The 10 Biggest Economies in the World 

From the U.S. to Canada and everything in between.

Money is one of the main parameters in determining global superpowers. It affects almost every single aspect of life and has a major influence on countries’ standards. We all pretty much know which are the most powerful countries in the world, but do you know the exact order at this moment?

We will rank these countries by GDP, also known as the most accurate parameter for rating the wealthiest economies in the world. GDP stands for Gross Domestic Product and represents all goods and services created in a specific country during a certain time frame. The goods and services are shown through their respective monetary market value that can be calculated through incomes, production, or expenditures. Data has been provided by tips. 

As you can easily assume, the United States own the planet’s biggest economy with a whopping $21.44 trillion GDP. The top-ten list is completed by their neighbors Canada. Can you name all the countries in between these two? Here is the full list. 

1 – The United States

The United States have been at the top of this chart since 1871. They dominate the global markets thanks to being at least among the top three countries in so many distinct aspects relevant to determining the wealthiest economies around the globe. The United States are a country that encourages entrepreneurs to invest money, a country that finds a way to help the money reach the big masterminds who have innovations. Moving forward, the United States’ population is so big that it allows the country to diversify their workforce. As a result, the United States have a $21.44 trillion nominal GDP. 

2 – China

With a GDP of $14.14 trillion, China is the second-biggest economy in the world. Their numbers keep growing on a yearly basis as their average growth rate in the last three decades was almost 10%. Coal and rare earth metals make the vast majority of the country’s $23 trillion rich natural resources. The efficiency of workers is also another huge plus for China whose economy has particularly blossomed after the economic reform measures from 1978. 

3 – Japan

Japan hold third place with a $5.15 trillion GDP that derives mainly from the electronic goods niche. Also, the Japanese automobile industry is the third-biggest on the planet. The main characteristic of Japan’s economy is the fact it is purely based on customers’ demands instead of being purely a product of the government’s decisions. 

4 – Germany

Germany is the most powerful European economy with a $4.44 trillion GDP. What makes the country unique is its highly-skilled workforce present in a wide range of industries. This workforce has thus made the Germans among the leaders in chemicals, household equipment, car industry, and machinery. 

5 – India

India took over the likes of France and the United Kingdom in the last several years as their economy continues to grow on a regular basis. They have reached the $2.94 trillion GDP after opening up their markets in the last three decades. India have liberalized foreign trade controls and investments, privatized country-owned companies, and completely deregulated almost all niches. They now have the planet’s fastest-rising service industry in the world. 

– United Kingdom

Much like in India, the service sector is the main contributor to the UK’s $2.83 trillion GDP. London represents the second-biggest center on the planet when it comes to the financial services sector. Other niches that contribute to the country’s strong GDP include manufacturing, agriculture, pharmaceuticals, and aerospace sectors. 

7 – France

Despite experiencing higher-than-expected unemployment rates in the last several years, France are still the third-largest economy in Europe, just behind Germany and United Kingdom. Apart from agriculture and chemical niche as the main two sources of the country’s wealth, France relies heavily on tourism. Also, only the United States are above France in agricultural export. 

8 – Italy

Italy are expected to surpass France and the United Kingdom in the years to come despite having a high unemployment rate (almost 10%) themselves. Their $1.99 trillion GDP is expected to rise in the next several years namely thanks to exports and the trades the country makes with the other European Union countries. Italy export everything from vehicles and machinery to clothing and food.  

9 – Brazil

Brazil have the biggest economy in South America which is quite reasonable given they are the biggest and the most populous country on the continent. The Brazilian rapid economical growth was stopped after a huge crisis in 2017. The absence of public policies and corruption caused the growth of poverty across the country. The gulf between the rich and poor Brazilians is enormous. It will be very interesting to see whether the country will be able to improve the current $1.85 trillion GDP and get back to positive trends in the years to come. 

10 – Canada

Last but not least, Canada are expected to continue their growth and surpass the Brazilians in the years to come. Their ever-growing economy currently sits at a $1.73 trillion GDP but the trends remain positive every single year. Canada are rich in natural resources such as gas or petroleum and they have one of the lowest corruption rates in the world.