The distinct stages of the economic cycles casts the Commercial sector all over the world. For the development of Economy of the world Gross domestic product (GDP) is one of the major factor in the way. For the collection of information of the worthiest countries in the world GDP may be an useful key. For an extent, GDP can measure the economic power of any country.
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What is GDP?
Gross Domestic product, shortened as GDP is the total revenue of all the goods and services produced in a country for a specific period of time such as quaterly, half yearly or Annually. In most of the countries, GDP is calculated annually. Along with nominal GDP, GDP by Purchasing Power Parity (PPP) which means quantification of prices in different countries is also a measure to check the economy of any country.
But GDP only shows the net worth of the country, it never shows the standard of living of people residing in the nation because it may be possible that any country's GDP is high because the population density of the country is high. For the calculation of living standard, we have to inspect the per capita income of the country which can be calculated by the ratio of the total GDP of the country to the total population.
Per Capita Income :- Total GDP of the nation / Total population
If any nation wants to become a superpower like USA, China etc, then it should first try to enlarge their GDP as much as possible. The countdown of top 10 countries having highest nominal GDP are listed below :-
10. Canada
- Nominal GDP - $1.73 trillion
- GDP by (PPP) - $1.84 trillion
- Currency - Canadian Dollar
- Share in world's GDP - 1.96% (approx)
- Nominal GDP rank - 10th
- Rank in GDP (PPP) - 16th
- GDP growth - {1.7%} (2019)↑↑↑
- Expected GDP growth - {-8.4%} (2020)↓↓↓
- GDP per Capita - $46,213 (Nominal) , $50,725 (PPP)
- GDP per Capita rank - 17th (Nominal) , 21st (PPP)
- GDP by Sector - Agriculture : 1.6% , Industry : 28.2% , Services : 70.2%
Economic Speciality :-
The economic assortment is the key of success of Canadian commerce. Canada has a extremely advanced market economy. Oil, manufacturing and tourism are the main sources of economy. Apart from it, Canada is the second largest country in the world by area.
9. Brazil
- Nominal GDP - $1.84 trillion
- GDP by (PPP) - $3.48 trillion
- Currency - Brazilian Real
- Share in world's GDP - 2.09% (approx)
- Nominal GDP rank - 9th
- Rank in GDP (PPP) - 8th
- GDP growth - {1.1%} (2019)↑↑↑
- Expected GDP growth - {-9.1%} (2020)↓↓↓
- GDP per Capita - $8,797 (Nominal) , $16,462 (PPP)
- GDP per Capita rank - 72nd (Nominal) , 81st (PPP)
- GDP by Sector - Agriculture : 5.5% , Industry : 18.5% , Services : 76%
Economic Speciality :-
Brazil has a quickly increasing and strong service sector.The main exports of Brazil are Iron ore, Crude petroleum, Soybeans and Raw Sugar. Brazil has an abundance of natural resource and it is a gift given by nature to the Brazilian economy.
8. Italy
- Nominal GDP - $2.01 trillion
- GDP by (PPP) - $2.24 trillion
- Currency - Italian Lira
- Share in world's GDP - 2.28% (approx)
- Nominal GDP rank - 8th
- Rank in GDP (PPP) - 14th
- GDP growth - {0.3%} (2019)↑↑↑
- Expected GDP growth - {-12.8%} (2020)↓↓↓
- GDP per Capita - $33,431 (Nominal) , $41,582 (PPP)
- GDP per Capita rank - 26th (Nominal) , 33rd (PPP)
- GDP by Sector - Agriculture : 2.1% , Industry : 23.9% , Services : 73.9%
Economic Speciality :-
The economy of Italy ranks third in the list of national economy in the European union. The main industries and sources of income are Tourism, machinery, Iron and steel, textiles and ceramics. Italy ranks second in medical facilities all around the globe.
7. France
- Nominal GDP - $2.70 trillion
- GDP by (PPP) - $3.06 trillion
- Currency - Euro
- Share in world's GDP - 3.07% (approx)
- Nominal GDP rank - 7th
- Rank in GDP (PPP) - 10th
- GDP growth - {1.5%} (2019)↑↑↑
- Expected GDP growth - {-12.5%} (2020)↓↓↓
- GDP per Capita - $41,761 (Nominal) , $47,223 (PPP)
- GDP per Capita rank - 20th (Nominal) , 26th(PPP)
- GDP by Sector - Agriculture : 1.7% , Industry : 19.5% , Services : 78.8%
Economic Speciality :-
France ranks second in the list of national economy in the European union. France has a heterogeneous kind of economy. Aircrafts, helicopters, spacecrafts and pharmaceuticals are the major exports of France. It is one of the balanced economy all over the world.
6. United Kingdom (UK)
- Nominal GDP - $2.74 trillion
- GDP by (PPP) - $3.16 trillion
- Currency - Pound sterling
- Share in world's GDP - 3.11% (approx)
- Nominal GDP rank - 6th
- Rank in GDP (PPP) - 9th
- GDP growth - {1.4%}(2019)↑↑↑
- Expected GDP growth - {-10.2%} (2020)↓↓↓
- GDP per Capita - $41,030 (Nominal) , $46,827 (PPP)
- GDP per Capita rank - 21st (Nominal) , 27th (PPP)
- GDP by Sector - Agriculture : 0.6% , Industry : 19.2% , Services : 80.2%
Economic Speciality :-
United Kingdom has its major source of income as service sector, specially banking, insurance and business services. London is the second largest financial hub in the world which makes Britain special.Gems, machinery, computers and vehicles are the main exports of UK.
5. India
- Nominal GDP - $3.20 trillion
- GDP by (PPP) - $11.32 trillion
- Currency - Indian Rupee
- Share in world's GDP - 3.63% (approx)
- Nominal GDP rank - 5th
- Rank in GDP (PPP) - 3rd
- GDP growth - {6.1%}(2019)↑↑↑
- Expected GDP growth - {4.2%} (2020)↑↑↑
- GDP per Capita - $2,338 (Nominal) , $9,027 (PPP)
- GDP per Capita rank - 139th(Nominal) , 118th(PPP)
- GDP by Sector - Agriculture : 15.4% , Industry : 23% , Services : 61.5%
Economic Speciality :-
India ranks second in the list of most populous country all over the globe. It is the largest producer of milk and the second largest producer of fruits and vegetables in the world. India has always been prosperous in natural resources, about 70% of the total population depends upon agriculture for their needs. In ancient times, India was known as "The Golden Bird" because of its economy.
4. Germany
- Nominal GDP - $3.90 trillion
- GDP by (PPP) - $4.40 trillion
- Currency - Euro
- Share in world's GDP - 4.42% (approx)
- Nominal GDP rank - 4th
- Rank in GDP (PPP) - 6th
- GDP growth - {0.6%} (2019)↑↑↑
- Expected GDP growth - {-7.8%} (2020)↓↓↓
- GDP per Capita - $46,564 (Nominal) , $53,567 (PPP)
- GDP per Capita rank - 16th (Nominal) , 17th(PPP)
- GDP by Sector - Agriculture : 0.7% , Industry : 30.7% , Services : 68.6%
Economic Speciality :-
Germany is the largest national economy in the European union.Germany is initialising member of the Eurozone. Germany is one of the top producers of the grain in the world. Vehicles, machinery, chemicals , electrical and transport equipment are the major exports of Germany.
3. Japan
- Nominal GDP - $5.20 trillion
- GDP by (PPP) - $5.70 trillion
- Currency - Japanese Yen
- Share in world's GDP - 5.90% (approx)
- Nominal GDP rank - 3rd
- Rank in GDP (PPP) - 4th
- GDP growth - {0.7%} (2019)↑↑↑
- Expected GDP growth - {-5.8%} (2020)↓↓↓
- GDP per Capita - $40,847 (Nominal) , $45,546 (PPP)
- GDP per Capita rank - 22nd (Nominal) , 28th(PPP)
- GDP by Sector - Agriculture : 1.1% , Industry : 30.1% , Services : 68.7%
Economic Speciality :-
Economy of Japan is famed globally for the Manufacturing. Japan is the leader in the manufacture of electrical appliances, automobiles. machine tools and optical instruments. Plastic, Vehicles, Electrical equipment, optical and technical instruments , medical apparatus are the main products of Japan which is being exported at international level.
2. China
- Nominal GDP - $14.14 trillion
- GDP by (PPP) - $27.30 trillion
- Currency - Renminbi Yuan
- Share in world's GDP - 16.05% (approx)
- Nominal GDP rank - 2nd
- Rank in GDP (PPP) - 1st
- GDP growth - {6.1%} (2019)↑↑↑
- Expected GDP growth - {1.0%} (2020)↑↑↑
- GDP per Capita - $10,099 (Nominal) , $19,504 (PPP)
- GDP per Capita rank - 65th (Nominal) , 69th(PPP)
- GDP by Sector - Agriculture : 7.9% , Industry : 40.5% , Services : 51.6%
Economic Speciality :-
China is the world's largest country in terms of population. China's economy is the world's biggest manufacturer and exporter economy. It ranks first in the world's fastest developing economy. The main source of income of Chinese economy is industrial growth. Smartphones, Computers, Integrated circuits and processed petroleum oils are the main exports of China. Along with it, China is the only country who is giving a tough fight to the USA's economy.
1. United States of America (USA)
- Nominal GDP - $21.44 trillion
- GDP by (PPP) - $21.44 trillion
- Currency - United States Dollar
- Share in world's GDP - 24.29% (approx)
- Nominal GDP rank - 1st
- Rank in GDP (PPP) - 2nd
- GDP growth - {2.3%} (2019)↑↑↑
- Expected GDP growth - {-8.0%} (2020)↓↓↓
- GDP per Capita - $65,112 (Nominal) , $65,112 (PPP)
- GDP per Capita rank - 7th (Nominal) , 10th(PPP)
- GDP by Sector - Agriculture : 0.9% , Industry : 18.9% , Services : 80.2%
Economic Speciality :-
USA is the world's largest country in terms of GDP or economy. USA has a very advanced technology that makes USA different from all. USA is considered as superpower of 21st century. The whole world compares their economy to the USA's economy, one fourth of the total GDP of the world is shared by USA. Main exports of the country are computers and electrical machinery,chemical products , food and military equipment. USA is the economically most powerful country in the world.
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In above graphs we can see that more than two third of the world's total economy is controlled by the top 10 countries which have highest GDP, in which 25% share is only by USA that's why USA is called superpower. Apart from these 10 countries rest all of the world contribute only 33% of the total GDP. According to a report of 2019, the gross Formal GDP of the world is $88.08 trillion approximately.
How GDP can be increased "Solution":-
GDP increment is one of the major problem for a lot of countries. Some steps could be taken by the countries in order to increase their GDP.
1. Enlargement of production and exports-:
GDP can be increased by increasing the production of goods and products which are available in the country. Production should reach such a level that not only the country's needs can be met, but the goods can be exported after the requirements are fulfilled.
2.By expanding the resources -:
Every nation should understand the internal power of the country. Every nation has some special resources which are available only in some countries due to the favourable conditions. They should try to grow the special resources as much as possible.
3. Propaganda of Agriculture -:
The Agriculture based economy always have a low chance of being economic depression. Along with it, agriculture sector is the key for the development of GDP. Therefore, the propaganda for the enlargement of agriculture should be run all over the nation.
There is a very famous quote which fits perfect for the GDP growth-:
Without productivity gains, any growth in GDP is exactly offset by population growth, and the average income stays the same.
Really it's a best one.👏
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