South Korea entered the trillion-dollar club in 2004, propelled by international trade and industrialization. United kingdom U.K. Nominal GDP: $2.83 trillion – U.K. GDP (PPP): $3.04 trillion, 7. Back in 1980, Mexico was the 10th-largest economy, with a nominal GDP of $228.6 billion. The U.S. rate was 2.5% in 2019, with a projected increase of 1.7% in 2020. Seychelles drives its economy through tourism and has managed to maintain considerable growth within the last decade. 12. Brazil, Russia, India, China and South Africa (BRICS). However, it has charted impressive growth ever since. The top five are Switzerland (No. China 3. China is the second-largest economy of the world. France, constitutes the seventh largest and one of the fastest-growing economies in the world, as well as the third-largest economy of Europe and t, with a nominal GDP of $2.78 trillion. Saudi Arabia 19. In fact, the U.S. finished 2019 on top with an estimated $21.5 trillion nominal gross domestic product (GDP) and is expected to grow to $22.3 in 2020. 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 world total, percent. Russia Russia Nominal GDP: $1.64 trillion – Russia GDP (PPP): $4.21 trillion, 12. City Mayors list the richest cities in the world in 2020. Glo… The U.S. remains the world’s largest economy and this has been effective since 1971. Germany Germany Nominal GDP: $3.86 trillion – Germany GDP (PPP): $4.44 trillion, 5. Its GDP per capita at $3,871 is way higher than it was in 2000 at $857. The world economy is projected to grow at an average rate of just over 3% per annum from 2011 to 2050, doubling in size by 2032. France 7. Italy Italy Nominal GDP: $1.99 trillion – Italy GDP (PPP): $2.40 trillion, 9. 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. It is the home of multinational companies like multinationals like Samsung and Hyundai. The United Kingdom constitutes the sixth largest and one of the fastest-growing economies in the world, with a $2.83 trillion GDP. Indonesia forms part of the trillion-dollar club, with a nominal GDP of $1.02 trillion. Australia Australia Nominal GDP: $1.38 trillion – Australia GDP (PPP): $1.32 trillion, 15. Industry and services which contributes approximately 43% respectively to its output. With $490 bn, China will be the top contributor, followed by Egypt ($60 bn), Iran ($27 bn), Taiwan ($25 bn), Bangladesh ($15 bn), and Vietnam ($11 bn). The country offers a very high standard of living for its people, represented by the GDP per capita of $82,950.28, which is only behind Luxembourg. Back in 1980, the Netherlands was the 12th-largest economy globally. The analysis given below reveals that these economies are the engine of growth, commanding a majority of the global wealth. AMERICAN POPULATION BY RACE 2020. Members of the G-20 major economies are in bold. China Nominal GDP: $14.14 trillion – China GDP (PPP): $27.31 trillion China is the second-largest economy of the world. The IMF sees U.S. GDP at 2% in 2020, and will decline further to 1.7% in 2021. Malawi: $1,240: 7. In 2020 Asia’s GDP will overtake the GDP of the rest of the world combined. China China Nominal GDP: $14.14 trillion – China GDP (PPP): $27.31 trillion, 3. However, it is projected to soften to 4.2% in 2018 amid rising external debt, depreciating currency, rising inflation, and unemployment. Spain’s economy is characterized by the following; agriculture, production, and exportation of olive oil, pork and wine. The country possesses around 18% of the world’s proven petroleum reserves The economy showed recovery from the oil shock in 2016 with a 1.7% growth. The increasing importance of emerging markets has broad implications for the world’s allocation of consumer goods, investments, and environmental resources. 3. The 173 countries outside the top 20 make up less than a fourth of the total global economy. The Asian Century refers to the dominant role that Asia is expected to play in the 21st century due to its burgeoning economy and demographic trends. India India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion, 6. most developed countries in the world 2020 Rank Country Human Development Index (HDI) (value) 1 Norway 0.953 2 Switzerland 0.944 3 Australia 0.939 4 Ireland 0.938 5 Germany 0.936 6 Iceland 0.935 7 Hong Kong, China (SAR) 0.933 7 Sweden 0.933 9 Singapore 0.932 10 Netherlands 0.931 11 Denmark 0.929 12 Canada 0.926 13 United […] Over the past four decades, South Korea has witnessed plausible economic growth and global integration to become an industrialized economy. Japan GDP: $5.15 trillion- Japan GDP (PPP): $5.75 trillion, GDP per capita is $40,850, 4. South Korea 12. Now perhaps we can declare that they have emerged. … Young consumers represent substantial purchasing power, particularly for large items such as cars and appliances. The Netherlands constitutes the seventeenth-largest economy and one of the fast-growing economy of the world with a GDP of $189.49 billion. TOP 10 LARGEST ECONOMIES IN THE WORLD 2020. However, over the years, the role of services has gradually increased and that of manufacturing as a contributor to GDP has declined relatively. The size of its GDP in terms of purchasing power parity is $4.44 trillion, while its GDP per capita is $46,560 (18th place). The Central African Republic: $822: 3. India at $2.9 trillion in 2019 and an estimated $3.3 trillion in 2020. United Kingdom 8. The government has managed to use the revenue from tourism to move its population of approximately 95,500 (2018) towards upper-middle-income earners. The 1990s were a rough period for its economy since it inherited a devastated industrial and agricultural sector along with the fundamentals of a centrally planned economy. Mexico Nominal GDP: $1.27 trillion – Mexico GDP (PPP): $2.57 trillion. United States 2. Mexico 16.