International Monetary Fund(IMF), a global organization, states the world economy rankings in its World Economic Outlook (WEO) report. In this article, you will explore the World Economy Ranking of 2023 by a list of the Top 20 Biggest Economies. Read ahead to know more.
World Economy Ranking 2023
The World Economic Outlook(WEO) report is produced twice a year by International Monetary Fund(IMF) on the basis of countries’ Growth, Gross Domestic Product(GDP), Consumer Price index, Unemployment Rates, Surplus and Deficits. The IMF fetches relevant and accurate data from its consultants working with the established authorities in the respective country. Less comprehensive reports are published in the month of July and January, which includes the ranking of the countries based on their economies.
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This report mainly focuses on the growth and development of the countries (currently, there are 190 countries member of the IMF) based on their statistics and convey their internal and global issues to the world. It also forecasts its global growth in the coming future.
Top 20 Biggest Economies List
Gross Domestic Product means the total monetary value of all the goods and services produced in the country in that particular year. A higher Gross Domestic Product (GDP) indicates that the economy of the country is also higher or is increasing. In this article, we will look at the top 20 biggest economies of the world as per their Gross Domestic Product(GDP):
United States
The economy of the United States is the largest economy in the world, with a nominal GDP of $23.00 trillion and a GDP growth rate of 5.7%. Healthcare, Real Estate, Insurance, Finances, Information Technology, and Professional services are the biggest contributor to the growth of the US economy.
The country invests more in business investment and foreign direct investment due to the flexible environment in the economy. Despite being the largest economy, residents of the US have to face various issues like increasing health issues, collapsing infrastructure, economic inequalities, worsening climatic conditions, and social safety.
China
The economy of China is the second largest economy in the world, with a nominal GDP of $17.73 trillion and a GDP growth rate of 8.1%. The country is considered as the largest economy in terms of Purchasing Power Parity (18.59% of the total GDP of the world, which is based on PPP). China has been continuously progressing in terms of economic development and mass production.
China has a policy related to domestic manufacturing, which leads to mass production and, eventually, it reduces the cost of production for China. Thus, it makes China the largest exporter in the world, and it is the main contributor to economic development in China. They use their applications, and all other applications which belong to other countries are banned by the Chinese government. China also faces many issues related to health, the aging population and environmental issues.
Japan
The economy of Japan is the third largest economy in the world, with a nominal GDP of $4.94 trillion and a GDP growth rate of 1.6%. After the 1990 year of the great recession in Japan, the country has worked a lot on its government policies and industrial policies. All the Japanese countries work on the concept of Keiretsu(A business network made up of different Japanese companies).
Japan’s great business mindset and its manufacturing and production business units are the major contributors to the country’s economy. Japanese are struggling with aging population and lack of natural resources in their country and that’s why they have import energy.
Germany
The economy of Germany is the fourth largest economy in the world, with a nominal GDP of $4.22 trillion and a GDP growth rate of 2.9%. It is the largest economy in Europe with extremely developed social capitalism.
The highly skilled workers working in the industry of manufacturing machines, chemicals, and vehicles are majorly contributing to the economic growth of the country. The social welfare system, aging population and higher infertility rates are the major issues faced by Germans.
The United Kingdom
The economy of the United Kingdom of Great Britain is the fifth largest economy in the world, with a nominal GDP of $3.19 trillion and a GDP growth rate of 7.4%. The UK consists of four countries: Northern Ireland, England, Wales, and Scotland.
Finance, Insurance and other business services are the highest contributors to the economy of the country. And increasing health issues are a major issue among the people of the United Kingdom.
India
The economy of India is the sixth largest economy in the world, with a nominal GDP of $3.17 trillion and a GDP growth rate of 8.9%. But India has the lowest per capita income due to its dense population.
Traditional and Modern agriculture, the Handicraft industry, technology services and Business outsourcing are the major contributor to the economic development of India. the major issues amongst Indians are stubborn business practices, poverty, corruption and acceptance the modernization.
France
The economy of France is the seventh largest economy in the world, with a nominal GDP of $2.94 trillion and a GDP growth rate of 7.0%. France has a mixed economy where the public sector and private sector both play an important role.
Tourism is the most significant contributor to the economy of France. Public debt, unemployment and a stiff working market are the reason for headaches amongst the people living in France.
Italy
The economy of Italy is the eighth largest economy in the world, with a nominal GDP of $2.10 trillion and a GDP growth rate of 6.6%. Italy builds up its economic structure mainly through businesses and services.
Fashion merchandise, Food products and Automotive parts industries are the biggest contributors to the economic growth of Italy. People living over there are juggling with unruly government practices, unemployment, high public debt and a weak banking sector.
Canada
The economy of Canada is the ninth largest economy in the world, with a nominal GDP of $1.99 trillion and a GDP growth rate of 4.6%. Canada is closely related to the United States as it has free trade relationship with the US.
Canada is also known to have the third-largest oil reserves. The full-grown energy extraction sector is the largest contributor to the economic growth of the country. Climate change, violence against women, Counter-terrorism and the unaccountability of the corporate sector are the major crisis in Canada.
South Korea
The economy of South Korea is the tenth largest economy in the world, with a nominal GDP of $1.80 trillion and a GDP growth rate of 4.0%. The country is firmly known for its chaebol (kind of monopoly market) structure and export-led strategies.
The major contributors to the economic growth include Telecommunication parts, Motor vehicles and Electronics. Workforce aging and slow-paced growth rate are the major issues faced by South Korea.
Russia
The economy of Russia is the eleventh largest economy in the world, with a nominal GDP of $1.78 trillion and a GDP growth rate of 4.8%. Russia is following Free-market capitalism (where prices of goods and services are freely decided upon the demand and supply of goods and services, respectively).
The export of oil, gas, minerals and metals is a significant contributor to the economic growth of the country. The country is facing a crisis due to its war with Ukraine. The country is going through many economic punishments and sanctions.
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Brazil
The economy of Brazil is the twelfth largest economy in the world, with a nominal GDP of $1.61 trillion and a GDP growth rate of 4.6%. After being badly affected by the recession in 2017, Brazil has implemented more economic reforms to improve the condition of the country.
The economy of Brazil mainly runs through mineral and energy extraction, aircraft and automotive production, and exports of coffee and soybeans. Democratic rule, women’s rights, police conduct and public security are the leading causes of public issues in Brazil.
Australia
The economy of Australia is the thirteenth largest economy in the world, with a nominal GDP of $1.54 trillion and a GDP growth rate of 1.5%. Australia is considered to be an open and free domestic economy with trade agreements around the world.
Plentiful natural resources and agricultural export are the main sources of economic growth in the country. LGBTI Discrimination, Freedom of Expression, and Disability Rights are social issues in Australia.
Spain
The economy of Spain is the fourteenth largest economy in the world, with a nominal GDP of $1.28 trillion and a GDP growth rate of 5.1%. Spain suffered badly due to the great depression, and after that, the country encouraged foreign investment and increased its exports.
Machine manufacturing and the export of food items are the major contributors to the economic growth of the country. Impermanence government is the main issue amongst the public in Spain.
Mexico
The economy of Mexico is the fifteenth largest economy in the world, with a nominal GDP of $1.29 trillion and a GDP growth rate of 4.8%. In the last thirty years, Mexico has developed a lot in terms of the manufacturing industry.
The export of Vehicles, Consumer electronics, agricultural products, petroleum and auto parts are significant contributors to the growth of the country. The major threat to the public of Mexico is its ongoing International drug trade.
Indonesia
The economy of Indonesia is the sixteenth largest economy in the world, with a nominal GDP of $1.19 trillion and a GDP growth rate of 3.7%. This country is the largest economy in Southeast Asia.
The major contributors of Indonesia are the export of petroleum, agricultural products and coal. The major crisis in the social life of Indonesia arises due to governmental corruption and lack of infrastructure.
Netherlands
The economy of the Netherlands is the seventeenth-largest economy in the world, with a nominal GDP of $1.03 trillion and a GDP growth rate of 5.0%. This country is also known for its finest commercial transportation hub.
The largest financial sector and export of agricultural products are the major points behind the economic growth of the country. The increased cost of living and climate change are the main issues among people living in the Netherlands.
Saudi Arabia
The economy of Saudi Arabia is the eighteenth largest economy in the world, with a nominal GDP of $833.5 billion and a GDP growth rate of 3.2%. This country is also known as the world’s largest oil exporter country.
Oil export is the only source of economic growth in the country. People living in Saudi Arabia are facing several religious issues and environmental issues.
Turkey
The economy of Turkey is the nineteenth largest economy of the world, with a nominal GDP of $815.27 billion and GDP growth rate of 11.0%. With its large service and industry sector, this country is considered to be an open economy.
Petrochemicals, automotive production, and electronics are significant contributors to the economic growth of the country. Violence and Social discrimination are the major social issues in the country.
Switzerland
The economy of Switzerland is the twentieth largest economy in the world, with a nominal GDP of $812.90 billion and a GDP growth rate of 3.7%. Switzerland is also famous for its highly skilled labour market.
Financial services and the high-tech manufacturing sector are the major contributors to the economic growth of the country. Rising health issues, environmental changes and unemployment are the social issues in the country.
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