By 2050, China will surpass the USA as the largest economy in the world. Italy ranks 8th on this list of the top 10 largest economies in the world in 2020. Germany is the world’s top location for trade fairs, with two-thirds of the world’s leading trade fairs, take place in Germany. While the 2008 financial crisis took a hit on the Japanese economy and has stunted its … Prableen is a Chartered Financial Analyst (CFA, ICFAI) and a CFP®. 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). By 2050, Germany’s economy is expected to slip to 9th place with a GDP of USD 6.13 trillion. Advanced economies are being displaced by emerging market superpowers, notably the BRIC countries, which has been accelerated by the seismic effects of the global economic downturn of 2008-2009. 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%. What will be the largest economy in the world by 2050? Italy is a large manufacturer (overall the second in EU behind Germany) and exporter of a significant variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots. © 2021, Nasdaq, Inc. All Rights Reserved. This is the country that has suffered two world wars. In fact, the U.S. finished 2019 on top with an estimated $21.5 trillion nominal gross domestic product (GDP) and is expected to grow to $22.3 in 2020. The UK ranks 6th with a nominal GDP of USD 2.83. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion,[26] making it the biggest capital exporter globally. The economy of Canada is a highly developed market economy. 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%. While India is the third-largest economy in purchasing parity terms, its rank drops substantially in terms of GDP per capita. Most such agglomerations are economically, socially and culturally dominated by one city at their centre. Copy and paste multiple symbols separated by spaces. China is on the path to become a $20 trillion economy by 2024. The economy of Germany is a highly developed social market economy. Based on 2019 figures, the size of … Well, China is the world’s largest manufacturing economy and exporter of goods. That is, African countries with the highest Gross Domestic Product (GDP) in 2020 (in billion U.S. dollars). With the jobless rate hitting record lows at 3.5%, contribution to GDP coming from a majority (17 out of 22) of industry groups and the stock markets soaring at all-time highs, this has been a great period for the U.S. economy. Exports account for 41% of national output. The world will drastically change by 2050. The fourth-largest in 2019 was India, generating $9.2 trillion and Japan was fifth at $5.2 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. By 2023, China’s nominal GDP is expected to grow to USD 19.41 trillion. The United States, the world’s largest economy with a nominal GDP of $21.44 trillion, constitutes one-fourth of the world economy. Japan ranks 3rd behind the USA and China in nominal GDP at USD 5.15 trillion and 4th behind the USA, China, and India in GDP (PPP) at USD 5.75 trillion. By 2030, the complexion of the global economy could look very different than it does today. Italy is the 8th largest economy in the world with a nominal GDP of USD 1.99 trillion; and a GDP (PPP) of 2.4 — ranking 12th there. Aside from China, India is looking to outpace China very soon too and this list could end up looking very different soon. Japan’s economy is expected to expand to $6.26 billion by 2024 based on current growth estimates. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Prableen Bajpai is the founder of FinFix Research and Analytics which is an all women financial research and wealth management firm. 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. 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. Why is the UK economy so big? Ranking the top 10 largest economies in the world in 2020 is no easy task. Germany’s service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Predictions that China would surpass the United States to become the world’s top economy by 2020 appear to have been exaggerated. 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; Crnogorski. China has broken from a centrally planned economy that used to struggle to the manufacturing and exporting hub of the world. 4 Semiconductor Stocks To Watch. Why is the Italian economy so big? 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. India ranks second globally in food and agricultural production, while agricultural exports were $38.5 billion. By GDP (PPP), Germany ranks 5th in the world at USD 4.44 trillion behind the USA, China, India, and Japan. Based on current projections, India is expected to become a $3.2 trillion economy in 2020 and reach $4.6 trillion by 2024. The country was going through a dreadful famine. And by 2050, China will lead the world in GDP with an estimated GDP of USD 58.499 trillion. With a GDP of $14.14 trillion in 2019, it makes up 16.38% of the global economy. Ranking 6th on this list of the top 20 largest economies in the world is the United Kingdom. 4 To Consider, Best Stocks To Buy Now? China, officially the People’s Republic of China, is the second-largest economy in the world and the fastest-growing trillion-dollar economy. The vast population of China is bringing its GDP percent down to $10,153. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. By GDP (PPP), India is the 3rd largest economy in the world, with a GDP (PPP) of USD 10.51 trillion. The financial crisis of 2008-09 took a toll on the Japanese economy; it was the only major advanced economy that experienced negative economic growth in 2008 and continued to contract sharply in 2009. Despite being characterized as a developing market economy, India is showing no slowing down in economic growth. Japan’s GDP touched $5 trillion in 2019 and is expected to grow at 0.7% in 2020. Since 1871, the U.S is the first largest economy of the world. 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. December 2020 Executives’ views on the economy continue to brighten as they look ahead to 2021. 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. Canada ranks 10th on this list of the top 20 largest economies in the world in 2020. By 2023 the US economy is expected to grow to USD 24.88 trillion. Here’s a snapshot of the trillion-dollar economies. France has a large tourism industry, as it’s the most-visited country in the world. With relation to PPP GDP, China is the biggest economy with $27.307 trillion of GDP (PPP) in 2020. What is the largest economy in the world in 2020? The continuing trade disputes and Brexit uncertainty, which have weighted on business confidence and investment scenario have further compounded the problems. Although in terms of GDP per capita, Germany ($46,563) is way ahead of India ($2,171). 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. Italy’s economy runs of large trades surpluses making it very successful. 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. 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. Furthermore, Indonesia has made enormous gains in poverty reduction, cutting the poverty rate by more than half since 1999, to 9.78% in 2020. Please refer to the help guide of your browser for further information on cookies, including how to disable them. The GDP per capita is based on nominal GDP. Based on 2019 figures, the size of China’s nominal GDP was lesser than that of U.S. by around $7.3 trillion, the gap is expected reduce to around $4.5 trillion by 2024. Canada is the 10th largest economy in the world with a nominal GDP of USD 1.73 trillion. 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. Its economy mainly depends on agriculture. Aug 21, 2020 Bench Partner 4 Min Read 364 . India is the fastest-growing economy with 8.80%, followed by China (8.24%). By 2050, India will surpass the USA in GDP (PPP), to become the 2. China’s largest trading partners are the US, EU, Japan, Hong Kong, South Korea, India, Taiwan, Australia, Vietnam, Malaysia, and Brazil. Why is Japan’s economy so large? The current numbers and future projections cited are based on Nominal GDP = Gross domestic product, current prices, U.S. dollars; GDP based on PPP = Gross domestic product based on purchasing power parity; and 2050 GDP (PPP) projections. Japan ranks 3 rd on our list of the top 20 largest economies in the world in 2020. The economy has remained fragile ever since. 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. The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. Spanning 54 countries, Africa is a powerhouse in the world of natural resources and innovation. 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. Japan has a healthy GDP per capita of $40,846, which is expected to rise to $50,637 by 2024. Canada also has the world’s third-largest proven petroleum reserves and is the fourth largest exporter of petroleum. However, problems linger with regards to its trading partners and Trump's trade wars, rising debt levels, and its industrial output, among other issues. 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 … After a disappointing 2019, the IMF projects India’s GDP to expand by 5.8% in 2020 and 6.5% in 2021, on the assumption of adequate monetary and fiscal stimulus as well as subdued oil prices. 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. • 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. France’s tourism industry is a major component of the economy, as France is the most visited destination in the world. By 2050, India is projected to become the 2nd largest economy in the world with a GDP (PPP) of USD 44.12 trillion. Also by 2023, China’s GDP (PPP) is projected to grow to USD 36.99 trillion. In the recent times, the economy has been hit by the sluggish global trade, declines in export orders and industrial production. Based on nominal GDP, China is the 2nd largest economy in the world with a nominal GDP of USD 14.14 trillion. English available languages. See Also: top 5 largest economy in the world 2020 … 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. Here’s a look at how these five countries are poised to grow in 2020. GDP Growth: 2.5 percent; Total GDP: 4.2 TRILLION $ Population: 82 million; GDP per Capita: 508000$ 5. Certain regions that are not widely considered countries such as the European Union and Ho… The USA ranks number 1 in the world in nominal GDP (Gross domestic based on current prices), with a nominal GDP of USD 21.44 trillion — ahead of 2nd place China. The power of economies is very important as it engages investment, trade, and business opportunities all over the world. What is the largest economy in the world in 2020? Cardano ADA Is an Altcoin You Really Should Be Looking Into, Prosus to sell 2% stake in Tencent worth $15 billion, Carlyle in talks to acquire Occidental's Ghana oilfields -sources, The 5 Fastest Growing Economies In The World, Do Not Sell My Personal Information (CA Residents Only). The Biggest Economies in Europe Germany, the fourth strongest economy in the world, is the strongest economy in Europe. In our main scenario, we expect all of the major economies to grow, buoyed, in part, by accommodative financial conditions. These are estimations based on market projections. By 2020, three of the world's five largest economies will be emerging countries, accounting for 30.4% of global GDP in PPP terms. China has the world's second largest nominal GDP in current dollars and the largest in terms of PPP. Top Largest Economies in the World in 2020. Germany ranks 4th on this list of the top economies in the world. Germany has the largest national economy in Europe. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. The U.S. economy is primarily a service-oriented economy with a 77% contribution to GDP. Why is Canada’s economy so big? However, ever since it has grown in each of the last ten years amid multiple challenges. Starting with the October 2020 WEO, data and forecasts for Bangladesh and Tonga are presented on a fiscal year basis. The economy is projected to clock 5% growth in 2021, followed by … How did China become one of the fastest-growing economies in the world in 2020? 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. India became the world’s fifth largest economy last year, according to data from the IMF’s October World Economic Outlook. © Provided by Tuko15 largest economies in Africa in 2020 The economy of a country is its backbone. USA Nominal GDP Rank 2020: USD 21.44 trillion (1, USA GDP (PPP) Rank 2020: USD 21.44 trillion (2, USA Estimated GDP Rank 2050: USD 34.1 trillion (3, China Nominal GDP Rank 2020: USD 14.14 trillion (2, China GDP (PPP) Rank 2020: USD 27.31 trillion (1, China Estimated GDP Rank 2050: USD 58.49 trillion (1, Japan Nominal GDP Rank 2020: USD 5.15 trillion (3, Japan GDP (PPP) Rank 2020: USD 5.75 trillion (4, Japan Estimated GDP Rank 2050: USD 6.77 trillion (8, Germany Nominal GDP Rank 2020: USD 3.86 trillion (4, Germany GDP (PPP) Rank 2020: USD 4.44 trillion (5, Germany Estimated GDP Rank 2050: USD 6.13 trillion (9, India Nominal GDP Rank 2020: USD 2.94 trillion (5, India GDP (PPP) Rank 2020: USD 10.51 trillion (3, India Estimated GDP (PPP) Rank 2050: USD 44.12 trillion (2, UK Nominal GDP Rank 2020: USD 2.83 trillion (6, UK GDP (PPP) Rank 2020: USD 3.04 trillion (9, UK Estimated GDP (PPP) Rank 2050: USD 5.36 trillion (10, France Nominal GDP Rank 2020: USD 2.71 trillion (7, France GDP (PPP) Rank 2020: USD 2.96 trillion (10, France Estimated GDP Rank 2050: USD 4.7 trillion (12, Italy Nominal GDP Rank 2020: USD 1.99 trillion (8, Italy GDP (PPP) Rank 2020: USD 2.4 trillion (12, Italy Estimated GDP (PPP) Rank 2050: USD 3.11 trillion (15, Brazil Nominal GDP Rank 2020: USD 1.85 trillion (9, Brazil GDP (PPP) Rank 2020: USD 3.37 trillion (8, Brazil Estimated GDP (PPP) Rank 2050: USD 7.54 trillion (5, Canada Nominal GDP Rank 2020: USD 1.73 trillion (10, Canada GDP (PPP) Rank 2020: USD 1.84 trillion (17, Canada Estimated GDP (PPP) Rank 2050: USD 3.1 trillion (16, Russia Nominal GDP Rank 2020: USD 1.64 trillion (11, Russia GDP (PPP) Rank 2020: USD 4.21 trillion (6, Russia Estimated GDP (PPP) Rank 2050: USD 7.13 trillion (6, South Korea Nominal GDP Rank 2020: USD 1.63 trillion (12, South Korea GDP (PPP) Rank 2020: USD 2.14 trillion (14, South Korea Estimated GDP (PPP) Rank 2050: USD 3.54 trillion (14, Spain Nominal GDP Rank 2020: USD 1.4 trillion (13, Spain GDP (PPP) Rank 2020: USD 1.86 trillion (15, Spain Estimated GDP (PPP) Rank 2050: USD 2.73 trillion (17, Australia Nominal GDP Rank 2020: USD 1.38 trillion (14, Australia GDP (PPP) Rank 2020: USD 1.32 trillion (18, Australia Estimated GDP (PPP) Rank 2050: USD 2.56  trillion (18, Mexico Nominal GDP Rank 2020: USD 1.22 trillion (15, Mexico GDP (PPP) Rank 2020: USD 2.57 trillion (11, Mexico Estimated GDP (PPP) Rank 2050: USD 6.86 trillion (7, Indonesia Nominal GDP Rank 2020: USD 1.11 trillion (16, Indonesia GDP (PPP) Rank 2020: USD 3.51 trillion (7, Indonesia Estimated GDP (PPP) Rank 2050: USD 10.5 trillion (4. In our latest McKinsey Global Survey on the economy, 8 executives are ending a year of global crisis and profound uncertainty on a relatively positive note. • The biggest falls in GDP this year in the major economies are predicted to be … India. Indian is the 5th largest economy in the world ranked by nominal GDP at USD 2.94 trillion. Since 1871, the USA has retained its position as the largest economy in the world. The IMF sees U.S. GDP at 2% in 2020, and will decline further to 1.7% in 2021. By 2050 Canada’s economy is projected to grow to USD 3.1 trillion — ranking 16th among the biggest economies in the world. Their predictions for the future, and for their own companies’ prospects, remain much more optimistic than not. BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. According to the United Nations, there are officially 54 countries on the African continent. As of 2020, France ranks 7th on our list of the top 20 largest economies in the world with a nominal GDP of USD 2.71 trillion. The economy of Japan is a highly developed free-market economy. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Germany is projected to grow at 1.1% in 2020 and 1.4% in 2021, higher than 0.5% in 2019. Data for West Bank and Gaza are now included in the WEO. Data from the IMF shows India has risen to become the world’s fifth largest economy, when ranked by nominal GDP. The USA has the world’s eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP) currently. Based on 2019 figures, about 78% of the global GDP of $86.31 trillion is attributable to the sixteen economies in the trillion-dollar club. These symbols will be available throughout the site during your session. This is an upgrade from earlier estimates, which comes on the back of the fiscal package of $122 billion announced in December 2019. 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. Canada is considered an “energy superpower” due to its abundant natural resources. 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.