The Largest Economies in the World
In terms of the largest economies in the world, it can be said that a major shift would be witnessed. In other words, there are chances that the United States would be overtaken by China in terms of the most powerful and largest economy. But here nothing can be said with certainty, as the dynamics which determine the rise of economies are changing at a rapid pace. Brazil has also overtaken France and United Kingdom, which is surely quite a surprise. France and UK used to be among the top 5 economies, but it all seems to be changing. The consumer markets in the first world and third world countries have also created a challenging situation, especially the ones found in China which are now ready to take control over the world economy. In terms of the nominal GDP approach, it can be seen that the developed world is in the lead, but who knows that the next largest economy would come from Asia. From the 1980-90, the European Union used to occupy the first place, followed by USA and Japan. But since 1990, it was the United States that took the lead and since then it has been at the number 1 spot. Although the United States is still leading, but it can be said that China is catching up at a pace like never before. In terms of the exchange rates, the global economic output has been expected to expand to nearly US $ 28.7 trillion. Having mentioned this, here we have the 5 largest economies in the world.
5. Germany
With a calculated GDP of about $ 3.57 trillion as of 2011, Germany holds the number 5 spot. Germany has been in the lead in terms of exporting chemical materials and machinery components. It is also said that the cars produced in Germany are the best in the world. The industrial sector is the one that offers the maximum contribution to the GDP of the country.
4. India
Do not be surprised to see India on the number 4th spot, as the country has indeed made a major progress in terms of outplaying the other economies of the region. The PPP of the country is about $ 4.710 trillion. The sectors which contribute the most towards the GDP include textile, services, retail, tourism, agriculture and mining.
3. Japan
The economy of the country is termed to be the 3rd largest in the world. As of 2012, the GDP of the country stands at 5.867 trillion according to different sources. The reported figures are expected to be different as some of the sources differ in terms of the estimates. The economy of the country has been in stagnation due to which it can be said that its position may fall down to India.
2. China
As of 2011 estimates, the GDP-PPP of China stands at $ 10.09 trillion due to which it has managed to gain the number 2 spot. It is also said that China is the winner in terms of the recession, as it was the one country that was the least effectuated due to the economic meltdowns that took place all over the world. It can also be said with some confidence that if the growth of the country continues, it will soon outplay the US economy. By the year 2020, a major change would be seen among the economies that would lead the world. The above figures have been reported by therichest.org.
1. USA
The United States of America has been on the number 1 spot for more than 20 years now. The economy of the United States has seen a number of ups and downs, but it has managed to maintain its mark out of all odds. The nominal GDP of the country, as of 2012, has been estimated to be about $ 15.8 trillion. The purchasing power parity of the country is also the largest in the world. Surely, the natural resources of the country are indeed rich. The same applies to the various services that are offered by the nation. It is also the 3rd largest producer in terms of oil and is the 2nd spot in terms of the production of natural gas. Moreover, the United States also happens to be the largest manufacturer in the world, as it comes to represent 1/5th of the total global manufacturing output. So, by far the United States remains the largest economy of the world.
