The economic health of countries is determined by the Gross Domestic Product (GDP) based on the total market value of all the goods and services a nation produced in a given year. The nominal GDP estimates to help in the ranking the economically countries year on year. Here are the latest top 10 countries.
United States
The nominal GDP of the US is estimated to exceed USD 21 trillion in 2019. The US economy accounts for 20% of the global output which is larger than China. The US service sector is much developed and technologically.
China
In the last few decades, the Chinese economy has witnessed astonishing growth. China is placed on the list of top 10 economics of the world. The nominal GDP of China is USD 9.2 trillion in 2019.
Japan
The Japanese economy is the third rank based on the nominal GDP forecast in 2019. Japan is at USD 5.2 trillion. Japan’s economy was rapidly growing during 1960, 1970, and 1980. Despite this, Japan’s economy had not been impressive after 1990.
Germany
Germany captures fourth place among the top 10 economics with a nominal GDP of USD 4.2 trillion based on the forecasts for 2019. This year saw the country showing consistent results.
United Kingdom
The annual growth of the UK’s GDP was 2.8% between 1999 and 2008. Due to a dip in private consumption and dampening of fixed investments, the UK’s GDP is likely to slow down under uncertain conditions.
India
India has placed the fifth position in the topmost economies of the world with a nominal GDP of USD 2.9 trillion in 2019-20. Among the large economic countries, the economy of India has become the world’s fastest-growing economy.
France
The economy of France is the seventh topmost country in 2019. The country’s GDP will be represented at USD 2.9 trillion in 2019. At present, 70% of national GDP stems from the service sector.
Brazil
Brazil was showing a consistent 3.4% GDP growth before the global economic crisis year on year. If the economy shrank down in 2009, yet Brazil’s economy rebounded in the following year recording a 7.5% growth.
Canada
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With a nominal GDP of USD 1.8 trillion, Canada is the tenth-largest economy on the earth. According to the estimate, Canada’s GDP is expected to be 2.0% this year.