The Top 15 Economies in the World

The economy is one of the most important factors to consider when looking at a country’s potential for growth. The GDP or Gross Domestic Product metric estimates how extensive an entire nation’s production capabilities are in comparison with other countries around them and can be used as another way to determine if trade agreements will ultimately benefit or harm individual businesses within those economies.

 

1. the United States

• 2020 Nominal GDP in Current U.S. Dollars: $20.89 trillion
• 2020 GDP Growth: -3.6%

The United States economy is the largest in terms of nominal GDP. The most significant contributor to that statistic is service industries like finance, real estate, and insurance, which make up around half or more than 50% percent each time measured by value added at factor costs pustules wages paid out over total expenses incurred on production inputs alone (PPT). 

The country has an open/free trading system where businesses can invest freely without restrictions from either government entities or competing entrepreneurs trying to get ahead locally and abroad- this means there’s plenty of opportunity for FDI coming into America. 

 

2. China

• 2020 Nominal GDP in Current U.S. Dollars: $14.72 trillion
• 2020 GDP Growth: 2.3%

 

China is making a strong case for becoming the world’s next superpower. The country has been growing faster than any other nation in recent years. It may soon overtake America as having both an economy and population- so what will this mean? Whether you’re Chinese or not, there are some things worth knowing about how your life could change if China becomes larger than us!

In China, the government has progressively opened its economy over four decades, and economic development continues to improve living standards. As collectivized agriculture is phased out in favor of market prices with greater autonomy for businesses coupled with an industrial policy encouraging manufacturing, this makes them one-of-a-kind exporters globally.

The rise from poverty that was once unimaginable just ten years ago can now be seen every day across town because they’re making their way happen – no longer relying on anyone else but themselves!

China is facing some issues in its economy, specifically regarding its aging worker population. Due to the one-child rule, not enough children are in China to support the section of the workforce looking to retire shortly.

3. Japan

• 2020 Nominal GDP in Current U.S. Dollars: $5.06 trillion
• 2020 GDP Growth: -4.6%

Japan is an economic power player on the world stage. With an economy more significant than many countries, Japan’s GDP crossed $5 trillion in 2019, and it continues to grow every year with its advanced manufacturing techniques that have made them one of America’s top export partners for decades now! Many major Japanese businesses are organized through networks called keiretsu, which combine government cooperation and industry collaboration—a perfect example being Sony Corporation (which owns a 35% stake). Similar to China, Japan also struggles with an aging population.

4. Germany

• 2020 Nominal GDP in Current U.S. Dollars: $3.85 trillion
• 2020 GDP Growth: -4.6%

The German economy is the fourth largest in the world, with a 2020 GDP estimate of $3.85 trillion, and it’s also Europe’s largest! Germany faces some demographic challenges to its economic growth like low fertility rates and high levels of immigration that strain the social welfare system. However, they have made progress by repairing these problems one step at a time, making their country more vital than ever.

 

5. United Kingdom

• 2020 Nominal GDP in Current U.S. Dollars: $2.76 trillion
• 2020 GDP Growth: -9.7%

The United Kingdom has a large and diverse economy. The fifth largest on earth, it’s driven by its service sector – specifically financial services, as well as insurance companies that rely heavily upon international trade with Europe to generate revenue but face an uncertain future due to the country’s impending departure from both entities following last year’s vote, leave Campaign 2016

Brexit negotiations have proved complicated because two sides want different things: those wanting close ties like access or tariff-free commerce. In contrast, others only wish for limited association rather than full membership, which would require significant integration into European Union law-making.

 

6. India

• 2020 Nominal GDP in Current U.S. Dollars: $2.66 trillion
• 2020 GDP Growth: -7.3%

India is a developing country with one of the lowest per capita GDPs in our ranking. It has more than half as many people living on less than $2/day, which means their needs come first before those from other countries who may have higher incomes but lack essential resources such that India’s population density makes it difficult for them to achieve economic progress without assistance. India’s transformation into an economic powerhouse since the 1990s has been one of Asia’s most remarkable success stories. But despite this, many obstacles are still standing in its way from achieving even greater heights – such as limited business regulation and widespread corruption that plagues society at large.

7. France

• 2020 Nominal GDP in Current U.S. Dollars: $2.63 trillion
• 2020 GDP Growth: -7.9%

France is one of the most visited countries in Europe. Tourists come from all over because they know this beautiful place offers something special – like great food or world-class culture (or both). The French economy has been growing for years and is seventh-largest, with a GDP worth 2 trillion dollars!

France is a mixed economy that has many private and semi-private businesses across the spectrum of industries. However, there’s still heavy government involvement in specific critical sectors like defense or electrical power generation with their commitment to economic intervention for social equality creating some challenges such as an inflexible labor market and high unemployment rates due to one of the lowest labor participation rates among developed countries.

 

8. Italy

• 2020 Nominal GDP in Current U.S. Dollars: $1.89 trillion
• 2020 GDP Growth: -8.9%

In 2020, Italy’s total GDP was $1.89 trillion, with an 8% decrease from 2019 – making it the world’s eighth largest economy and third in the European Union after Germany & France! The northern region has a more developed industry. At the same time, southern areas remain underdeveloped due to low productivity levels (high youth unemployment), inefficient courts/legal system combo, and weak banking sector, which all contribute to sluggish economic growth.

9. Canada

• 2020 Nominal GDP in Current U.S. Dollars: $1.64 trillion
• 2020 GDP Growth: -5.3%

The Canadian economy is the world’s ninth most extensive, with $1.64 trillion in GDP and third-largest proven oil reserves behind Saudi Arabia and Russia. Canada also boasts an impressive manufacturing sector that utilizes 75% of all its exports yearly–primarily to America (76%). 

This free trade relationship has been crucial for businesses that can sell their goods across both countries without paying customs fees or taxes by being practiced into different markets but still having access through one another’s ports/airports.

10. South Korea

• 2020 Nominal GDP in Current U.S. Dollars: $1.64 trillion
• 2020 GDP Growth: -0.9%

The economy of South Korea has been one successful story since the 20th century. With a GDP worth $1.64 trillion in 2020, it is now considered an advanced industrial country. It continues its strategy by exporting many products such as electronics or vehicles to other countries around them, which helps contribute much to its success today.

A little over 50 years ago, during the Japanese occupation from 1910-1945; however, there were not any significant economic developments happening within this region until after World War II, when they became free again under international law with help from America, allowing access to raw material supply while also providing technological advancements so people could produce more goods than ever before making sure all corners had enough food supplies thanks mainly because of great tactics like “export-led growth.”

 

South Korea has been making progress in economic development. Still, they now face some of the same challenges that many other advanced economies deal with, including slower growth and an aging workforce.

11. Russia

• 2020 Nominal GDP in Current U.S. Dollars: $1.48 trillion
• 2020 GDP Growth: -3%

Russia is the world’s 11th largest economy, with a GDP of $1.48 trillion as of 2020 – 3% lower than in 2019 and still growing steadily thanks to its large coal reserves, which power dozens of wars every year! Even though they are an exporting powerhouse often due to oil-and-gas prices going up worldwide, countries will suffer because it impacts their industries so heavily; however, this isn’t true for Russia since most people living there rely primarily on farming industrial work as factory production does elsewhere around.

12. Brazil

• 2020 Nominal GDP in Current U.S. Dollars: $1.44 trillion
• 2020 GDP Growth: -4.1%

The economy of Brazil is a vast and diverse one. It ranges from heavy industries, such as those in the automotive or aviation manufacturing industry, to mineral extraction, including gold mining – which makes up much more than just precious metals here! There’s also agriculture that accounts for export commodities like coffee beans (which account anonymously 7% share)and soybeans: two significant crops grown locally but sold worldwide thanks primarily to their strong demand.

Brazil emerged from its most recent recession in 2017 with a new commitment to clean up corruption. In the wake of these events, they implemented significant economic reforms that would reinvigorate their economy and lower debt levels while investing heavily into energy infrastructure projects or improving labor markets for workers seeking employment within this country’s borders.

13. Australia

• 2020 Nominal GDP in the Current U.S.: $1.33 trillion
• 2020 GDP Growth: -0%

The Australian economy is one of the largest in Oceania, with a GDP worth $1.33 trillion and an extensive network of free trade agreements, including many trading partners around the Asia-Pacific rim.

Australia has been left vulnerable because its abundant natural resources have led them to rely heavily on export industries such as metals (Iron Ore & Gold), agricultural products, beef/sheep meats, etc., but this also leaves Australia susceptible when world commodity demand changes or prices go down.

 

14. Spain

• 2020 Nominal GDP in Current U.S. Dollars: $1.28 trillion
• 2020 GDP Growth: -10.8%

The economy of Spain had a GDP in 2020 that was $1.28 trillion, making it the 14th largest economy by this measure and giving its people an average per capita income level of just over $19000 at current prices (tempered down from 2011 levels). 

The country experienced severe economic trouble during The Great Recession when unemployment skyrocketed past 25% but has since enjoyed some success with moderate inflation helping encourage investment into manufacturing machinery or foodstuffs, which are now more competitively priced abroad due to higher labor costs here. However, they cannot sustain these reforms if there isn’t political stability maintained

 

15. Mexico

• 2020 Nominal GDP in Current U.S. Dollars: $1.07 trillion
• 2020 GDP Growth: -8.3%

Mexico is a country with vast natural resources, including oil and agriculture. It has been making efforts to diversify its economy through free trade agreements that have helped it become an international manufacturing power player in the past three decades – ranking 15th globally as recently ranked by GDP! 

Some exports from this beautiful land include consumer electronics such as TVs or car parts made locally at auto factories throughout Mexico. Still, there’s so much more than those items on offer here: you’ll find vehicles coming straight off boats powered solely via renewable energy – no gasoline.

Mexico’s international drug trade has significantly contributed to the country’s violence and corruption. Weak legal institutions in regulation allow for a weak informal economy that employs half its workforce.