To determine the top richest economies of the world we first need to find out the nominal Gross Domestic Product or GDP of the countries. A GDP of a country is equal to the total value of all the final products, services, and goods that are produced within a nation. It is a vital statistic that clearly shows whether an economy of the country is growing or contracting.
Though the order of the top 10 may shift a bit with the passage of time but the key players will always remain the same. As of 2017-2018, the top 10 richest economies of the world are listed below:
Below are the top 10 Richest Economies In The World in 2017-2018
With its $1.53 trillion economy power, Canada is considered as the tenth richest economy of the world in terms of GDP. It had a rapid growth in the oil, petroleum and manufacturing sectors and is highly service-oriented. Its GDP(PPP) per capita is around 46,239 dollars. Canada is one of the leading exporters of aircraft, plastics, motor vehicles and parts, timber, natural gas, industrial machinery, wood pulp, telecommunications equipment, chemicals, fertilizers, crude petroleum, electricity, and aluminum. Their main export partners are United States, Japan, China, Mexico, U.K, South Korea and India.
With it’s $1.77 trillion economies, Brazil is the world’s ninth largest economy in the term of nominal GDP, and also the fifth largest in term of PPP. It has a well-developed service sector, manufacturing sector, and agricultural sector, each contributing about 68%, 26%, and 6% respectively. Brazil is also one among the world’s fastest growing economies. The GDP per capita (PPP) of Brazil is $15,211. They mainly export transport equipment, coffee, iron ore, soybeans, footwear, oil, and automobiles. China, United States, Argentina, and Netherlands are the main export partners of Brazil.
Italy is the eighth largest economy in the term of nominal GDP. Its total GDP is 1.8 trillion dollars. It is one of the prominent economies of Europe but it is facing a very high employment crisis. The government is working and taking various measures to boost its economy power. The size of the PPP of Italy is about 2.22 trillion dollars. It mainly exports engineering products; vehicle’s; aircraft; electrical equipment; vessels; texture; base metals and steel; clothing and footwear; food and beverages; chemicals; precious metals; stone; paper; optical and medical apparatus; cement and glass products.
The world’s seventh largest economy is the economy of India. It has a nominal GDP of 2.25 trillion dollars and its PPP per capita is 6,658 dollars. As compared to other countries, India’s total GDP is mainly dependent on the agriculture. However, the increase in the service sector in recent years has now accounts to 57 percent of the total GDP. India has now become the largest growing economy in the world. The main exporting goods of the country are the software, leather, petrochemicals, agriculture, jewelry, textiles, engineering goods, pharmaceuticals, chemicals, ores, and transportation. Its main partners in the import and export business are European Union, United States, United Arab Emirates and Hong Kong.
With an economy of 2.48 trillion dollars, Japan ranks the world’s sixth largest economy in the term of GDP and the tenth in the term of PPP of 42,384 dollars. With a high living standard and low poverty rate, France is the world’s most visited country. It is one of the top importers and exporters in the world. The country mainly exports machinery, aircraft and equipment, plastics, beverages, chemicals, iron and steel, and pharmaceutical products. Their main export and import partners are Germany, Belgium, Italy, Netherlands, Spain and United Kingdom. As of 2016, the total FDI stock of France is 1.1 trillion dollars.
5. United Kingdom
With the size of 2.65 trillion dollars, the United Kingdom is the fifth-largest economy in the world in the term of GDP. Its PPP per capita is 42,513 dollars. It exports a vast range of products including the products related to agriculture, aerospace, Business and professional services, Construction, Consumer goods, Chemicals, Defence equipment, Entertainment, Education, Financial services, Food and beverages, Hospitality and leisure, Healthcare, Industrial equipment, Pharmaceuticals and biotechnology, Media, Telecommunications, Processed metals and many more. The main export partners of the country are China, U.S.A, France, Germany, Switzerland, Ireland, and Netherlands. The country mainly imports goods from Germany, Netherlands, France, China, and Belgium.
Germany is largest and strongest economy of Europe. On the world scale, Germany ranks number four in the world’s largest economy in the term of nominal GDP and fifth in the term of PPP. Its economy is widely known for its exports of vehicles, chemicals, machinery, and household equipment. The tot size of Germany’s nominal GDP is 3.49 trillion dollars. Their main export partners are United States, China, Netherlands, France, Italy, Poland, Switzerland, and Austria. Germany’s mainly imports products from The Netherlands, Belgium, China, Italy, United States, United Kingdom, Switzerland, Czech Republic and Austria. As of the records of 2016, its FDI stock is about $1.3 trillion.
With an economy of 4.93 trillion dollars, Japan ranks the world’s third largest economy in the term of GDP and the fourth largest in the term of PPP. Since 2008, the economy of Japan is facing hard times and with the same, the weak currency has added the strain of the economy. However, it still remains in the world’s top three economies. The main industries of Japan are the Motor vehicles industry, industries of Electronic equipment, Machine tools, ships, Steel and nonferrous metals, textiles, chemicals and processed foods.
Their main export partners are United States (20.2%), China (17.5%), South Korea (7.1%), Hong Kong (5.6%), Thailand (4.5%). Japan mainly imports petroleum, liquid natural gas, and clothing from other countries and their Main import partners are China, Australia, United states and South Korea.
In the terms of purchasing power parity(PPP), China is the largest economy in the world and with 15.26 trillion dollars, it is considered as the second largest in terms of GDP; according to the International Monetary Fund. It is an international hub of manufacturing a wide range of products and therefore is the world’s largest exporter of goods. The country mainly exports textiles, optical and medical equipment, iron and steel, Electrical and data processing equipment and a near about every single type of industrial products. Its main export partners are the United States, Japan, Korea and Hong kong. Some of the main manufacturing industries in China are of mining and ore processing of metals like iron, steel, aluminum etc, textiles, petroleum, cement, chemicals, footwear, fertilizers, toys, and electronics, food processing, transportation equipment, telecommunication and industrial equipment, commercial space launch vehicles, satellites etc. It also imports products from many countries and the main import partners are South Korea, Japan, United States, Taiwan, Germany, and Australia.
1. United States
In the terms of nominal GDP, the economy of the United States is the largest in the world. It has a total of 18.5 trillion dollars of the economy, which is approximately 25% of the total world product. It is an economic superpower which is highly forward and advanced in the terms of infrastructure and technology and has bountiful natural resources. Each of its industries is highly diversified and world leading. Some of its main industries are of petroleum, motor vehicles, steel, aerospace, electronics, telecommunication, arms industry, chemicals, consumer goods, mining, food processing and lumber. It has 1.1% of GDP in the agricultural sector, 19.4% in the industry and 79.5% in the service sector. Its main export partners are Canada, Japan, Mexico, and China. In terms of nominal PPP, the U.S. is the second largest after China.
There are a total number of 195 countries in the world. And these were the top 10 richest economies whose nominal GDP have added more than 66% of the total economy of the world. However, the top 15 altogether adds up to 75% while the rest other 180 countries constitute only 25% of the world’s economy.