The financial health of a nation is measured by the GDP (Gross Domestic Product) which is the market value total of all the products and services that a country produces during a particular year. The real GDP aids in assessing the country’s economic health. Variations in the value of a country’s currency could result in different outcomes.
Here’s the most up-to-date list of the top 10 world economies:
1. United States
The true gross domestic product in the US is estimated at $20.94 trillion. The service sector in the US is more advanced and technologically advanced. It accounts for around 70% of total output. Therefore, the biggest corporations as well as the roles in the role played by companies offering its services within the areas of retail, technology and finance, and healthcare also have a major impact in the world scene.
It is true that the Chinese financial health has experienced a remarkable growth in the past few years. This has helped China to secure the sought-after second spot on the list of the top 10 global economies. The actual GDP of China as of 2020 is $14.72 trillion.
Based on the actual forecast of GDP according to the forecast of real GDP, according to the forecast for real GDP, Japanese economy currently ranks third with an estimate that is $5.05 trillion. In the 1960s the 70s and 80s Japan’s economy was expanding quickly. However, the country’s economic growth had declined after the period of 1990s. In the last decade, Japan has been doing the best it can to expand its economy.
With a GDP of $3.84 trillion Germany ranks fourth spot among the world’s top 5 financial healtharound the planet. Following a brief drop in 2009, the German economy was able to rebound by registering a 4.0 percent growth in the decade later. The years following saw the country achieving steady outcomes.
5. United Kingdom
The average annual growth rate of the GDP of the UK between 1999 to 2008 was 2.8 percent. The growth is likely to slow down because of an increase in private consumption as well as the lowering of fixed investment in the uncertainty caused by the BREXIT referendum. But, with a real gross domestic product of $2.76 trillion The UK will remain in its place in the top 10 countries around the globe.
Overtaking to the French financial health system, India sits at the sixth spot of the most affluent economies around the globe with a GDP real that is $2.66 trillion. The Indian economy is also the fastest growing economy in the world’s largest economies.
The estimate of France’s GDP is $2.63 trillion. Today, more than 70% of the country’s GDP is derived from the service industry. France is also the world leading country in the fields of aerospace, rail and automotive.
The third-largest economy of the European Union, Italy has an exceptionally developed market. It is also known for its prestigious and innovative business economics that is a thriving and productive agriculture sector. The actual GDP in Italy is estimated at $1.88 trillion, making it the eighth biggest economy in the world.
The GDP real of Canada is estimated to be $1.64 trillion, which makes Canada the ninth-largest economy on earth. While it remains at the 9th position in the world’s largest economic systems, Canada is just one position over South Korea.
10. South Korea
South Korea is a highly developed mixed economy that is the fourth largest economy in Asia. It is still one of the fastest-growing advanced countries around the globe, even after the Great Recession. Based on the GDP projection that South Korea’s South Korean economy ranks tenth with a value of $1.63 trillion.
The list was compiled using estimates that were compiled by the World Bank World Development Indicators (WDI) for 2020.