The largest economy in the world is that of the United States of America. They’ve held the top position for over 140 years now. But their home run is sure to end very soon. As China is all set to catch up by the end of this year. The GDP of China grew furiously in 2013, breaking all its pre-set targets for the year. There is a simple reason for the Asian countries to do so well, rate of industrialization in Asia is far superior to that in the West. Do you know that an average Chinese works 2,307 hours annually, while an American only works 1790 hours. But it doesn’t end here; most economists are predicting that once China takes over it will be surpassed by India by 2048. The top positions in the list of largest economies remain the same more or less.
Dear fellow Americans start working more and cut down the holidays.
The Indian economy is booming and the growth rate has not dipped below 7% since 1997. The major industries that fuel this growth are IT services, agriculture, and outsources businesses.
GDP $2 trillion
The economy of Italy is very diversified. They rely highly on their industries to maintain the per capita income. Over the years Italy has also benefitted from its membership in groups like G8 and European Union.
GDP $2.1 trillion
The fall of the Soviet Union did not defer the Russian economy from growing. After privatization of most of its industries the country became a force to reckon with. They are also the highest producers of oil and that sure adds to their strength.
GDP $2.2 trillion
7. The United Kingdom
UK is placed at number seven on the list. Their most successful industries have been agriculture, manufacturing and electronics. England holds a formidable position and plays a crucial role in the finances and political scene of Europe.
GDP $2.4 trillion
Brazil is one of the most prosperous nations in South America. Their strengths lie in mining, manufacturing, agriculture and the service industry. It can be safely called the biggest economy in the western and southern hemisphere.
GDP $2.5 trillion
Over the centuries France has maintained its position as one of the most developed and wealthiest economies in the world. It is interesting to know that 30 out of the 500 world’s biggest economies are French. It is the home to the head quarters, of all Fortune Global 500 companies.
GDP $2.7 trillion
Germany is the largest economy in Europe and a formidable force when it comes to economies. It is the second largest exporter in the world. Their strength lies in electric equipment and automotives. Their pharmaceutical products and computers are world class.
GDP $3.6 trillion
Japan might be small in size, but definitely cannot be ignored when it comes to their economic presence. Japan can easily be called the most advanced when it comes to technology. Their contribution in electronic and industrial sector cannot be ignored. The other sectors that do roaring business are semiconductors, processed foods and automotives. Their agricultural industry might be small but it gives back high profits.
GDP $ 5.1 trillion
Since China shifted to a market oriented economy their economy has boomed and is all set to take over the top spot from USA. The annual growth rate of the Chinese economy is an astonishing 10%. Due to a labor intensive economy, they have come to be accepted as the biggest exporters in the world.
GDP $9.0 trillion
USA had held the top spot for over a century now. One third of the total millionaires and forty percent of the worlds billionaires reside in USA. It is the riche’s nation and growing still. Due to its huge size and immense diversity, it is the largest manufacturer in the world. One fifth of the worlds manufacturing is done here. Petroleum, food processing, aerospace, IT and mining are some of its unbeatable strengths. Their economy influences all the financial markets in the world, although their growth rate is only 2.2% annually.
GDP $16.2 trillion