Thursday, 1 March 2018

The World's Top 10 Economies

When it comes to the top 10 national economies across the world, this sequence can change a little bit, but the main players are usually the same, and this name is also on top of this list. The United States has been the world's largest economy since 1871. But this top ranking is now in danger from China.

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The World's Top 10 Economies
The World's Top 10 Economies


Top 10 economies in the world
Note: This list is based on IMF's World Economic Outlook Database, 2017 estimates by April 2017. The selection of data is from CIA World Factbook (PPP = GDP per person = gross domestic product, current value, US dollar, per capita (PPP) = PPP = purchasing power parity (PPP) per capita, gross domestic product based on current international dollar and GDP, on the basis of purchasing power-parity (PPP), evaluation of country GDP, current end International dollar)

1. United States
In terms of U.S. GDP, the US The economy is the largest in the world. $ 19.42 trillion US economy is 25% of the gross world product. United States is an economic powerhouse which is highly advanced in terms of technology and infrastructure and has abundant natural resources. However, the US economy lost its position as China's number one economy in terms of PPP-based GDP. In these words, the gross domestic product of China is $ 23.19 trillion more than US GDP of $ 19.42 trillion. However, the U.S. In the case of GPP per capita as well PPP is ahead of China; The GDP per capita (PPP) for the US economy is approximately $ 59,609 and China's $ 16,676. In nominal terms, China's gross domestic product grows to $ 8,480 per person.


2. China
China has transformed herself from a center-schematic closed economy in the 1970s, which has been a manufacturing and exporting center over the years. Since it started market reform in 1978, the Asian giants have achieved an economic growth of 10% annually (although it has recently been slowed down) and in this process, almost half of the 1.3 billion population by poverty Participated and unquestioned second biggest economy became earth on Chinese economy already in the US in terms of GDP Has left behind the economy, which is based on another measure called Purchasing Power Parity (PPP), and in the following years the US Is expected to move forward continuously. However, with the economy of China's $ 11.8 trillion economy, the gap between economies is quite large in terms of nominal GDP. In recent years, the development of Chinese economy is known for development of more than 7%. However, the total GDP growth in the country has decreased to 6.7% in 2016, and in 2017 it is estimated at 6.6% slow, and by 5% down by 5% by 2022. The country's economy is driven with equal contribution from manufacturing and services (45% each, almost) with 10% contribution by the agriculture sector.


US and China's nominal gross domestic product for 2022 is estimated at $ 23.76 trillion and 17.71 trillion respectively, while in terms of PPP, GDP is estimated to be US $ 23.76 trillion and China's $ 34.31 trillion.

3. Japan
Japan's economy is currently third in the nominal GDP, while compared to purchasing power parity, it has come in fourth place while comparing GDP. The economy is facing tough times since 2008, when it shows signs of recession for the first time. The unorthodox incentive package, combined with sub-surgeon bond yields and weak currency, has pushed the economy forward (for related readings, see: Japan's economy continues for Challenge Abinomics). Economic growth is once again positive, around 1% in 2016 and around 1.2% in 2017. However, it is likely to be below 1% in the next five years. Japan's gross domestic product is $ 4.84 trillion, its gross domestic product (PPP) is $ 5.42 trillion, and its GDP (PPP) is $ 42,860 per capita.

4. Germany

Germany is Europe's largest and most strong economy globally, it is now the fourth largest economy in terms of nominal GDP. Germany's economy is known for exporting machinery, vehicles, home appliances and chemicals. Germany has a skilled labor force, but in the coming years, the economy of economies ranging from breaksight to refugee crisis is facing many challenges (for related readings, see: 3 Economic Challenges in China, Chase 2016). Its nominal gross domestic product size is $ 3.42 trillion, while its GDP is 4.13 trillion in terms of purchasing power parity. Germany's GDP (PPP) is $ 49,814 per person, and in recent years, the economy has grown from 1% to 1-2% and is likely to live in this way.


5. United Kingdom

The United Kingdom is currently the fifth largest country in the world, with a GDP of US $ 2.5 billion. In the case of PPP, its gross domestic product is slightly higher at $ 2.91 trillion, while its GDP (PPP) is $ 44,001 per person. The UK economy is primarily driven by the services, because over 75% of the GDP is contributed in the area. With the contribution of at least 1% in agriculture, manufacturing is the second most important contributor to GDP. Although agriculture is not a major contributor to the gross domestic product, although the U.K. 60% of the food requirements are produced at domestic level, although less than 2% of its labor force is employed in the area.


After the referendum in June 2016, when voters decided to leave the European Union, the economic possibilities for Britain are very uncertain, and Britain and France can swap places, after the formal announcement of the European Council's exit, Will work under EU rules and trade agreements, at which time the officials will work on a new trade agreement. Economists estimate that instead of the existing single market structure, there may be a loss of anywhere between 2.2-9.5% of BREXIT GDP to trade agreements. However, the IMF is expecting a growth rate of 1.5-1.9% over the next five years.


6. India

India is the sixth largest economy in the world, with a gross domestic product of $ 2.45 trillion. In the case of purchasing power parity, the country is third in the GDP at 9.49 trillion dollars. The country's high population falls below its per capita GDP per capita to $ 1,850. Compared to the western countries, India's GDP is still heavily dependent on agriculture (17%). However, in recent years the service sector has increased and now it is 57% of the gross domestic product, while the industry contributes 26%. The strength of the economy lies in export, high savings rate, favorable demographics and limited dependence on the growing middle class. India recently surpassed China as the fastest growing economy and is expected to reach fourth place in the list by 2022.


7. France

France, the most visited country in the world, is now the seventh largest economy with 2.42 trillion dollars of gross domestic product. In terms of purchasing power parity, its GDP is about 2.83 trillion, France's poverty rate and high level of living, which is $ 43,652 per person per person in its GDP (PPP). The country is one of the world's top exporters and importers. France has experienced a recession in the last few years and the government is under much pressure to rebuild the economy, as well as the high unemployment rivalry which was 9.6% in 12017 (a slight decline of 10% in Q42016). According to the IMF, the country's GDP growth rate is expected to grow in the next five years, and the expectation of unemployment is declining.

8. Brazil
With its 2.14 trillion dollar economy, Brazil is now ranked in the nominal GDP as the eight largest economy. The Brazilian economy has developed services, manufacturing and agricultural sectors; in each region 68%, 26%, and 6% respectively. Brazil is one of the BRIC countries, and it was estimated to be one of the fastest growing economies in the world. However, in 2015, the recession had to go from seventh to ninth place in the ranking of world economies with Brazil having a negative growth rate of 3.6% (2016). The IMF expects that the economy will grow by 0.2% in 2017, and in the next four years it will reach 1.7% and then 2% in 2018. The Brazil GDP, measured in purchasing power parity, is $ 3.22 trillion, while its gross domestic product (PPP) is $ 15,485 per person.


9. Italy
Italy's $ 1.81 trillion economy is the world's ninth largest in terms of nominal GDP. Italy is one of the major economies of eurozone, but has been affected by the debt crisis in this area. The economy suffers from a huge public debt which is approximately 133% of the estimated GDP, and its banking system is close to a downfall and needs a bailout / bail-in. Economy is also facing higher unemployment, but for the first time in 2014 (0.1% in 2014) saw positive economic growth, which is expected to continue. In recent years, the government is working on various measures to promote the economy. GDP is estimated at 2.3 trillion in purchasing power parity for the economy, while its per capita GDP (PPP) is $ 37,905. (See also: Explained the European banking crisis (DB))


10. Canada
Canada occupied Russia in 2015 to play the role of the tenth largest economy. It is likely to reach $ 1.6 trillion by 2022 while retaining its leadership on Russia. Canada has a high service-oriented economy, and since the Second World War there has been substantial increase in manufacturing and manufacturing in the oil and petroleum sector. However, the country is very much in commodity prices, and the fall in oil prices kept economic growth up by 1% in 2015 (down 2.6% in 2014). The economy is expected to grow in the range of 1.8-2.0% during 2017-22. GDP measured in purchasing power parity is $ 1.75 trillion, and GDP per capita (PPP) is $ 47,771.


The nominal GDP of the top 10 economies is more than 68% of the world's economy, and the top 15 economies increase by about 76%. The remaining 172 countries constitute less than a quarter of the world's economy


Will this be the case too?
For the right to brag! With fewer than a quarter of China's population, the U.S. There is still an estimate of one of the world's richest economies in terms of per capita GDP, which reflects the standard of living and quality of life for the inhabitants of the country. Yet, it throws an interesting light on the whole topic of GDP and global economies. But America is at the top in terms of GDP per capita (PPP), where it claims to be 13th place. This oil is only after rich countries like Qatar, Kuwait and Norway, followed by Luxembourg, Switzerland and Singapore.


Qatar - $ 129, 112

Luxembourg - $ 107,737

Macao SAR - $ 98,323

Singapore - $ 90,724

Brunei - $ 76,568

Ireland - $ 72,529

Kuwait - 71,307

Norway - $ 70,666

United Arab Emirates - $ 68,425

Switzerland - $ 61,014

However, after Luxembourg, Switzerland, Norway, Macau SAR, Iceland, Qatar and Ireland, compared to nominal conditions in the U.S. Per person is eighth in terms of GDP. Australia and Denmark take the ninth and tenth positions.


Looking forward to ...

Some other economies, which are part of the "trillion-dollar" club, and the top 10 growers are Russia (1.56 trillion dollars), South Korea (1.5 trillion dollars), Australia (1.36 trillion dollars), Spain $ 1.23 trillion), Indonesia $ 1.02 trillion) and Mexico (1 trillion dollars) by 2020, Turkey is expected to join the "trillion-dollar" club 

The Top Economies of 2022
Increasing importance of emerging market economies in 2022 will have a major impact on global consumption, investment and allocation of environmental resources. In the primary emerging market economies, the vast consumer market will provide domestic and international trade with many opportunities. Although per capita income will be the highest in the world's developed economies, although growth rate in per capita income in major emerging market nations like China and India will be much higher.


According to the estimated GDP, the top economy will be in America, China, Japan, India, Germany, UK, France, Brazil, Italy and Canada, respectively, in 2022.


One of the main reasons for the evolving emerging economies is that advanced economies are mature markets which are slowing down. From the 1990s, advanced economies of economies have slowed down compared to the rapid development of emerging economies like India and China. Financial crisis worldwide, from 2008 to 2009, encouraged the trend of decline in advanced economies.


For example, in 2000, the world's number one economy in the world was 24% of the total GDP of the United States. It decreased by 20% in 2010. The financial crisis of emerging economies and rapidly growing growth was a key factor in the decline of the American economy in relation to China. In the mid-2000s, after a long period of inactivity, in the least part, due to the explosion of inefficient investment and asset value bubble, there was little improvement in the economy of Japan. The reason for the global economic downturn has had significant impact on the country due to long-term deflation and heavy reliance on trade on the country.


Economies of countries in the European Union, including France, Italy and Germany, account for more than 20% of the world's gross domestic product (GDP). This is a relatively big deficit since 2000, when these countries collectively organized more than 25% of the world's gross domestic product. Due to this recession, the average population has increased and the unemployment rate has increased.


Before the Brexit vote in late June 2016, the IMF issued a report and warned the UK of economic consequences of leaving the EU. On one side Braxtil, IMF predicts that advanced economies will experience an increase of less than 3% in 2020. Advanced economies are also facing challenges in terms of reduction in public debt and government budget deficit. The IMF has also speculated that the growth of Asian economies will be significantly higher at around 9.5%, and it is one of the factors that is running economic reforms around the world.

The Advance of Emerging Countries
Emerging economies are increasing with the progress of the advanced world, and by 2020 many of them have been predicted to overtake. This will bring a significant change in the global balance of economic power. China's share of world's gross domestic product (GDP) increased by more than 6% from 2000 to 2010. As already mentioned, with some calculations, China is already ranked as the world's largest economy.


Many analysts believe that India is growing in development by 2020 and replacing Japan as the world's third largest economy. Some people believe that India can grow fast and give America the third place. Analysts have mentioned the young and fast growing population of India as the major factors in the rate of development of this country's economy.


The ability of Russian and Brazilian development is great, because the two countries are the world's largest exporter of natural resources and energy. However, in the future, due to the lack of economic diversification in Russia, the country may be likely to have some difficulty with continued development.


Mexico will be the 11th largest economy by GDP measured on PPP terms. To the country's proximity, the U.S. With increasing trade and business deals and the growing population will help in their economic development.


Economic Shift Impressions

As home income growth and expansion of population, the market of services and consumer goods will present exponential opportunities in emerging markets. More specifically, the luxury goods will have opportunities in these markets because more families will reach the middle class.


One of the biggest implications is the importance placed on young consumers. Although in some emerging countries, including China, the population is increasing, the emerging markets population is much less compared to the people in the overall economy. Young consumers also represent adequate power on purchasing, items like cars and homes, as well as items required to present homes, such as large items.


The possibility of becoming important foreign investors in emerging countries is the foreign investment they are responsible for providing only service to increase their effectiveness in the global economy. Foreign countries' investments, including those countries of advanced countries, will flow more easily in these developing countries, and will move forward towards future development.

Why Is GDP Important?
A country's GDP provides a measure of the total monetary value of all goods and services during a certain period, which is the highest in a year. This is an important figure that indicates whether the economy is rising or contracting. In the United States, the government issues annual GDP estimates for each quarter and throughout the year; It creates initial estimates, based on initial information, and then comes in more information flow as a second estimate and final information.


The country's gross domestic product is essentially a measure of the health and size of its economy. Countries with healthy economies produce more goods and have high GDP, so it can be called the most productive. Growing GDP shows the expansion within a country's economy, indicating that it is in the process of becoming more productive is.


Providing a quantitative figure for the gross domestic product, the government helps in making such a decision as it is to be encouraged by pumping money into the economy, if the economy does not grow and such incentives are required and if economy is hot So, the government can also work to stop it from exaggerating.


GDP can also be used as a guide for decision making of businesses, to decide how to expand or contract their production and other business activities. And investors also see the GDP because this investment provides a framework for decision making.


Types of GDP

There are several ways to calculate GDP: Nominal GDP is the total value of all the finished goods and services built within the boundaries of a country in a specific time period, which has been evaluated in its local currency at current market prices. But GDP can also be calculated on the basis of Purchasing Power Parity (PPP), which is essentially the underlying exchange rate, on which a currency of a country is converted into another country, so that the goods and services Could buy a similar basket. . One of the most famous examples of PPP is the "Big Mac" index, published by The Economist Magazine, which calculates a simple PPP exchange rate based on the popular McDonald's sandwich. The biggest advantage of PPP exchange rate is that over time, the exchange rate of the market is high, and they provide a better estimate of the purchasing power of consumers in developing countries.


As a general rule, developed countries have a small difference between their GDP (i.e. current value) and GDP based on PPP. The difference in developing countries is high, which is high on gross domestic product (GDP) on the basis of purchasing power parity.


Another method of analyzing the productivity of one country is computing its GDP per capita, which completes its GDP by dividing its population only. This indicates how the producer is, on average, every citizen
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The World's Top 10 Economies

When it comes to the top 10 national economies across the world, this sequence can change a little bit, but the main players are usually th...

 

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