The gigantic economies of the world are bound to affect every tiny nation in the era of globalization. These economies hold enormous amount of wealth, the highest technocratic capabilities and highly skilled manpower. The largest corporations in various feilds, with their billionare founders, are found here as well. Also, their role as the largest economies, is vital to keep the entire world in balance. It takes both, a dedicated government and a competetive market, to produce such impressive GDP numbers.
So, Let’s have a look at the World’s Top 10 Largest Economies, ranked on the basis of their nominal GDPs:-
GDP: $1.55 trillion ; Share of world’s total GDP :2.1%
Canada or as for Indians the country of NRI Punjabis, is the 10th largest economy in the world.(Wise choice, Punjabis). This economy that is highly globalized, is ranked above US and most western European economies on the Heritage Foundation’s index of economic freedom. It is counted amongst the world’s top 10 trading nations as well. Canada has a 13% share of global oil reserves, which makes it the world’s third-largest shareholder of oil reserves after Venezula and Saudi Arabia. Highly rich in minerals and forestry, Canada entails to be the leading exporter of zinc, Uranium, gold, nickel, Aluminium, steel, iron ore, cooking coal and lead. The 3 largest cities in Canada are Toronto, Montreal and Vancouver where average household disposable income per capita is over US$23,900, that is higher than OECD countries on an average. Leading with a strong trading market, the Toronto Stock Exchange is the seventh largest stock exchange in the world (in terms of market capitalization).
GDP: $1.77 trillion; Share of world’s total GDP: 2.4%
Brazil is not just about Rio de Janerio and its extravagant carnivals and beaches, it is also the 9th largest economy in terms of nominal GDP, also 5th largest in terms of both area and population all over the world. Identified as an emerging powerful nation, it has well maintained being the largest producer of coffee over the past 150 years. Brazil is a highly competent nation, having the fourth largest car market in the world and being a major exporter of products that include aircrafts, automobiles, ethanol, textiles, footwear, iron ore, steel, coffee, orange juice, soyabeans and corned beef, thus as a result Brazil ranks 23rd on the list for its value of exports. Tourism in Brazil is a profit-making sector and it created history with a record of 5.4 million visitors and made $6.8 billion in receipts for tourism in 2011.
GDP: $1.82 trillion; Share of world’s total GDP: 2.5%
Italy has come a long way from the rich legacies of the ancient empires, to presently being the 3rd largest developed economy of Europe and the 8th largest economy in the world. It holds the top notch position of the world’s largest wine producer. A largely industrialized nation, Italy ranks 6th on the maunufacturing scale, 7th on the Exporting scale, 6th in terms of tourism revenue and is the 5th most visited nation all over the world. It is also home to the highest number (51) of UNESCO world heritage sites. The city of Milan in Italy is the fashion and design capital of the world and hosts the Internationally famous Milan Fashion week.
GDP: $2.25 trillion; Share of world’s total GDP: 2.99%
Here comes the moment of being a fellow Proud Indian, as India ranks 7th amongst the largest economies not only in terms of area but also by its GDP. India has certainly marked its position on the globe by being the fastest-growing economy of the world after overtaking China onto the first spot. With a strong domestic market base, that is eleventh largest in the world, India thrived out of the 2008 financial crisis and fared better than its developed counterparts. India is leading with a Growth rate of 7.6% as of 2015.
GDP: $2.48 trillion; Share of world’s total GDP: 3.31%
First on every romantic person’s vacation list has to be the city of love, Paris, which undoubtedly makes France the highest ranking tourist destination all over the world, engrossing the nation over more than 83 million visitors annually. France provides a huge single market to entire Europe with a consumer base that is over and above 500 million. With an equally strong manufacturing and production base, the nation ranks sixth on the list of top most exporters of the world. Internationally known for its processed foods and not to forget Champagne that originates from northeastern France, is consumed as a luxury good worldwide. France has also been one of the largest producers of Electricity since the early 2000s.
5. United Kingdom(Britain)
GDP: $2.89 trillion; Share of world’s total GDP: 3.9%.
Recently been through a major change in the Economy that changed history for this nation was, ‘A refrendum in favour of BREXIT’, yet The United Kingdom still holds on to be the 5th largest economy in the world. Though the United Kingdom was the pioneering nation for the Industrial revolution, yet, today its manufacturing sector merely contributes only around 16.7% to the GDP. Nevertheless, the nation reaps most of its revenues from the service sector that contributes to 73% of its GDP. The city of London has the largest GDP amongst all the cities of Europe and is recognised as one of the world’s largest Financial center. Also, UK’s Pharmaceutical industry is the third largest share holder of global Pharmaceutical R&D expenditures.
GDP: $3.49 trillion, Share of world’s total GDP: 4.65
This country hails as the second most popular immigrant destination of the world since it is the fourth largest economy in the world. The major cities here are Berlin its capital, Frankfurt, Hamburg, Munich and cologne. Germany is a Social market economy, unlike other mixed economies on this list and is equipped with Labour power that marks the highest levels of productivity in the world. This nation has the lowest youth unemployment rate amongst all European nations. Along with supreme quality of labour power, the nation also excels at innovating, with the automotive industry being one of the most competetive and innovative industry across the globe.
GDP: $4.73 trillion, Share of world’s total GDP: 6.29%
Home to one of the world’s most technologically advanced motorvehicles, electronics, ships, textiles etc, ranking sixth on the Global Competetiveness Index 2015-16, is the world’s third largest Economy, Japan. ‘Toyota’ a Japanese company is the world’s largest automobile company, and as a whole Japan ranks as the world’s third largest automobile producer. 75% of Japan’s economy is based in the service sector, with multinational corporations such as Mitubishi UFJ, NTT, Mitsui Sumitomo, Softbank and Japan Airlines being some of the largest MNCs in the world.
GDP: $11.39 trillion; Share of World’s total GDP: 15.1%.
The world’s most populous country has grown leaps and bounds since the reforms of 1978 and is today a success story standing tall as the world’s second largest economy. This communist nation, is the world’s largest exporter and simultaneously, world’s second largest importer too. The fact that China dominates over the globe, is also because it possesses the largest army in the world. It is also the world’s largest consumer of energy.
1. United States
GDP: $18.56 trillion; Share of world’s total GDP: 24.7%
The Ultimate leader of the world, The United States of America. USA recieves the largest number of immigrants all over the world, making it the third most populuous country all over the world. The United States is Leader in Research and development, technological innovations across the world. It is also the world’s largest importer and the second largest exporter of goods and services. It is an industrial powerhouse, leading in production and manufacturing of chemical products, Oil, electrical and Nuclear energy and Liquified natural gas. New york, the largest and most populous city of US holds the entire Financial world at its center.