When it comes to the top economies globally, although the order may shift around slightly, the key players are usually the same.
1. United States
According to Investopedia, U.S. has been at the head of the table going all the way back to 1871. Going by nominal GDP measured in U.S. dollars alone, the U.S. maintains its top spot.
Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the U.S. economy is still the largest in the world with a nominal GDP forecast to exceed USD 21 trillion in 2019.
Today the Chinese economy is the second largest in the world and although it experienced massive growth in that 35-year span. The Chinese economy experienced astonishing growth in the last few decades that catapulted the country to become the world’s second largest economy. It has a nominal GDP of USD 9.2 trillion.
Even though Japan’s economy has not been quite as impressive, the Japanese economy currently ranks third in terms of nominal GDP forecast to come in at USD 5.2 trillion in 2019.
With a nominal GDP of USD 4.2 trillion according to forecasts for 2019 analysts see Germany growing 1.8% in 2019. This is due to Germany’s bounce back economy.
5. United Kingdom
The UK will stay in the top 5 largest economies list until 2020, due to its resilient global demand with a nominal GDP of USD 3.2 trillion.
India is projected to overtake both the UK by 2020 to become the fifth largest economy in the world with a nominal GDP of USD 2.9 trillion having overtaken the French economy in 2018. India’s growth has been forecast at 7.4% FY 2019.
France’s economy will be the seventh largest in the world in 2019, representing around one-fifth of the Euro area gross domestic product (GDP) at USD 2.9 trillion. Currently, services are the main contributor to the country’s economy, with over 70% of GDP stemming from this sector. In manufacturing, France is one of the global leaders in the automotive, aerospace and railway sectors as well as in cosmetics and luxury goods. Furthermore, France has a highly educated labour force and the highest number of science graduates per thousand workers in Europe.
It’s the world’s ninth-largest economy, despite the country suffering from political instability, economic stagnation and lack of structural reforms, however, these factors are restraining the country’s growth potential, keeping its growth outlook below that of its European peers.
Brazil has kept its spot in the top 10, despite the ending of the commodities super cycle, tight credit conditions and political turmoil due to various corruption scandals. The economy is expected to grow 2.3% in 2019 after contracting by over 3.0% just a few years earlier. Brazil is forecast to have a nominal GDP of USD 2.0 trillion in 2019.
The 10th largest economy in the world, just ahead of Russia from 1999 to 2008, Canada posted strong economic growth. And GDP expanded 2.9% annually on average due to its close economic ties to the U.S.