That is, it required a labor force of 6.2 million more workers in Canada to produce roughly the same output as Texas last year. European Unions share of the global GDP is likely to reduce to a mere 9%, with France expected to be out of the top 10, and Italy out of the top 20 largest economies in the world. Given it spends more on research and development as a percentage of GDP than any other nation at 5.44% in 2020, Israel is regarded by many as a leader in innovation. Disclosure: None. Korea, South., The World Bank. By 2040, the E7 economies are expected to be twice the size of G7. Image: World Bank China follows, with $11 trillion, or 14.8% of the world economy. Indonesia with a GPD of $1.31 trillion in 2022 is the biggest economy in southeast Asia and one of the emerging market economies. 5 Significantly reducing U.S. demand for fossil fuels, and . It is a developed economy and had a GDP of $582 billion in 2022. ", The World Bank. GDP (Current US$) United Kingdom., The World Bank. The Thai economy enjoys relatively high-quality infrastructure, in addition to pro-free-enterprise and pro-investment policies. The . The country has a GDP per capita of $14,643. The Netherlands stands as the 17th largest economy in the world. 14 Spain ($1.43 trillion). Egypt had a GDP of $475 billion in 2022 with an economic growth of 6.6%. Despite economic sanctions and an inflation rate of 42.5%, Irans economy is projected to grow by 2.2% in 2023. GDP Per Capita (Current US$) Netherlands., Central Intelligence Agency, The World Factbook. Russia 7. 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. This article includes a list of countries by their forecast estimated GDP (PPP). The Balance / Julie Bang. ADBI Working Paper Series: Japans Lost Decade: Lessons for Other Economies, GDP, PPP (Current International $) Germany, Fertility Rate, Total (Births Per Woman) - Germany, GDP, PPP (Current International $) United Kingdom, GDP Per Capita (Current US$) United Kingdom, Questions and Answers on the United Kingdom's withdrawal from the European Union on 31 January 2020, GDP, PPP (Current International $) India, Indias Growth Story Since the 1990s Remarkably Stable and Resilient, GDP, PPP (Current International $) France, GDP, PPP (Current International $) Italy, GDP, PPP (Current International $) Canada. Countries by GDP: 30 Largest Economies in the Worldisoriginally published on Insider Monkey. The GDP numbers are from 2022. Even with all of its oil wealth, Saudi Arabias GDP in 2018 at $683 billion was below the GDP of US states like Pennsylvania ($793 billion) and Illinois ($863 billion). Given its potential, Indonesia's economy could expand considerably in the next coming decades. Why Are They Gone?," Page 2. The U.S. has the strongest economy with the largest GDP in the world at $20.95 trillion. Switzerland is one of the largest economies in Europe and is known for its banking and finance sector. Turkey., The World Bank. "Germany: Economy. You can read more on Lockheed Martin Corporation (NYSE:LMT) in Top 16 Defense Contractors in the World in 2023. GDP, PPP (Current International $) Russian Federation., The World Bank. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Thai Economy to Accelerate in 2023 as Demand from Major Economies Picks ", The World Bank. China's GDP growth is forecasted at 5.3%, while Europe's economies are projected to grow by a . leading the world in technological advancement, 15 Fastest Growing Economies in the World in 2022, Countries by GDP: 10 Largest Economies in the World, Countries by GDP: 30 Largest Economies in the World. In the third quarter, the country's GDP rose 8.8% year over year. Cargill, which is the largest privately held corporation in the U.S., had a revenue of $165 billion in 2022 a staggering amount that is greater than the GDP of some entire nations. GDP, PPP (Current International $) United States., The World Bank. The country was the fifth biggest defense spender in 2022 having spent a whopping $75 billion on military expenditure that year. "Questions and Answers on the United Kingdom's withdrawal from the European Union on 31 January 2020. Strong domestic demand is likely to help Austria recover from its current economic downturn. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. Economic growth, however, is expected to decline, from 2.5% in 2022 to 0.2% in 2023. Portugals GDP is expected to grow by 2.4% in 2023. Consider this: California has a labor force of 19.6 million compared to the labor force in the UK of 34 million ( World Bank data here ). Ireland had the fastest growing economy in Europe in 2022 with a GDP growth of 12.2%, driven by higher private consumption, investments by multinationals, and continued growth in exports. To skip our detailed analysis, head directly to the 10 Largest Economies in the World in 2023. [4], Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. ", United Nations Conference on Trade and Development (UNCTAD). Beyond GDP is it time to rethink the way we measure growth. Disclosure: None. The People's Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, when it injected 2 billion yuan ($279.97 million) through the short-term . 2021 U.S. States By GDP And Which States Have Experienced The Biggest Given its population, resources, and proximity to the United States, the country also has substantial potential to expand its economy considerably in the future. However, the devastating earthquakes that occurred this year inflicted direct losses exceeding $34 billion, adding pressures to the countrys macro-financial situation. GDP Per Capita (Current US$) Indonesia., Nasdaq. The Netherlands has one of Europe's larger economies with a GDP of slightly over $1 trillion last year. GDP (Current US$) Australia., The World Bank. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. In terms of this year, economists think Austria's GDP could expand 4.7% before potentially entering into a mild recession next year. [3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. Philippines is on track to become an upper middle-income economy, according to the country director for Asian Development Bank (ADB). Americas largest state economy is California, which produced nearly $3 trillion of economic output in 2018, more than the United Kingdoms GDP last year of $2.8 trillion. GDP Per Capita (Current US$) China., The World Bank. Crude petroleum, coal, and coffee are the countrys main exports. Colombias economy grew at 7.3% in 2022 but has overheated due to activity beyond its potential, said the World Bank. Nigeria 2021 GDP: $440.78 billion Nigeria has the largest economy in Africa with a GDP of $440.78 billion. World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. Accessory dwelling units: a zoning solution to the US housing crisis, See how US inflation rates have changed since 2020, The rise of America's debt ceiling - in charts, These Two Novels Won This 2023 Pulitzer Prize for Fiction, is affecting economies, industries and global issues, with our crowdsourced digital platform to deliver impact at scale. U.S. States' GDP Compared to Countries - Yahoo GDP, PPP (Current International $) Australia., The World Bank. The EIU, a sister organization to The Economist, has ranked 173 different cities around the world on a number of significant factors, including health care, education, stability, infrastructure . Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, China could overtake the US as the worlds largest economy by 2024, World Vs Virus podcast: An economist explains what COVID-19 has done to the global economy. The biggest contributor to that GDP is the economys service sector, which includes finance, real estate, insurance, professional and business services, and healthcare. The United States is the largest economy in the world, which is expected to grow by 1.1% in 2023. It is also the eurozones third-largest economy. Per capita is a Latin term that translates to "by head". GDP (Current US$) Canada., The World Bank. Brazil emerged from a severe recession in 2017 and suffered a series of high-level corruption scandals along the way. Sweden is a competitive economy, with a high standard of living and a mix of free enterprise alongside a generous social welfare state. GDP Growth (Annual %) Thailand., The World Bank. California has the largest GDP of any state, at $3,120,386,000,000, accounting for about 14.7% of the country's total GDP. The UK, which joined the EU in 1973 and formally left in 2020, would have been the second-largest economy in the region at $3.4 trillion. ", Aramco. ", World Bank. Texas follows with $1,772,132,000,000, abot 8.4% of the country's total GDP. If no data is available for a country from the IMF, then data from the United Nations is used. Indonesia 5. GDP, PPP (Current International $) Switzerland., The World Bank. What Did They Do? Poland is the 21st largest economy in the world. Belgium is a developed EU economy with a 2021 GDP of nearly $600 billion. 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. It has a growing influence in North America and is one of the biggest exporters in the Latin America region. The economy, like other countries in the region, is likely to slow down, from a GDP of 4.3% in 2022 to 0.8% in 2023. GDP, PPP (Current International $) Ireland., The World Bank. PwC has projected Brazil to be the fifth largest economy in the world in 2050. It is the worlds dominant geopolitical power and is able to maintain a large external national debt as the producer of the worlds primary reserve currency. The top-five largest economies in the world are the U.S., China, Japan, Germany, and the U.K., as measured by GDP. Japan has also struggled with a rapidly aging population. That's why Warren Buffett's "never bet against America" motto has been working. The United States economy is the largest in the world as measured by nominal GDP. Authors' calculation based on Forbes Fortune Global 500 list 2017 and. Although inflation is a headwind, economists think the country's economy will expand by another 1.3% in 2023 and 1.7% in 2024. Ron DeSantis' treatment of immigrants, including his decision to transport migrants to other states. GDP by State | U.S. Bureau of Economic Analysis (BEA) A weekly update of the most important issues driving the global agenda. You can unsubscribe at any time using the link in our emails. GDP (Current US$) Mexico., The World Bank. "Saudi Arabian Oil Company (Saudi Aramco): Listed on Tadawul. India., The World Bank. The international drug trade constitutes an ongoing challenge to Mexicos development, contributing directly to violence and corruption in the country. Throughout most of the world, countries GDPs fluctuate with the phases of different economic cycles, against a backdrop of longer-term economic growth over time; however, its interesting to see that despite these ups and downs, the top economies as measured by GDP dont budge easily from the positions that they hold. Singapore is a major international financial hub, and its currency, the Singapore Dollar, is among the 15 Most Powerful Currencies in the World accounting for nearly 1.8% of all foreign exchange trading daily. A weekly update of the most important issues driving the global agenda. Top 25 Developed and Developing Countries, The Basic Economic Effects World War II Had on the Global Economy, National Debt: Definition, Impact, and Key Drivers. GDP Growth (Annual %) United States., The World Bank. GDP Per Capita (Current US$) Saudi Arabia., Central Intelligence Agency, The World Factbook. The governments GDP growth forecast for 2023 is between 3.5-5%, and Hong Kong is well on track to achieve it. That has slowed down in 2023 to 3.3% in the first quarter. Further down the list, Indonesia, one of the two aforementioned newcomers to the list, vaulted forward from the 27th largest economy in 2000, currently sitting at 16, while Thailand leaped from 32nd and now sits at 24. GDP Per Capita (Current US$) Belgium., Central Intelligence Agency, The World Factbook. In 2021, the country had a nominal GDP of $1.19 trillion and a GDP, PPP of $3.57 trillion. Calebhas been the Editor-in-Chief of Investopedia since 2016. Adjusted for the size of the workforce, there might not be any country in the world that produces as much output per worker as the US, thanks to the world-class productivity of the American workforce. Taiwans economic growth has remained consistently high for several decades now and is referred to as one of the four Asian Tigers alongside Singapore, South Korea, and Hong Kong. Companies that have more than $1 billion in annual revenue contribute the major chunk in that percentage. GDP Growth (Annual %) India., The World Bank. Its economy is supported by a strong export sector and job growth. List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, List of countries by past and projected GDP (nominal), List of countries by past and projected GDP (PPP), List of country subdivisions by GDP over 200 billion US dollars, "World Economic Outlook Database, April 2023", "What is GDP and why is it so important? Switzerland has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force. Inflation is expected to decelerate from 14.6% in 2022 to 11.9% in 2023. According to the World Economic Forum (WEF), Asia, which is home to nearly half of the worlds population, is likely to generate more than 50% of the worlds GDP by 2040. "Fertility Rate, Total (Births Per Woman) - Germany. America's largest state economy is California, which produced more than $3 trillion of economic output in 2019, more than India's GDP last year of $2.9 trillion. Considering its developed economy, Belgium has a GDP per capita of $51,767.79 for 2021. Given its GDP in 2021, Norway ranks #27 on our list of Countries by GDP: 30 Largest Economies in the World. Which are the world's biggest economies by GDP? | World Economic Forum ", Central Intelligence Agency, The World Factbook. The map above (click to enlarge) matches the economic output (Gross Domestic Product) for each US state (and the District of Columbia) in 2018 to a foreign country with a comparable nominal GDP last year, using data from the BEA for GDP by US state (average of Q2 and Q3 state GDP, since Q4 data arent yet available) and data for GDP by country from the International Monetary Fund. Automakers, including Tesla and Mercedes, are rushing to lock in graphite supply from outside dominant producer China, as demand for electric vehicle (EV) batteries outpaces other uses for the . ", The World Bank. In terms of which metric is better, both have their uses. Which European Union economy is the largest? Here's a list | World Indonesia's budget deficit for 2023 is targeted at 2.81% to 2.95% of GDP; however, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesias rising economy. GDP, PPP (Current International $) Germany., The World Bank. In addition, Copenhagen is considered the logistics hub in the Nordic region, providing access to 100 million Scandinavian customers within 24 hours. The continent accounts for nearly one-third of the worlds total trade, up from about a quarter a decade ago. A nation's net exports are the value of its total exports minus the value of its total imports. Australia combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. You can read more on this in our article, the 25 Most Powerful Militaries in the World in 2023. Although there are exceptions, emerging markets tend to have lower nominal GDP than their GDP, PPP. California could soon rise to the world's 4th-largest economy Because Covid resulted in slashed energy prices, cratered tourism, lower trade volumes, and shuttered stores due to quarantines, countries experienced record-breaking declines in GDP in 2020. Netherlands., The World Bank. Gross domestic product (GDP) is an estimate of the total value of finished goods and services produced within a countrys borders during a specified period, usually a year. The 10 Largest Economies in the World | CMC Markets The name used in the IMF report is "Macao SAR". "Foreign direct investment, net inflows (BoP, current US$). This article is reprinted with permission from The American Enterprise Institute. GDP, PPP (Current International $) France., The World Bank. 50 Largest Economies in the World in 2023 is originally published on Insider Monkey. GDP, PPP (Current International $) Italy., The World Bank. Another example of the world-class productivity of the American workforce. However, the country is going through recession and the economic outlook for 2023 was described by the Swedish government as gloomy in as early as October last year. Like in past years, for each US state (and the District of Columbia), Ive identified the country closest in economic size in 2018 (measured by nominal GDP) and those matching countries are displayed in the map above and in the table below. There are different ways to measure GDP, such as nominal GDP, real GDP, GDP per capita, and purchasing power parity.
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