In this post, we will examine the top 10 biggest economies in the world; the more a country has the capacity to produce and distribute material goods, the greater its economic strength becomes.
The biggest global economies are the main financial powers on the planet and you probably have some products in your home that came from some of these countries.
Top 10 Biggest Economies in the World
Discover the largest economies in the world according to the World Economic Outlook report, published by the International Monetary Fund (IMF) in 2020:
GDP: 1.8 trillion
Despite the large industrial production, Canada differs from other developed countries in the primary sector having great importance for the country’s economy. With its territory rich in natural resources, it is a major exporter of natural gas and oil, but also of agricultural products such as wheat and other cereals.
GDP: 1.9 trillion
Due to the economic crisis, Brazil has lost 2 positions in this ranking of the biggest economies in the world in recent years. But it remains among the largest economies in the world and, by estimates, it should continue here, as it has been the largest coffee producer in the world for 150 years and the fourth largest car market. With enormous diversity, the country is active in the mining, agriculture, manufacturing and services sectors.
GDP: 2 trillion
After World War II, Italy underwent a major transformation in its economy. It went from an essentially agricultural country to an industrial and export power. Despite not having a very large number of global multinational companies, it has a large number of small and medium-sized companies focused on niche markets and luxury products, which are the basis of the country’s economy.
GDP: 2.7 trillion
Although in decline, state-owned companies are of great importance in the French economy. Since the 1990s, the country has gradually made the state sector more corporate. But the government continues to exert great influence on important infrastructure sectors such as the construction of railways, electricity, telecommunications and nuclear power plants. Due to India’s growth, France lost a position from 2018 to 2019.
6. United Kingdom
GDP: 2.8 trillion
London, the capital of the United Kingdom, is the city with the largest urban GDP in Europe, in addition to sharing the status of the largest financial center in the world with New York and being one of the 3 “command centers” of the global economy (the others are New York and Tokyo). Most of the UK’s GDP, around 73%, is concentrated in the service sector. London is still the largest tourist destination in the world.
GDP: 3 trillion
With an annual growth rate of around 5.8%, India is one of the fastest-growing countries in the world. It is the country with the largest global workforce, with 513.6 million people, with 54% of its production in the service sector. This explains why India grew so much between 2018 and 2019, jumping from 7th to 5th position. France and the United Kingdom were left behind.
GDP: 4 trillion
Europe’s largest economy and a strong advocate for the practice of a globalized economy. It is the country that exports the most, with around 70% of its GDP being generated by the service sector, 29.1% by industry and only 0.9% coming from agriculture. It has become the largest production reference in engineering, being the main producer of wind turbines and solar energy technology in the world.
GDP: 5.1 trillion
Leader in the areas of scientific, medical research, and technological development. Japan has the largest bank in the world, the Mitsubishi UFJ Financial Group. The Japanese economy essentially depends on strong cooperation between the government and the industry, with a large investment in high technology and practices to reduce waste and recycle materials.
GDP: 14.2 trillion
The country with the highest economic growth in the world. China shows an average increase of 10% of GDP annually. Composed of a mixed economy resulting from the economic reforms of Xiaoping applied since 1978. Farms were privatized, ending the practice of collective agriculture. As well as industries in the area of mining and basic products (clothing, food processing, etc.) the private sector also became part. These measures have led China to become the nation with the greatest economic growth in the last 25 years.
Read Also: The 15 Largest Companies in the World
1. United States
GDP: 21.3 trillion
Responsible for around 24% of the world GDP, the United States is the largest importer and the third-largest exporter of products in the world. Major global brands originate in the country, such as Coca-Cola, Nike and McDonald’s. It is the main producer of electric and nuclear energy, but also the largest importer of oil. Despite being the largest producer of corn and soybeans, agriculture represents less than 1% of GDP. Most of the GDP is made up of services: around 67.8%.