largest economy in the world

"Brexit: All you need to know about the UK leaving the EU," Accessed September 19, 2020. 4. Accessed Dec. 23, 2020. The United States of … Germany. GDP (nominal, 2017) GDP (abbrev.) CIA World Factbook. India. China and India were the largest economies in the world before the mid-19th century due to their large populations. Dollars: $33,228, 2019 Nominal GDP in Current U.S. Canada's free trade relationship with the U.S. means that three-quarters of Canadian exports head to U.S. market each year. It uses so-called international dollars to make better comparisons among countries. Dollars: $448.12 billion, 2019 PPP Adjusted GDP in Current International Dollars: $1.08 trillion, 2019 Nominal GDP Per Capita in Current U.S. Many states already have economies that are comparable to some of the world’s largest countries, giving you a sense of what they might be … In the wake of these events, Brazil instituted a series of major economic reforms intended to rein in public spending and debt, invest in energy infrastructure, lower barriers to foreign investment, and improve labor market conditions., Canada had $1.74 trillion in GDP in 2019, rounding out the top 10 economies in the world by GDP. Canada has a well developed energy extraction sector, with the world's third largest proven oil reserves. 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 U.S. has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. Further down the list, Indonesia, one of the three aforementioned newcomers to the list, vaulted forward from 27th largest economy in 2000 to 16th in 2019, while Nigeria leapt from 46th place all the way to 25th., While 2019 is the most recent annual data available for these countries, the COVID-19 pandemic has had a major impact on economies across the world. Accessed Dec. 23, 2020. Dollars: $42,330, 2019 Nominal GDP in Current U.S. Dollars: $52,331, 2019 Nominal GDP in Current U.S. CIA World Factbook. The official name is "Macao SAR" in IMF's report. The Industrial Revolution added productivity to the equation, and the United States became the world’s largest economy by 1890. CIA World Factbook. Its low fertility rate makes replacing its aging workforce more difficult and its high levels of net immigration put strain on its social welfare system., India is the fifth largest economy in the world, with a GDP of $2.87 trillion in 2019, more than 4% higher than in 2018. Accessed Dec. 23, 2020. However, with global environmental concerns driving increasing interest in developing non-fossil fuel energy sources, the Saudis are looking to diversify their economy by encouraging more private investment in healthcare and other service industries. While its agricultural sector makes up about 10% of its economy, it employs about 30% of its workers., Sweden, with a GDP of $530.88 billion, is the 23rd largest economy in the world. Sweden is a competitive economy with a high standard of living and a mix of free-enterprise alongside a generous social welfare state. There is a discrepancy between the data for China given by IMF's World Economic Outlook (October 2020) database and the same data given by IMF's DATAMAPPER; the number here is from the former source. Dollars: $65,298, 2019 Nominal GDP in Current U.S. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange ratesof the cou… Accessed Dec. 23, 2020. It also has a large agricultural sector that makes it a major exporter of coffee and soy beans. CIA World Factbook. Accessed Dec. 23, 2020. Dollars: $15,693, 2019 Nominal GDP in Current U.S. In some contexts, the two terms … Dollars: $31,846, 2019 Nominal GDP in Current U.S.: $1.40 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $1.36 trillion, 2019 Nominal GDP Per Capita in Current U.S. There is a slight contradiction in terms of economic well being of the country when compared to the majority of people, however. "UNITED STATES." In 2019, the nominal GDP of the US is expected to exceed USD 21 trillion. However, there is still heavy government involvement in certain key sectors such as defense and electrical power generation. 5. It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles. Dollars: $703.08 billion, 2019 PPP Adjusted GDP in Current International Dollars: $608.72 billion, 2019 Nominal GDP Per Capita in Current U.S. Coupled with an industrial policy that encourages domestic manufacturing, this has made China the world's number one exporter. 2020Q2 … "INDIA." The Biggest Economies in the World Looking at global GDP at constant 2017 prices, but adjusted for purchasing power/cost of living, China was … Dollars: $1.39 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $1.99 trillion, 2019 Nominal GDP Per Capita in Current U.S. Fell Short of Saudi Prince’s Wish. 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. Germany, however, faces some demographic challenges to its economic growth. CIA World Factbook. United States. The current size of the U.S. economy is estimated at $22.32 trillion in nominal terms. GDP Growth: This is the annual percent growth rate of nominal GDP in local prices and currencies, which estimates how fast a country's economy is growing. With this progress however, South Korea also now faces some of the same challenges that many other advanced economies are dealing with, including slower growth and an aging workforce., Australia is the 13th largest economy in the world with a GDP of $1.40 trillion in 2019. Australia combines a relatively open domestic economy with an extensive network of free trade arrangements with trading partners all around the Asia-Pacific Rim. Many major U.S. manufacturers have integrated supply chains with counterparts or operations in Mexico. In those days, economic output was a function of the population rather than productivity. Japan has also struggled with a rapidly aging population., Fourth among world economies is Germany, with a GDP of $3.86 trillion. Thailand is highly dependent on exports, which account for about two-thirds of its GDP. However, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia's rising economy., The Netherlands stands as 17th largest economy in the world, with a GDP of $907.05 billion. The Netherlands is a major commercial transportation hub with some industrial manufacturing as well as petroleum extraction and processing. Liberalization of India's economy since the 1990's has boosted economic growth, but inflexible business regulation, widespread corruption, and persistent poverty pose challenges to ongoing expansion., The United Kingdom has the 6th largest economy in the world. 2020 marks the start of the first decade where the U.S. does not have the largest economy in the world ($22.32T). The official name is "Taiwan Province of China" in IMF's report. GDP (PPP): $20.28 trillion. "RUSSIA," Accessed September 20, 2020. The U.S. economy represents about 20% of total global output, and is still larger than that of China. CIA World Factbook. Brazil emerged from a severe recession in 2017 and along the way suffered a series of high level corruption scandals. Italy and Russia complete the top five of Europe with economies worth $1.8 trillion and $1.5 trillion respectively. China (GDP: $14.17 trillion) China, though the second-largest economy in the world, is still … U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion. By nominal GDP, The USA is the biggest economy in the world, followed by China and Japan. Accessed Dec. 23, 2020. Sweden has taken in a large number of new immigrants and so faces a short-to-medium term challenge with integrating them into Swedish society and its labor market., Belgium's 2019 GDP was $533.10 billion making it the 24th largest world economy. Belgium is a trade and transport hub that has a diversified economy with a mix of services, manufacturing, and high tech industry. Dollars: $10,262, 2019 Nominal GDP in Current U.S. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. The U.S. … Thailand also has a substantial international tourism industry. "CHINA." However, it's interesting to see that despite these ups and downs, the top economies as measured by GDP don't budge easily from the positions they hold. However, inefficient legal and regulatory structures and an aging population are challenges for Poland's ongoing growth in the future., Thailand is the 22nd largest economy in the world with a $543.55 billion. The Thai economy enjoys relatively high quality infrastructure as well as pro-free enterprise and pro-investment policies. Dollars: $23,140, 2019 Nominal GDP in Current U.S. The U.S. economy features a highly-developed and technologically-advanced services sector, which accounts for about 80% of its output. CIA World Factbook. World Bank. "AUSTRALIA." Dollars: $40,247, 2019 Nominal GDP in Current U.S. GDP (nominal): $21.43 trillion. Dollars: $595.86 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.31 trillion, 2019 Nominal GDP Per Capita in Current U.S. China extends stimulus measures for small businesses — a sign the recovery is not yet complete, Brexit: All you need to know about the UK leaving the EU, How Aramco’s Huge I.P.O. (It’s expected to pass China in 2026) For countries by GDP based on purchasing power parity, see. "SWITZERLAND." Accessed Dec. 23, 2020. United States of America. Bangladesh is the fastest growing economy with 3.80%, followed by Egypt, China, Vietnam, and Taiwan. Accessed Dec. 23, 2020. "THAILAND." It had a GDP of $2.83 trillion in 2019, up 1.4% from the prior year. The U.K. economy is driven by its large service sector, particularly in finance, insurance, and business services. While oil dominates in terms of contribution to GDP and exports, between a fifth and a half of Nigerians work in agriculture, mostly small-scale subsistence agriculture. After the Lost Decade of the 1990's and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of Prime Minister Shinzo Abe. World Bank. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. "FRANCE." Investopedia requires writers to use primary sources to support their work. Data are for the area controlled by the Government of the Republic of Cyprus. Yes, On a Relative Basis", "5 Most Powerful Economic Empires of All Time", "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition", "World Economic Outlook Database, April 2019", "United Nations Statistics Division - National Accounts", "All countries and regions/subregions (totals) for all years - sorted by region/subregion", List of top international rankings by country, Number of broadband Internet subscriptions, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_GDP_(nominal)&oldid=998417836, Wikipedia indefinitely semi-protected pages, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 5 January 2021, at 08:22. "POLAND." GDP is popularly used to estimate the size of a country's economy. The nation's extensive trading relationship with continental Europe have been greatly complicated by the resolution of Brexit subsequent to the 2016 vote to leave the European Union. As of Jan. 31, 2020 the U.K. is officially not a member of the E.U., but contentious negotiations over trade relations between the two are still ongoing., France had a GDP of $2.72 trillion in 2019, ranking seventh in the world. Tourism is an important industry and France receives the most visitors of any country each year. Dollars: $2.00 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $2.67 trillion, 2019 Nominal GDP Per Capita in Current U.S. "BRAZIL." CIA World Factbook. [3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. Were it a sovereign nation, Texas would have the 10th-largest economy in the world. "BELGIUM." Dollars: $11,585, 2019 Nominal GDP in Current U.S. Dollars: $2,230. Accessed Dec. 23, 2020. The United States' economy is the largest in the world as measured by nominal GDP. "World Development Indicators." 2. The offers that appear in this table are from partnerships from which Investopedia receives compensation. First place belongs to China by a long shot ($29.47T). CIA World Factbook. Accessed Dec. 23, 2020. Dollars: $1.27 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $2.63 trillion, 2019 Nominal GDP Per Capita in Current U.S. India is a major exporter of technology services and business outsourcing, and the service sector makes up a large share of its economic output. The World Bank. Peru has the lowest growth rate of -13.94%, followed by Spain. Nigeria's economy has grown rapidly in the past decades, but it also faces significant challenges such as desertification, lack of infrastructure, and government corruption. . The United States, the world’s largest economy with a nominal GDP of $21.44 trillion, constitutes one-fourth of the world economy. The CEBR said departure from the EU would not prevent the UK – likely to be the world’s fifth biggest economy in 2020 – from being one of the better performing economies … List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, List of countries by past and projected GDP (nominal), List of countries by past and projected GDP (PPP), "World Economic Outlook Database, October 2020", "What is GDP and why is it so important? Animation: The 20 Largest State Economies by GDP. However, Japan is poor in natural resources and dependent on energy imports, especially after the general shutdown of its nuclear power industry following the 2011 Fukushima disaster. BBC News. Is the US a Market Economy or a Mixed Economy? CIA World Factbook. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. The New York Times. The Korean won (KRW) is the national currency of South Korea. Dollars: $29,600, 2019 Nominal GDP in Current U.S. The United States is often seen as an economic superpower and that’s because the ec… Accessed Dec. 23, 2020. You can learn more about the standards we follow in producing accurate, unbiased content in our. The aggregate global GDP was US$ 88 trillion according to howmuch.net. Among the top 10 largest economies, China is the only economy with a positive gdp growth rate, followed by Korea with the 2nd best figure of -1.88%. CIA World Factbook. Gross domestic product (GDP) is an estimate of the total value of finished goods and services produced in a country's borders during a specified period, usually a year. "UNITED KINGDOM." Dollars: $2.83 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.25 trillion, 2019 Nominal GDP Per Capita in Current U.S. CIA World Factbook. Accessed Dec. 23, 2020. Germany is also Europe's largest economy. Germany is a top exporter of vehicles, machinery, chemicals, and other manufactured goods, and has a highly skilled workforce. Japan. Dollars: $2.87 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $9.56 trillion, 2019 Nominal GDP Per Capita in Current U.S. CIA World Factbook. With annual growth that consistently outpaces the U.S., China may be on track to become the largest economy in the world by nominal GDP in the years to come., As China has progressively opened its economy over the past four decades economic development and living standards have greatly improved. "Nigeria: Economy." Dollars: $9,846, 2019 Nominal GDP in Current U.S. This article mentions several popular ways to measure GDP, all of which are drawn from the World Bank database: Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars unless otherwise specified. Accessed Dec. 23, 2020. Many major Japanese businesses are organized as networks of interlinked companies known as Keiretsu. United States. Canada's close ties to the U.S. mean that it has developed largely in parallel to the world's largest economy., Russia is the world's 11th largest economy, with a GDP of $1.70 trillion as of 2019, 1.3% higher than in 2018. Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. US continued to lead at $21.43T, about 50% larger than the next biggest, China at $14.34T. The magazine expects India to rise to fifth place in 2019 from seventh, and France to remain at sixth. Accessed Dec. 23, 2020. While many economies have begun to recover in the third quarter of 2020, most have not yet recovered to pre-pandemic GDP levels. For the third year in a row, China was the world's largest economy in 2019. Dollars: $2,100, 2019 Nominal GDP in Current U.S. Accessed Dec. 23, 2020. Accessed Dec. 23, 2020. Dollars: $3.86 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.68 trillion, 2019 Nominal GDP Per Capita in Current U.S. Germany. "Value Added by Industry." Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo, the State of Palestine and Taiwan) are included in the list in cases in which they appear in the sources. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Everything is made in China, including substantial amounts of money. "GDP, PPP (current international $)." The official name is "Hong Kong SAR" in IMF's report. Its GDP crossed the $5 trillion mark in 2019. Strong co-operation between government and industry and advanced technological know-how have built Japan's manufacturing and export-oriented economy. Dollars: $792.97 billion, 2019 PPP Adjusted GDP in Current International Dollars: $1.68 trillion, 2019 Nominal GDP Per Capita in Current U.S. In the event that you are wondering which richest countries in the World are in the … CIA World Factbook. Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, and well as petroleum and agricultural products. "JAPAN." 1. Accessed Dec. 23, 2020. "CANADA." Dollars: $5.08 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $5.49 trillion, 2019 Nominal GDP Per Capita in Current U.S. "The World Bank in Nigeria." Dollars: $530.88 billion, 2019 PPP Adjusted GDP in Current International Dollars: $574.13 billion, 2019 Nominal GDP Per Capita in Current U.S. The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The nominal GDP of Japan for the year 2020 is $5.15 trillion. Dollars: $40,494, 2019 Nominal GDP in Current U.S. By 2030, India will be the second largest economy in PPP terms according to many different models – and by then, it will also be the most populous country in the world as well. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. "How Aramco’s Huge I.P.O. Dollars: $9,127, 2019 Nominal GDP in Current U.S. The United States has the largest economy in the world with a nominal GDP of $20.4 trillion according to the International Money Fund. It contributed $22.5 trillion, or 17.3%, of the world's $130 trillion in gross domestic product (GDP), according to estimates by the World Bank. "TURKEY." Poland's business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. "GDP (current US$)." [12], Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output. Dollars: $4,136, 2019 Nominal GDP in Current U.S. The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty around Turkey's economic future in recent years., The Alpine nation of Switzerland had a GDP of $703.08 billion in 2019, making it the 20th largest economy in the world. Switzerland has a large service sector, including financial services, and a high tech manufacturing sector served by a highly skilled labor force. While in pure numerical output China is among th… "SPAIN," Accessed September 20, 2020. Japan. Tiger Cub economies refer to the rapidly developing countries in Southeast Asia, including Indonesia, Malaysia, Philippines, Thailand and Vietnam. 3. The French government's commitment to economic intervention in favor of social equality also creates some challenges for the economy such as a rigid labor market with high unemployment and a large public debt relative to other advanced economies., The world's eighth largest GDP belongs to Italy at an even $2.00 trillion, up 0.3% from 2018. The eurozone's third largest economy, Italy's economy and level of development vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions. Dollars: $543.55 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.34 trillion, 2019 Nominal GDP Per Capita in Current U.S. Accessed Dec. 23, 2020. "MEXICO." CIA World Factbook. China is a notable exception, and it's currently on track to be the only major economy to end 2020 with a larger GDP than it started with.. The Top 20 Economies in the World. CIA World Factbook. These include white papers, government data, original reporting, and interviews with industry experts. Accessed Dec. 23, 2020. [4], Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. China and India moved up into second and fifth place respectively, having been in sixth and 13th place in 2000. CIA World Factbook. "GERMANY," Accessed September 19, 2020. Dollars: $2.72 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.32 trillion, 2019 Nominal GDP Per Capita in Current U.S. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion The U.S. remains the world’s largest economy and this has been effective since 1971. Accessed Dec. 23, 2020. China, which used to be neck and neck with India around 40 years ago, is… "NETHERLANDS." "GDP growth (annual %)." Indonesia has an institutional cap on its national budget deficit, at 3% of GDP, which has led to its relatively low debt burden and investment-grade credit rating. The Netherlands has a large financial services sector, with assets four times the size of Dutch GDP., Saudi Arabia had a GDP of $792.97 billion in 2019, the 18th largest in the world. The Saudi economy is heavily based on oil, and it's the world largest oil exporter. Before this decade, the U.S. consistently had the largest economy in the world for the last 40 years, growing from $2.86T in 1980 to a projected $23.18T next year. The United States remains the world’s largest economy, but China is expected to take first place by 2032. This is based on the previous analysis and the expected developments over the years. Accessed Dec. 23, 2020. China has now displaced the U.S. to become the largest economy in the world. "World Development Indicators." Dollars: $761.43 billion, 2019 PPP Adjusted GDP in Current International Dollars: $2.35 trillion, 2019 Nominal GDP Per Capita in Current U.S. As a leading exporter of oil and gas, as well as other minerals and metals, Russia's economy is highly sensitive to swings in world commodity prices., South Korea, with a GDP of $1.65 trillion in 2019, is the 12th largest world economy. South Korea's economy is a 20th century success story that is today firmly established as an advanced, industrial economy. The Saudi government owns and operates much of the country's major industry through its oil company Aramco. Accessed Dec. 23, 2020. It was the largest from 2004, when ten countries joined the union,[18] to 2014, after which it was surpassed by the United States.[19]. The nominal … Dollars: $46,195, 2019 Nominal GDP in Current U.S. Bureau of Economic Analysis. CIA World Factbook. Accessed Dec. 23, 2020. 2019 Nominal GDP in Current U.S. It has recovered in recent years as moderating inflation and labor costs have encouraged foreign investment and increased the competitiveness of Spain's exports, including manufactured machinery and foodstuffs. That said, there have been some big movers within the list. "SWEDEN." "INDONESIA," Accessed September 21, 2020. We also reference original research from other reputable publishers where appropriate. GDP (PPP): $19.39 trillion. Dollars: $1.74 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $1.93 trillion, 2019 Nominal GDP Per Capita in Current U.S. The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, exchange of financial values and trade of goods and services. Political instability has hindered the government's ability to sustain further economic reforms, however., Mexico's GDP was $1.27 trillion in 2019, making it the 15th largest economy in the world. Over the past three decades, Mexico has emerged as a manufacturing economy under a series of free trade arrangements with the U.S., Canada, and 44 other countries. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports (exports minus imports). [13][14] Since China's transition to a market-based economy through controlled privatisation and deregulation,[15][16] the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016 as economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016. Fell Short of Saudi Prince’s Wish." China takes up the second spot with a nominal GDP of 14 trillion USD. CIA World Factbook. CIA World Factbook. Dollars: $1.70 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.28 trillion, 2019 Nominal GDP Per Capita in Current U.S. Nominal GDP: $19.39 trillion. Despite these advantages, China faces some significant challenges such as a rapidly aging population and severe environmental degradation., Japan is the third largest economy in the world. Other resource extraction industries, such as coal, tin, and other metal mining, are also important to the Nigerian economy. Encyclopedia Britannica. CIA World Factbook. The official name is "West Bank and Gaza" in IMF and World Bank reports. However, it has also left Australia vulnerable to swings in world commodity demand and prices in energy (coal and natural gas), metals (iron ore and gold), and agricultural products (beef and sheep products)., Spain had a GDP of $1.39 trillion in 2019, making it the 14th largest economy in the world by GDP. Spain's economy suffered severely during the Great Recession, with unemployment soaring above 25% and a rising national debt despite attempts at fiscal austerity. Dollars: $533.10 billion, 2019 PPP Adjusted GDP in Current International Dollars: $630.53 billion, 2019 Nominal GDP Per Capita in Current U.S. 1. World Bank. Dollars: $1.84 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.23 trillion, 2019 Nominal GDP Per Capita in Current U.S. "KOREA, SOUTH." By 2050, India is projected to be the world’s second-largest economy (overtaking the United States) and will account for 15% of the world’s total GDP. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. The United States has been the world’s largest economy since 1871. Dollars: $81,994, 2019 Nominal GDP in Current U.S. Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the U.S. economy is still the largest in the world with a nominal GDP forecast to exceed USD 21 trillion in 2019. [6], The United States is the world's largest economy with a GDP of approximately $20.513 trillion, notably due to high average incomes, a large population,[7] capital investment, low unemployment,[8] high consumer spending,[9] a relatively young population,[10] and technological innovation. ", "A Beginner's Guide to Purchasing Power Parity Theory", "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia", "Purchasing Power Parity: Weights Matter", "Gross Domestic Product: An Economy's All", "The World's Richest Countries and Biggest Economies, In 2 Graphics", "An Elusive Relation Between Unemployment and GDP Growth: Okun's Law", "America The Youthful? This number represents about a quarter of the global economy. , and automotive production research from other reputable publishers where appropriate their largest economy in the world populations largest exporter. Leaving the EU, '' Accessed September 20, 2020 the Covid-19 pandemic this has made China the world s!, most have not yet complete. chains with counterparts or operations in Mexico %, followed by Egypt China. 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