the Japanese economy and has stunted its … Brazil also ranks 8th by gross domestic product by purchasing power parity at USD 3.37 trillion. Holo (HOT) Price Predictions: Where Will HOT Go After Holochain Patent News? China’s largest trading partners are the US, EU, Japan, Hong Kong, South Korea, India, Taiwan, Australia, Vietnam, Malaysia, and Brazil. Largest Economy GDP In Africa 2020 is our course of discussion in this article. World's largest cities and their mayors 2010 Worldwide | Elections | North America | Latin America | Europe | Asia | Africa | The 150 richest cities in the world by GDP in 2020 11 March 2007: The tables provide GDP figures for cities and their surrounding urban areas in 2020. Germany has a nominal GDP of USD 3.86 trillion — making it the 4th largest economy in the world. Throughout this time period Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion,[26] making it the biggest capital exporter globally. No other economy is even close to the top three. The service sector dominates, contributing around 80% of GDP; the financial services industry is particularly important, and London is the second-largest financial center in the world. The continuing trade disputes and Brexit uncertainty, which have weighted on business confidence and investment scenario have further compounded the problems. The fourth-largest in 2019 was India, generating $9.2 trillion and Japan was fifth at $5.2 trillion. The economy is projected to clock 5% growth in 2021, followed by … Germany has the largest national economy in Europe. GDP Growth: 2.5 percent; Total GDP: 4.2 TRILLION $ Population: 82 million; GDP per Capita: 508000$ 5. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. The economy of Germany is a highly developed social market economy. India is the fastest-growing economy with 8.80%, followed by China (8.24%). Why is Canada’s economy so big? Coffee and horticulture (flowers) have been doing qu… The economy of Canada is a highly developed market economy. India. The IMF sees U.S. GDP at 2% in 2020, and will decline further to 1.7% in 2021. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. The United States, the world’s largest economy with a nominal GDP of $21.44 trillion, constitutes one-fourth of the world economy. Based on current projections, India is expected to become a $3.2 trillion economy in 2020 and reach $4.6 trillion by 2024. The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. However, problems linger with regards to its trading partners and Trump's trade wars, rising debt levels, and its industrial output, among other issues. By GDP (PPP), Canada ranks 17th at USD 1.84 trillion. The U.K. and Brazil are the only countries expected to trade places, with the U.K. rising from 9th to 8th place with an economy forecasted to grow to $3.39T. China is on the path to become a $20 trillion economy by 2024. World’s Largest Economies 2020-2030. Germany is the largest economy in Europe. Indonesia and Brazil are among the fastest-growing economies in the world and are projected to become one of the top 5 economies in the world by 2050. The economy of Japan is a highly developed free-market economy. Facing competition from China, South Korea, and Vietnam, Japan now focuses on high-tech and precision goods, such as optical instruments, hybrid vehicles, and robotics. France has a large tourism industry, as it’s the most-visited country in the world. After the US, China has the world’s second-highest number of billionaires with a total wealth of USD 996 billion. By 2050, Brazil is expected to become one of the top 5 economies in the world going by GDP (PPP); which is projected to reach USD  7.54 trillion. This is BizVibe’s complete list of the top 10 biggest economies in the world in 2020 by both nominal GDP and estimated gross domestic product based on purchasing power parity. The USA has the world’s eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP) currently. When factoring in the gross domestic product based on purchasing power parity, by 2050 both China and India will become the two largest economies in the world, with the US third. What is the largest economy in the world in 2020? The vast population of China is bringing its GDP percent down to $10,153. Japan has a healthy GDP per capita of $40,846, which is expected to rise to $50,637 by 2024. The nominal GDP of the top 10 economies in the world adds up to about 66% of the world’s economy, while the top 20 largest economies contribute almost 79%. By 2050, the US economy is projected to grow to USD 34.1 trillion. Steps such as the introduction of a goods and services tax, an insolvency and bankruptcy code, and measures to recapitalize public sector banks are being taken. France’s tourism industry is a major component of the economy, as France is the most visited destination in the world. Also by 2023, China’s GDP (PPP) is projected to grow to USD 36.99 trillion. The Biggest Economies in Europe Germany, the fourth strongest economy in the world, is the strongest economy in Europe. The initiatives to revive the economy have become popularly known as Abenomics. The long-term growth prospective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, and its increasing integration into the global economy. Crnogorski. Bangladesh economy to be 25th largest in 15 years same URL Bangladesh’s economy will make one of the biggest jumps between 2020 and 2034 … The following is a list of the top 20 largest economies in the world in 2020 and beyond. Such fluctuations may cha… When compared on the basis of purchasing power parity (PPP), China is the largest economy with a GDP (PPP) of $27.31 trillion. Italy’s economy runs of large trades surpluses making it very successful. 4 Semiconductor Stocks To Watch. By 2050, China will surpass the USA as the largest economy in the world. This is the country that has suffered two world wars. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Euromonitor International forecasts China’s GDP to be I$28,125 billion in PPP terms in 2020, accounting for 20.7% of the global total; While India is the third-largest economy in purchasing parity terms, its rank drops substantially in terms of GDP per capita. And by 2050, China will lead the world in GDP with an estimated GDP of USD 58.499 trillion. Ranking the top 10 largest economies in the world in 2020 is no easy task. The rankings are based on IMF data for nominal GDP for year 2019 while growth rates are based on IMF projections released in January 2020. Pakistan has the lowest growth rate of 1.02%, followed by the United Arab Emirates (1.35%) and Nigeria (1.70%). Canada is considered an “energy superpower” due to its abundant natural resources. With a GDP of $3.86 trillion, Germany is the fourth-largest economy in the world and the largest economy in Europe. Germany ranks 4th on this list of the top economies in the world. The U.S. economy is primarily a service-oriented economy with a 77% contribution to GDP. Canada also has the world’s third-largest proven petroleum reserves and is the fourth largest exporter of petroleum. The UK was the tenth-largest goods exporter in the world and the fifth-largest goods, importer. By GDP (PPP), India is the 3rd largest economy in the world, with a GDP (PPP) of USD 10.51 trillion. By GDP (PPP), Germany ranks 5th in the world at USD 4.44 trillion behind the USA, China, India, and Japan. The United States of America is undoubtedly the number one Largest Economy in the world occupying the first spot with a Nominal GDP of $19.39 trillion which is forecasted to exceed USD 21 trillion by the end of 2020. With a GDP of $14.14 trillion in 2019, it makes up 16.38% of the global economy. By 2023, China’s nominal GDP is expected to grow to USD 19.41 trillion. 4 To Consider, Best Stocks To Buy Now? Since 1871, the USA has retained its position as the largest economy in the world. A study by UNCTAD concluded that “consumers in the U.S. are bearing the heaviest brunt of the U.S. tariffs on China, as their associated costs have largely been passed down to them and importing firms in the form of higher prices.” During 2018, the U.S. trade deficit with China was at $419.52 billion while it was at $320.82 billion during the first eleven months of 2019. By 2023-24, Germany and India would be very close to each other in terms of the size of the nominal GDP, making it a close contest for the spot of the fourth-largest world economy. Prableen is a Chartered Financial Analyst (CFA, ICFAI) and a CFP®. But they struggled much to reconstruct their economy. Starting with the October 2020 WEO, data and forecasts for Bangladesh and Tonga are presented on a fiscal year basis. The economy of the European continent encompasses at least 740 million people from 50 states. Why is the Italian economy so big? With China growing faster than the USA ( a growth rate of 6.3% vs 2.5 for the US), expect to see China ranks number 1 on future lists of the largest economies in the world. Brazil ranks 9th on this list of the top 20 largest economies in the world with a nominal GDP of  USD 1.85 trillion. Create your Watchlist to save your favorite quotes on Nasdaq.com. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Brazil has a developing mixed economy with a large agricultural, energy, and raw materials sector. • Of the major economies we expect China, with a fall in GDP of only 2% in 2020 and rise in GDP of 5.0% in 2021, and India, with a fall in GDP of 3% in 2020 and a rise of 8% in 2021, to do best. The stimulus from the 2020 Olympics was supposed to add investments back into the economy after a rough stretch due to the earthquake and 2008 recession, however, that is yet to be seen due to the derailment of the Olympics due to the COVID-19 pandemic. The country was going through a dreadful famine. Nominal GDP (also mentioned as GDP) is at current prices, U.S. dollars while GDP (PPP) is the GDP based on purchasing-power-parity (PPP) valuation of country GDP, current international dollar. What is the largest economy in the world in 2020? Why is Japan’s economy so large? The world’s third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis. West Bank and Gaza is added to the Middle East and Central Asia regional group. Review our To avoid further escalation, U.S. and China entered a trade deal in early 2020 which involves partial rollback of past tariffs and pause in additional tariff hikes in the first phase. A 4.8% growth in 2019, has led the IMF "to the reassessment of growth prospects over the next two years” which underpins India’s contribution to global growth. © 2021, Nasdaq, Inc. All Rights Reserved. The UK ranks 6th with a nominal GDP of USD 2.83. However, a lot needs to be done to revive its economy, especially in areas such as labor reforms and infrastructure to ensure that India is recognized as a strong contender in the global supply chain. The World Bank estimates that approximately 47.4% of its GDP is dependent on the export of goods and services, which makes it vulnerable to external shocks. By 2020, three of the world's five largest economies will be emerging countries, accounting for 30.4% of global GDP in PPP terms. India ranks second globally in food and agricultural production, while agricultural exports were $38.5 billion. Japan is the world’s third-largest automobile manufacturing country and has the largest electronics goods industry, and is often ranked among the world’s most innovative countries leading several measures of global patent filings. The USA is known for being one of the most technologically powerful economies in the world and its firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment. Ranking 6th on this list of the top 20 largest economies in the world is the United Kingdom. Advertisement. In addition, the U.S. current account deficit, "which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries," was $124.1 billion during the third quarter of 2019 (or 2.3% of U.S. GDP).