Top 10 international largest economies in the world

  Top 10 international largest economies in the world

GDP (Gross Domestic Product), which is the total market value of all the goods and services a country generates in a given year, is a measure of the health of its economy. Real GDP has a role in economic rankings of nations. A nation's currency rate fluctuations can also produce a range of outcomes.

Here is the most recent ranking of the top 10 economies worldwide:

1. The United States

According to estimates, the US real GDP is $20.94 trillion. The US services industry is significantly more technologically advanced and well-developed. About 80% of the overall output is due to this aspect. As a result, the largest organisations and the firms that provide services in the industries of technology, retail, finance, and healthcare play a significant role on the international arena.

2. China

Over the past three decades, the Chinese economy has experienced extraordinary expansion. This fact has enabled the nation to claim the highly desired second spot among the top 10 economies in the globe. In 2020, China's real GDP was $14.72 trillion.

3. Japan

With an estimated $5.05 trillion real GDP, the Japanese economy is now ranked third. In the 1960s, 1970s, and 1980s, Japan's economy expanded quickly. However, since that time in the 1990s, Japan's economy had not been very strong. Japan has worked hard over the last ten years to expand its economy.

4. Germany

Germany takes the fourth spot among the top five economies in the world with a real GDP of $3.84 trillion. Germany's economy recovered with a 4.0 percent expansion a decade ago after a temporary decline in 2009. The nation continued to produce consistent outcomes in the years that followed.

5. United Kingdom

Between 1999 and 2008, the UK's GDP grew by 2.8 percent annually on average. Due to a decline in private consumption and a slowdown in fixed investments brought on by the BREXIT uncertainty, growth is most likely to slow down. However, the UK will keep its spot among the top 10 economies in the world thanks to its real GDP of $2.76 trillion.

6. India

With a real GDP of $2.66 trillion, India has surpassed France to reach sixth place among the world's largest economies. Among the major economies, the Indian economy has also experienced the quickest growth.

7. France

The estimated GDP for France is $2.63 trillion. Currently, the service sector accounts for about 70% of the country's GDP. Additionally, France dominates the automotive, railroad, and aerospace industries on a global scale.

8. Italy

Italy is the third-largest national economy in the EU and a very advanced market. The nation is renowned for its competitive and hardworking agricultural industry as well as its influential and inventive business economic sector. It is estimated that Italy's real GDP is $1.88 trillion, making it the eighth largest economy in the world.

9. Canada

With a real GDP of $1.64 trillion, Canada has the ninth-largest economy in the world. Canada continues to be the ninth-largest economy in the world, just one place in front of South Korea.

10. South Korea

South Korea is the fourth-largest economy in Asia and has a highly developed mixed economy. After the Great Recession, the nation is still one of the developed nations with the fastest growth rates in the globe. The South Korean economy, with a value of $1.63 trillion, is ranked tenth based on the real GDP prediction.

The ranking was created using projections from the World Bank's 2020 World Development Indicators (WDI).