The US economy is the largest in the world, and this is not new information. Everyone knows that China is moving forward. But the latest figures mean India has overtaken Britain and France to become the world’s fifth largest economy for the first time.
This information is provided by the US-based research organization World Population Review. The gross domestic product (GDP) of the world economy looks to be 91.98 trillion US dollars; another new world economic data shows that 16 countries’ economies have exceeded the trillion dollar mark. Remember, a billion is a trillion.
1. America
For 149 years, the United States has been the world’s largest economy. The size of the national economy is currently 21.44 trillion dollars. But according to the International Monetary Fund (IMF), it was just over $22.20 trillion. With $45 trillion, the United States has the second largest natural resource in the world.
2. China
China’s economy is currently $14.14 trillion. The country’s natural resources amount to 23 trillion dollars. From 1989 to 2019, China’s average growth rate was 9.52%, which is very high. The achieved growth rate of 6.1% was the lowest in the last 29 years. The coronavirus has now emerged after a trade war with the US. It remains to be seen what effect this will ultimately have on the economy.
3. Japan
The size of the national economy is 5.15 trillion dollars. Electronics is the country’s largest industry and the third largest economy in the world. In this respect, Japan ranks first in the world. The country has yet to recover from the effects of the 2008 recession, but everyone hopes that the 2020 Olympics will boost the Japanese economy.
4. Germany
Germany is the fourth largest economy in the world. The size of the national economy is 4 trillion dollars. Germany is at the forefront of an economy moving towards the fourth industrial revolution. Germany is the largest producer of automobiles, heavy machinery, household goods, and chemicals.
5. India
India is now the fifth largest economy in the world. Their economy is $2.94 trillion. The country aims for a GDP of 3 trillion this year and 5 trillion in 2024. If this happens, India may overtake Germany. The Indian service sector is currently the fastest growing sector in the world. The service sector contributes 80% to the economy and accounts for 28% of total employment. But not everything is good. The country’s economy has slowed down over the past year.
