Economic Survey 2022: Exports to shoot up in ..
Jan 31 - 2022
Morgue Testing the US Economy
Countries by GDP
The different phases of economic cycles toss
economies around the world. However, it’s interesting to see that these top
economies don't budge easily from the positions they hold. When compared to the
top 20 economies of 1980, 17 are still present on the list, which means only
three new entrants.
In addition to the key players remaining
almost the same, this analysis reveals these economies are the engine of
growth, commanding a majority of the global wealth. The nominal GDP of the top
10 economies adds up to about 66% of the world's economy, while the top 20
economies contribute almost 79%.1 The remaining 173 countries
together constitute less than
one-fourth to the world's economy.
This list is based on the IMF's
World Economic Outlook Database, October 2019.
Nominal GDP = Gross domestic product, current
prices, U.S. dollars
GDP based on PPP = Gross domestic product,
current prices, purchasing power parity, international dollars
Gross domestic product per capita, current
prices, U.S. dollars
Gross domestic product based on
purchasing-power-parity (PPP) share of the world total, percent
1. United States
U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44
trillion
The U.S. has retained its position of being
the world's largest economy since 1871. The size of the U.S.
economy was at $20.58 trillion in 2018 in nominal terms and is expected to
reach $22.32 trillion in 2020. The U.S. is often dubbed as an economic superpower
and that's because the economy constitutes almost a quarter of the global
economy, backed by advanced infrastructure, technology, and an abundance of
natural resources.
When the economies are assessed in terms of
purchasing power parity, the U.S. loses its top spot to its close
competitor
China. In 2019, the U.S. economy, in terms of GDP (PPP), was at $21.44
trillion, while the Chinese economy was measured at $27.31 trillion. The gap
between the size of the two economies in terms of nominal GDP is expected to
lessen by 2023; the U.S. economy is projected to grow to $24.88 trillion by
2023, followed closely by China at $19.41 trillion.
