Top 10 Economies in the World by GDP 2019-2020
Nominal GDP: $1.81 trillion
GDP (PPP): $1.97 trillion
Between 1999 to 2008, Canada recorded strong financial growth, with annual GDP increasing by an average of 2.9 per cent. Canada could recover rapidly from the impact of the 2009 recession because of its strong financial ties with the United States. In addition, it cites its strong pre-crisis fiscal policy, a sound financial system, a comparatively stable global economy, and the economic strength of its resource-rich western regions. Growth has begun again since 2010 and, on average, between 2010 and 2013, Canada’s economy expanded by around 1.4 percent per year. This affected the Canadian economy after the commodity supercycle was completed which has recovered in recent years.
Canada’s nominal GDP stands at USD 1.8 trillion in 2019 with an average growth rate of 2.0 per cent and is forecast to hit $2.43 trillion by 2023.
In the long run, it’s estimated that Canada’s GDP will shift towards USD 2 trillion in 2021 according to our econometric models.
Nominal GDP: $1.89 trillion
GDP (PPP): $3.6 trillion
Brazil is one of the world’s ninth-biggest economies in 2020, emerging from a socialism-focused economy of $1,868 trillion of nominal GDP in 2018. The nation is known for its industries of textile, shoe, cement, lumber, iron ore, and tin. This results in a comparatively strong agriculture industry that accounts for approximately 6 percent of total GDP.
Services (72.8 percent) and heavy manufacturing (21 percent) sectors, and, as in most modern economies, still account for much of the country’s GDP.
Brazil is beginning to rebound from a deep recession in 2015 and 2016.
Prior to the crisis, financial goods in the nations were reported to be considerably larger at approximately USD 2.5 trillion in 2013 and 2014.
Owing to declining confidence in political stability and uncertainty over exchange rates, the IMF (International Monetary Fund) recently decreased Brazil’s forecasts below 1 per cent.
Nominal GDP: $2.01 trillion
GDP (PPP): $2.5 trillion
With the nation suffering from political instability, the economic downturn and the lack of substantial reforms that hold it off. In 2012 and 2013, the industry announced contractions of 2.4 per cent and 1.8 per cent, but the economy has improved over the past few years. The country is seeking to establish stronger financial ties with its tiny neighboring nations such as Bosnia and Herzegovina, France and other European economies.
It remains burdened by numerous long-standing issues of leadership, including a rigid labor market, low productivity, high tax rates, Large, but decreasing numbers of bank sector non-performing loans; and high government debt.
Such shortcomings restrict the country’s financial progress, keeping its development perspective below that of its peers in Europe.
The rates of unemployment remains double-digit, although its deficit in government remains high at about 132 per cent of GDP.
- United Kingdom
Nominal GDP: $2.72 trillion
GDP (PPP): $3.24 trillion
The UK holds the seventh spot in GDP by nation in 2019-2020 with a GDP of $2.72 trillion. By buying-power-parity, UK slips to the ninth position with a $3.24 trillion, relative to GDP. It stands at 22nd in GDP per capita, amounting to $44,177 IMF estimates its nominal GDP at $2.72 trillion in 2020, but we expect its ranking to slip down to $3.47 trillion in GDP by 2023. UK’s are dominated overwhelmingly by the services sector, which contributes more than 75 percent of GDP to manufacturing, the second popular sector led by agriculture.
There’s still time to complete the UK-EU Brexit talks, which culminated in a decline in financial markets dragging down FTSE 100 from its all-time peak in May 2018. Growth is expected to slow next year as the uncertainty of Brexit, which would reduce growth in private spending and fixed investment.
Nevertheless, a stronger external sector and secure supply around the world could reduce the slowdown.
In 2020, the UK will remain among the top five largest countries in GDP with a total GDP of USD 3.2 trillion.
Nominal GDP: $2.77 trillion
GDP (PPP): $3.16 trillion
France’s economy accounts for nearly one-fifth of the overall gross domestic product (GDP) of the European Union. Services are the country’s largest contributor to the economy, accounting for over 70 per cent of GDP in this sector. France is one of the world’s leading manufacturers in the automobile, aircraft, rail, cosmetics, and luxury goods sectors.
In addition, it has a highly trained population, with the highest number of science graduates per thousand employees in Europe.
Compared with its rivals, the French economy has endured the financial crises fairly well.
Partially covered by low external trade reliance and high rates of private consumption, France’s GDP only decreased in 2009.
Nominal GDP: $3.2 trillion
GDP (PPP): $12.36 trillion
India’s huge population drags its nominal GDP percentage down to $2,199 as it gets to quantify countries by per capita nominal GDP. By 2020, we expect India to overtake both Britain to become the fifth-biggest economy in the world with a total GDP of over $3.2 trillion.
Today, its service sector is the fastest-growing industry in the world, contributing more than 30 per cent to its economy.
Manufacturing continues to be one of the primary sectors (currently in slowdown) and is promoted on a regular basis through government initiatives like “Make in India.”
Given the contribution of its agricultural sector, it is still much higher compared to the western countries and other emerging markets, decreasing to around 47 per cent.
India started to see a decline in development in previous years because of a falling rupee, a high current account balance and poor growth in the industry.
The US has stepped up this by opting to end quantitative easing as investors immediately began pulling cash out of India.
Nominal GDP: $3.98 trillion
GDP (PPP): $4.59 trillion
On a global scale it is the fourth largest nominal GDP economy with a GDP of $3.98 trillion.
Its GDP’s purchasing power parity production is $4.59 trillion while GDP per capita is $48.264 (16th).
Germany relies heavily on exports of capital goods, automotive machinery & equipment types.
China is among the world’s largest suppliers of iron, steel, coal, chemicals, machinery, vehicles, and machine tools.
In the current world scenario, Germany has launched Industry 4.0 — its strategic strategy to grow the nation as a leading market and provider of innovative manufacturing solutions — to maintain its productive strength.
Nominal GDP: $5.41 trillion
GDP (PPP): $5.89 trillion
The Japanese economy is third in terms of nominal GDP estimates, at USD 5.4 trillion in 2020.
Before the 1990s, Japan became the equivalent of China today, and flourished in the 1960s, 70s, and 80s.
Since then, though, Japan’s economy has not been as developmentally impressive.
His economy will gain some boost with the 2020 Olympics which keeps the capital flow steady, backed by the loose monetary policy of the Bank of Japan.
Japan’s nominal GDP is $5.41 trillion, which is forecast to increase to $5.92 trillion at the end of this financial year.
Nominal GDP: $15.27 trillion
GDP (PPP): $29.47 trillion
The position of services has gradually increased over the years, and that of manufacturing has decreased relatively as a contribution to per capita GDP in China.
Back in 1980, China was the seventh-largest economy in the world with GDP at $305.35 billion, while the US was $2.86 trillion at the time.
After it introduced market reforms in 1978, the Asian giant has seen an average annual financial growth of 10 per cent per year.
Development rates have slowed in recent years, though remaining high compared with other countries.
In 2020, China is the biggest economy with $29.47 trillion of GDP (PPP) in comparison to PPP GDP.
By 2023, China’s GDP (PPP) will be at $37.06 trillion. China’s large population is taking their percentage of GDP down to $10,153.
Highly uncertain, given the current trade war, about its potential stability but China is the world’s second-biggest economy.
The World Bank predicts China’s growth in 2020 to 5.9 per cent in the unstable global economic conditions, with domestic and external headwinds continuing.
The state has embraced a modern financial-policy strategy dubbed the “modern standard.”
- United States of America
Nominal GDP: $22.32 trillion
GDP (PPP): $22.32 trillion
The U.S. is sometimes referred to as a financial powerhouse, and this is because the strongest economy is about a third of the world’s population backed by advanced infrastructure, technology and abundance of natural resources.
Although the U.S. economy is service-oriented, contributing almost 80% of its GDP, manufacturing contributes just about 15% of its production.
The US also has the most technologically developed economy in the world, with diverse industries like oil, iron, automobile, aerospace, chemicals, telecommunications, food processing, and consumer goods.
Big U.S. businesses also play a large role at the global level, with more than one-fifth of the Fortune Global 500 firms originating from the United States. GDP is expected to rise by 2.5 per cent in 2019 and 1.7 per cent in 2020.