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The United Kingdom
China is the most recent big success story on this list, having gained its status as the second-largest economy in the last quarter-century. Unless these steps are taken on a priority basis, the vast share of India’s economic growth will continue to benefit only the top 5%, while millions remain excluded. It is common knowledge that workers in the unorganised and informal sectors often work 10 to 12 hours a day, without any overtime compensation. According to the Ministry of Statistics, the unemployment rate among those aged 15 to 29 in May this year was 17.9% in urban areas and 13.7% in rural areas. It is rightly said that India still has a long way to go before poverty can be totally eradicated. But for this to happen, merely accelerating our annual GDP growth rate to 10% or more will not be enough.
It has a highly developed agricultural sector and is the second-largest agricultural exporter in the world. The Netherlands has a large financial services sector, engaged in asset pooling and supported by the Dutch Ministry of Finance. Indonesia’s economy is the largest economy in Southeast Asia and is based largely on commodity export industries. Major exports include coal and petroleum products, in addition to agricultural commodities suitable for industrial use, such as rubber and palm oil. Regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia’s rising economy.
Corporate Services
It had a GDP of $2.83 trillion in 2019, up 1.4% from the prior year.1 The UK economy is driven by its large service sector, finance, insurance, and business services. Strong cooperation between the government and advanced technology businesses has built Japan’s manufacturing and export-oriented economy. GDP of a nation is an estimate of the total value of all the goods and services it produced throughout a specific period (usually done a quarter or a year). GDP can be calculated by adding up all of the money spent by consumers, businesses, and governments in a given period.
The Top 20 Economies in the World
Moreover, since Brexit, Paris has increased its status as a financial center; the European Banking Authority relocated to Paris, and the capital has created thousands of new financial-service jobs. Its economy is characterised by advanced manufacturing, automotive production, nordfx broker review and a strong emphasis on technology and innovation. Japan’s stable economic policies and trade relationships reinforce its role as a key global economic player.
India has surpassed China as the world’s most populated country, and it benefits from having a young workforce and a large domestic consumption that helps the growth of the economy. Some challenges threatening the country’s economy are related to an aging workforce, low birth rates, and less consumption. With a strong focus on work and career, the building of families is becoming less of a priority in the country, which can impact its growth in the future. The Canadian economy relies heavily on its abundant natural resources, encompassing oil, gas, minerals, and timber.
Top 10 Car Manufacturers by Market Cap in 2025: Tesla, Toyota
Germany has the largest economy in Europe, ahead of the UK, France and Italy. It relies on the export of manufactured goods, as well having strong financial and chemical sectors. Explore the German stock market to trade on blue-chip stocks such as SAP, Deutsche Bank, Volkswagen, Adidas and Merck. The world’s smallest economy as of 2021 belongs to Tuvalu, a Polynesian Island. It has a GDP of around $45m due to the small population, low average income rate, lack of natural resources and lack of capital investment. The latter takes into account inflation rates of a country, as well as relative costs of goods and services, rather than simple market exchange rates.
The Largest Countries In Asia By Area
Gross national income takes a country’s GDP, adds the value of income from imports, and subtracts the value of money from exports. Italy’s GDP is dominated by services, but also has manufacturing strengths in luxury goods, machinery and motor vehicles. Northern Italy, home to industrial hubs like Milan and brands like Fiat and Ferrari, drives much of this manufacturing activity. Italy is also Europe’s third-largest agricultural producer, famous for wine and olive oil.
These rankings are based on IMF projections and may change due to economic performance, exchange rate movements, and policy shifts. The following are based on the projections of the IMF World Economic Outlook, April 2025 edition. The values shown below are based upon GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). GDP is the total values of Goods and services produced in country within specific periods. Nominal GDP reflects the current market prices without adjusting for inflation or changes in the value of money over time. USA is the biggest in the list of largest economies in the world based on GDP nominal closely followed by China reflecting their significant influence on global markets.
Despite all that, there are certainly challenges to the continued growth of the US, namely competition with China and the country’s national debt. Each country has its own set of advantages and disadvantages when it comes to economic growth. Read more below to get an overview of the top 10 richest countries in the world. It was just outside the top 10 in 2000, but its current standing in the global economy owes a lot to a combination of state-guided privatization and massive investment in infrastructure and industry. These are projections by the IMF (International Monetary Fund) for the year 2025, as ranked by nominal GDP.
World Economies Projected to Be the Largest By 2050
- High-quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per-capita GDPs in the world.
- Italy is the third largest economy in the European Union (EU), following Germany and France.
- The rich natural resources of Canada—including oil, gas, minerals, and lumber—formulate the backbone of the national economy.
- Germany, however, faces some demographic challenges to its economic growth.
- The United States’ GDP is the world’s largest, being worth over a quarter of global output in nominal GDP terms.
However, there is still heavy government involvement in certain key sectors, such as defense and electrical power generation. Liberalization of India’s economy since the 1990s has boosted economic growth, but inflexible business regulation, widespread corruption, and persistent poverty pose challenges to ongoing expansion. The United States economy is the largest in the world as measured by nominal GDP. The biggest contributor to that GDP is the economy’s service sector, which includes finance, real estate, insurance, professional and business services, and healthcare. The United States’ economy is the largest in the world as measured by nominal GDP.
- This gives us a nice, round (and often very large) number to stick next to a country’s name, which makes it easy to compare to other countries.
- Factors like an increasingly aging population and geopolitical conflicts with the US are critical to the future of the Chinese economy.
- GDP serves as a key metric for assessing the magnitude of a nation’s economy.
- The list of the top 10 largest economies in the world is likely to grow more diverse in the coming decades.
largest Economies in the world by GDP, 2024
Belgium is a trade and transport hub that has a diversified economy with a mix of service, manufacturing, and high-tech industries. Because of its large population, India has the lowest per-capita GDP on this list. Throughout most of the world, countries’ GDPs fluctuate with the phases of different economic cycles, against a backdrop of longer-term economic growth over time. However, despite these ups and downs, the top economies as measured by GDP don’t budge easily from the positions that they hold.