Note, however, that these are not the only factors considered in deciding the classification of countries.

IMF classifies these countries as ‘advanced economies’ and ’emerging market and developing economies’ respectively (Please see the notes at the bottom). The chart below provides the IMF GDP estimate for 2019 for the 42 countries in Europe.

Why is the Italian economy so big? The impact of these economies doing well should have rising importance of the world’s allocation of consumer goods, investments, trade, business ventures, and environmental resources. 1. If they all were one country, they would rank eighth in the world GDP ranking. Exports account for 41% of national output. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. South Africa ranks second.

The charts below list all the 193 countries as per their GDP rank. By GDP (PPP), Canada ranks 17th at USD 1.84 trillion. And by 2050, China will lead the world in GDP with an estimated GDP of USD 58.499 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. Ranking 6th on this list of the top 20 largest economies in the world is the United Kingdom. India is ranked 5 with a GDP of $2.9 trillion. Well, China is the world’s largest manufacturing economy and exporter of goods. The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. What makes Indian one of the biggest economies in the world in 2020? In 2020, the gap is expected to reduce to $7.05 trillion, and by 2023, the difference would be $5.47 trillion.

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.

This is BizVibe’s list of the top 20 largest economies in the world in 2020 based on their current nominal GDP. About: GlobalFirepower.com is an annually-updated, statistics-based website tracking defense-related information of 138 nations and exists as a wholly-independent resource. After the US, China has the world’s second-highest number of billionaires with a total wealth of USD 996 billion.

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. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Turkey is the largest economy of Central Asia and the Caucasus region.

North America – United States $21,439 bn, Canada $1,731 bn, Central America – Mexico $1,274 bn, Guatemala $81 bn, Panama $69 bn, Costa Rica $61 bn, El Salvador $27 bn, Honduras $24 bn, Nicaragua $13 bn, Belize $2 bn, South America – Brazil $1,847 bn, Argentina $445 bn, Colombia $328 bn, Chile $294 bn, Peru $229 bn, Ecuador $108 bn, Venezuela $70 bn, Uruguay $60 bn, Bolivia $42 bn, Paraguay $41 bn, Guyana $4 bn, Suriname $4 bn, Caribbean – Puerto Rico $100 bn, Dominican Republic $89 bn, Trinidad and Tobago $23 bn, Jamaica $16 bn, The Bahamas $13 bn, Haiti $9 bn, Barbados $5 bn, Aruba $3 bn, Saint Lucia $2 bn, Antigua and Barbuda $2 bn, Grenada $1 bn, Saint Kitts and Nevis $1 bn, Saint Vincent $0.9 bn, Dominica $0.6 bn. When you account for the nation’s domestic market based on the relative cost of local goods, China has the largest GDP 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. The power of economies is very important as it engages investment, trade, and business opportunities all over the world. As per IMF, “The main criteria used by the WEO to classify the world into advanced economies and emerging market and developing economies are (1) per capita income level, (2) export diversification, and (3) degree of integration into the global financial system. Twenty years back, during 1999, the share of the developing countries in the world total GDP was 19.7%. Germany is the world’s top location for trade fairs, with two-thirds of the world’s leading trade fairs, take place in Germany. Why is the German economy so big? 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. The United States leads the developed world GDP rankings with 41.4% share of the developed world total GDP during 2019. Just how big are the countries mentioned on this list? The economy of Germany is a highly developed social market economy. The following is a list of the top 20 largest economies in the world in 2020 and beyond. Despite being characterized as a developing market economy, India is showing no slowing down in economic growth. Italy is ranked 8 with a GDP of $2.0 trillion.

By 2023 the US economy is expected to grow to USD 24.88 trillion. GDP (current US$) from The World Bank: Data. Ranking the top 10 largest economies in the world in 2020 is no easy task. 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. China has a gross domestic product based on purchasing power parity of USD 27.31 trillion, ranking number 1 among the top 20 largest economies in the world in 2020.

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. How did China become one of the fastest-growing economies in the world in 2020? Japan is ranked 3 with a GDP of $5.2 trillion. The economy of Japan is a highly developed free-market economy. By 2050, Italy’s economy is projected to USD 3.11 trillion — ranking 21st among the top economies in the world in 2020. Then, we will present GDP ranking of the countries grouped by regions. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion,[26] making it the biggest capital exporter globally. IMF GDP estimate for 2019 for the different countries in Middle East and Central Asia is as follows. The top-10 and top-20 countries account for 67.6% and 81.0% of the world total GDP respectively. The chart below provides the IMF GDP estimate for 2019 for the 36 countries in Americas. Brazil ranks 9th on this list of the top 20 largest economies in the world with a nominal GDP of  USD 1.85 trillion. IMF GDP estimate for 2019 for the different countries in Western and Eastern Europe is as follows.

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. This classification has evolved over time. IMF GDP estimate for 2019 for the different countries in the five regions of Asia and Pacific is as follows.

The share of the developing countries in the world total GDP was 39.7% during 2018. By 2023, China’s nominal GDP is expected to grow to USD 19.41 trillion. Besides the Kantō region, the Kansai region is one of the leading industrial clusters and manufacturing centers for the Japanese economy. Western Europe – Germany $3,863 bn, United Kingdom $2,744 bn, France $2,707 bn, Italy $1,989 bn, Spain $1,398 bn, Netherlands $902 bn, Switzerland $715 bn, Sweden $529 bn, Belgium $518 bn, Austria $448 bn, Norway $418 bn, Ireland $385 bn, Denmark $347 bn, Finland $270 bn, Portugal $236 bn, Greece $214 bn, Luxembourg $69 bn, Cyprus $24 bn, Iceland $24 bn, Malta $15 bn, San Marino $2 bn, Eastern Europe (EU Members) – Poland $566 bn, Czech Republic $247 bn, Romania $244 bn, Hungary $170 bn, Slovak Republic $107 bn, Bulgaria $66 bn, Croatia $61 bn, Slovenia $54 bn, Lithuania $54 bn, Latvia $35 bn, Estonia $31 bn, Eastern Europe (Non-EU Countries) – Russia $1,638 bn, Ukraine $150 bn, Belarus $63 bn, Serbia $52 bn, Bosnia and Herzegovina $20 bn, Albania $15 bn, North Macedonia $13 bn, Moldova $12 bn, Kosovo $8 bn, Montenegro $5 bn.

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