China’s GDP (PPP) would amount to $37.06 trillion by 2023. By 2050, the US economy is projected to grow to USD 34.1 trillion. When compared on the basis of purchasing power parity (PPP), China is the largest economy with a GDP (PPP) of $27.31 trillion. Indonesia and Brazil are among the fastest-growing economies in the world and are projected to become one of the top 5 economies in the world by 2050. However, ever since it has grown in each of the last ten years amid multiple challenges. The world will drastically change by 2050. Japan, the third-largest economy in the world, contributes almost 6% to the global GDP. The economy has remained fragile ever since. In fact, the U.S. finished 2019 on top with an estimated $21.5 trillion nominal gross domestic product (GDP) and is expected to grow to $22.3 in 2020. Based on 2019 figures, the size of China’s nominal GDP was lesser than that of U.S. by around $7.3 trillion, the gap is expected reduce to around $4.5 trillion by 2024. China has had trouble with the U.S. on the trade front; a series of tariffs and counter-retaliatory tariffs, among other restrictions, resulted in a trade war been the two biggest economies. © 2021, Nasdaq, Inc. All Rights Reserved. The data given on this page are based on the international dollar, a standardized unit used by economists. Create your Watchlist to save your favorite quotes on Nasdaq.com. Japan’s economy is expected to expand to $6.26 billion by 2024 based on current growth estimates. Advanced economies are being displaced by emerging market superpowers, notably the BRIC countries, which has been accelerated by the seismic effects of the global economic downturn of 2008-2009. The long-term growth prospective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, and its increasing integration into the global economy. Why is the UK economy so big? 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. If we look even closer, the top five countries in terms of nominal GDP -- the U.S., China, Japan, Germany and India -- contribute a whopping 55% to the world’s GDP. Certain regions that are not widely considered countries such as the European Union and Ho… Why is the German economy so big? English available languages. The economy of Japan is a highly developed free-market economy. Aug 21, 2020 Bench Partner 4 Min Read 364 . Japan ranks 3rd on our list of the top 20 largest economies in the world in 2020. The US has since 1871 retained this position of being the world’s largest economy. Invest/Finance - 01/04/2019 31/03/2019. GDP Growth: 2.5 percent; Total GDP: 4.2 TRILLION $ Population: 82 million; GDP per Capita: 508000$ 5. Based on 2019 figures, about 78% of the global GDP of $86.31 trillion is attributable to the sixteen economies in the trillion-dollar club. The U.S. economy is primarily a service-oriented economy with a 77% contribution to GDP. Germany, the largest economy in the EU, added $4.5 trillion. • Of the major economies we expect China, with a fall in GDP of only 2% in 2020 and rise in GDP of 5.0% in 2021, and India, with a fall in GDP of 3% in 2020 and a rise of 8% in 2021, to do best. The World Bank estimates that approximately 47.4% of its GDP is dependent on the export of goods and services, which makes it vulnerable to external shocks. With the jobless rate hitting record lows at 3.5%, contribution to GDP coming from a majority (17 out of 22) of industry groups and the stock markets soaring at all-time highs, this has been a great period for the U.S. economy. Exports account for 41% of national output. By GDP by Purchasing Power Parity (PPP), The UK ranks 9th in GDP (PPP) at USD 3.04 trillion. This is BizVibe’s list of the top 20 largest economies in the world in 2020 based on their current nominal GDP. The economy of France is highly developed and free-market-oriented. Africa has a pool of some of the fastest-growing economies in the world. Germany has a nominal GDP of USD 3.86 trillion — making it the 4th largest economy in the world. How did China become one of the fastest-growing economies in the world in 2020? Brazil ranks 9th on this list of the top 20 largest economies in the world with a nominal GDP of  USD 1.85 trillion. Prableen is a Chartered Financial Analyst (CFA, ICFAI) and a CFP®. Their predictions for the future, and for their own companies’ prospects, remain much more optimistic than not. Compared to 2010, global economic power will be more balanced between developed and developing economies by 2020 with China, USA and India the three largest economies in the world in PPP terms. With relation to PPP GDP, China is the biggest economy with $27.307 trillion of GDP (PPP) in 2020. Type a symbol or company name. The German economy is dependent upon capital good exports, which suffered a setback post-2008 financial crisis. Three decades down the lane, Ethiopia is emerging as one of the top economies in the region. India’s growth has been impacted by country-specific issues such as stress in the non-bank financial sector, decline in credit growth, cooling private consumption, slowing industrial activity and stagnant investments. The UK ranks 6th with a nominal GDP of USD 2.83. Copy and paste multiple symbols separated by spaces. The economy of the European continent encompasses at least 740 million people from 50 states. 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. Brazil has a developing mixed economy with a large agricultural, energy, and raw materials sector. By 2023-24, Germany and India would be very close to each other in terms of the size of the nominal GDP, making it a close contest for the spot of the fourth-largest world economy. What is the largest economy in the world in 2020? While staying in the tenth position of the largest world economies, Canada is just one place ahead of Russia. The USA ranks number 1 in the world in nominal GDP (Gross domestic based on current prices), with a nominal GDP of USD 21.44 trillion — ahead of 2nd place China. After a disappointing 2019, the IMF projects India’s GDP to expand by 5.8% in 2020 and 6.5% in 2021, on the assumption of adequate monetary and fiscal stimulus as well as subdued oil prices. United States of America The Nominal GDP of the U.S.A for 2020 is $21.44 trillion. Holo (HOT) Price Predictions: Where Will HOT Go After Holochain Patent News? From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. Germany is the world’s top location for trade fairs, with two-thirds of the world’s leading trade fairs, take place in Germany. When factoring in the gross domestic product based on purchasing power parity, by 2050 both China and India will become the two largest economies in the world, with the US third. Japan’s GDP touched $5 trillion in 2019 and is expected to grow at 0.7% in 2020. Also by 2023, China’s GDP (PPP) is projected to grow to USD 36.99 trillion. The rankings are based on IMF data for nominal GDP for year 2019 while growth rates are based on IMF projections released in January 2020. What makes Indian one of the biggest economies in the world in 2020? Canada has the third-highest total estimated value of natural resources, valued at USD 33.2 trillion. Italy’s economy runs of large trades surpluses making it very successful. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Brazil also ranks 8th by gross domestic product by purchasing power parity at USD 3.37 trillion. Germany is projected to grow at 1.1% in 2020 and 1.4% in 2021, higher than 0.5% in 2019. These symbols will be available throughout the site during your session. When compared on the basis of purchasing power parity (PPP), China is the largest economy with a GDP (PPP) of $27.31 trillion. India is a south Asian country. See Also: top 5 largest economy in the world 2020 … Furthermore, Indonesia has made enormous gains in poverty reduction, cutting the poverty rate by more than half since 1999, to 9.78% in 2020. West Bank and Gaza is added to the Middle East and Central Asia regional group. The report has been carefully prepared, and any exclusions or errors in reporting are unintentional. Italy ranks 8th on this list of the top 10 largest economies in the world in 2020. The trouble between the U.S. and China on trade is negatively impacting not just these two countries but many others. And by 2050, China will lead the world in GDP with an estimated GDP of USD 58.499 trillion. Germany ranks 4th on this list of the top economies in the world. The size of the state’s economy is expected to reach $22.32 trillion by end of 2020. Ranking 2nd on this list of the top 20 biggest economies in the world is China, an economy the has transitioned from a centrally-planned system to a more market-oriented economy since 1978. Italy is the 8th largest economy in the world with a nominal GDP of USD 1.99 trillion; and a GDP (PPP) of 2.4 — ranking 12th there. This became evident during the financial crisis of 2008-09, when the economy contracted by 5.7% (2009). 4 Semiconductor Stocks To Watch. This is an upgrade from earlier estimates, which comes on the back of the fiscal package of $122 billion announced in December 2019. A study by UNCTAD concluded that “consumers in the U.S. are bearing the heaviest brunt of the U.S. tariffs on China, as their associated costs have largely been passed down to them and importing firms in the form of higher prices.” During 2018, the U.S. trade deficit with China was at $419.52 billion while it was at $320.82 billion during the first eleven months of 2019. The stimulus from the 2020 Olympics was supposed to add investments back into the economy after a rough stretch due to the earthquake and 2008 recession, however, that is yet to be seen due to the derailment of the Olympics due to the COVID-19 pandemic. The initiatives to revive the economy have become popularly known as Abenomics. The USA has the world’s eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP) currently. Review our After the US, China has the world’s second-highest number of billionaires with a total wealth of USD 996 billion. The power of economies is very important as it engages investment, trade, and business opportunities all over the world. The GDP per capita is based on nominal GDP. China’s largest trading partners are the US, EU, Japan, Hong Kong, South Korea, India, Taiwan, Australia, Vietnam, Malaysia, and Brazil. © Provided by Tuko15 largest economies in Africa in 2020 The economy of a country is its backbone. This is the country that has suffered two world wars. Advertisement. Crnogorski. Predictions that China would surpass the United States to become the world’s top economy by 2020 appear to have been exaggerated. Japan has a healthy GDP per capita of $40,846, which is expected to rise to $50,637 by 2024. Canada ranks 10th on this list of the top 20 largest economies in the world in 2020. The 5 Largest Economies In The World And Their Growth In 2020, Best Cryptocurrency Stocks To Buy Before April 2021? Based on current projections, India is expected to become a $3.2 trillion economy in 2020 and reach $4.6 trillion by 2024. Its economy mainly depends on agriculture. Ranking the top 10 largest economies in the world in 2020 is no easy task. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion,[26] making it the biggest capital exporter globally. A 4.8% growth in 2019, has led the IMF "to the reassessment of growth prospects over the next two years” which underpins India’s contribution to global growth. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Prableen Bajpai is the founder of FinFix Research and Analytics which is an all women financial research and wealth management firm. Despite its growth, challenges remain, from sustainability to infrastructure. The economy of Canada is a highly developed market economy. Data for West Bank and Gaza are now included in the WEO. India. That is, African countries with the highest Gross Domestic Product (GDP) in 2020 (in billion U.S. dollars). Largest Economy GDP In Africa 2020 is our course of discussion in this article. From 2014 to 2018, Indian was the fastest-growing major economy in the world only, behind China. While the trade deal has alleviated near-term cyclical weakness, the unresolved disputes on broader China – U.S. economic relations and ongoing structural showdown is likely to weigh on China’s growth. The country was going through a dreadful famine. The financial crisis of 2008-09 took a toll on the Japanese economy; it was the only major advanced economy that experienced negative economic growth in 2008 and continued to contract sharply in 2009. The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. Netherlands Nominal GDP Rank 2020: USD 900 billion (17, Netherlands GDP (PPP) Rank 2020: USD 970 billion (19, Netherlands Estimated GDP (PPP) Rank 2050: USD 1.49 trillion (19, Saudi Arabia Nominal GDP Rank 2020: USD 700 billion (18, Saudi Arabia GDP (PPP) Rank 2020: 1.86 trillion (16, Saudi Arabia Estimated GDP (PPP) Rank 2050: USD 4.69 trillion (13, Turkey Nominal GDP Rank 2020: USD 740 billion (19, Turkey GDP (PPP) Rank 2020: 2.29 trillion (13, Turkey Estimated GDP (PPP) Rank 2050: USD 5.18 trillion (11, Turkey Nominal GDP Rank 2020: USD 770 billion (20, Turkey GDP (PPP) Rank 2020: 550 billion (20, Turkey Estimated GDP (PPP) Rank 2050: USD 1.01 trillion (20. In our latest McKinsey Global Survey on the economy, 8 executives are ending a year of global crisis and profound uncertainty on a relatively positive note. China has broken from a centrally planned economy that used to struggle to the manufacturing and exporting hub of the world. India is the fastest-growing economy with 8.80%, followed by China (8.24%). By GDP (PPP), Canada ranks 17th at USD 1.84 trillion. Just how big are the countries mentioned on this list? 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. The USA is known for being one of the most technologically powerful economies in the world and its firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment. 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. Based on 2019 figures, the size of … • The biggest falls in GDP this year in the major economies are predicted to be … 4 To Consider, Best Stocks To Buy Now? 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. Such fluctuations may cha… Japan ranks 3 rd on our list of the top 20 largest economies in the world in 2020. Countries are sorted by GDP (PPP) forecast estimates from financial and statistical institutions that calculate using market or government official exchange rates. The UK was the tenth-largest goods exporter in the world and the fifth-largest goods, importer. While India is the third-largest economy in purchasing parity terms, its rank drops substantially in terms of GDP per capita. France has a large tourism industry, as it’s the most-visited country in the world. Bangladesh economy to be 25th largest in 15 years same URL Bangladesh’s economy will make one of the biggest jumps between 2020 and 2034 … It is the second largest producer of maize in the continent. Germany has the largest national economy in Europe.  … But they struggled much to reconstruct their economy. Canada is the 10th largest economy in the world with a nominal GDP of USD 1.73 trillion. Why is Canada’s economy so big? India ranks second globally in food and agricultural production, while agricultural exports were $38.5 billion. In the recent times, the economy has been hit by the sluggish global trade, declines in export orders and industrial production. While the wealth of the different nations vary, the states that are considered poor in Europe are richer than some of the wealthy nations in other continents regardless … What will be the largest economy in the world by 2050? BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. This is BizVibe’s list of the largest economies in the world in 2050 by Gross Domestic Product based on Purchasing Power Parity. With a GDP of $51 billion dollars, Ethiopia holds the 10th slot. India, in this ranking, has leapfrogged France and the UK. As of 2020, France ranks 7th on our list of the top 20 largest economies in the world with a nominal GDP of USD 2.71 trillion. With a GDP of $14.14 trillion in 2019, it makes up 16.38% of the global economy. Euromonitor International forecasts China’s GDP to be I$28,125 billion in PPP terms in 2020, accounting for 20.7% of the global total; Discover Suppliers | Target Prospects | Browse 10M+ CompaniesTry for Free>>, Top 10 Largest Manufacturing Companies in the World, Top 10 Largest Investment Companies in the World, Public Administration Industry Factsheets.