Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty about Turkey’s economic future in recent years. Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. As a leading exporter of oil and gas, as well as other minerals and metals, Russia’s economy is highly sensitive to swings in world commodity prices.
- The map below compiles data on economic growth in ninety-one countries around the world, mainly those that report quarterly data to the International Monetary Fund (IMF).
- Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars unless otherwise specified.
- However, there is still heavy government involvement in certain key sectors, such as defense and electrical power generation.
- Italy’s economy and level of development vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions.
- As a result, nominal GDP doesn’t fully reflect the amount of goods and services produced in those countries.
Saudi Arabia is an energy superpower that had a GDP of $833.54 billion for 2021. Considering oil and gas prices have increased substantially this year given the Russia Ukraine war, the country’s GDP will likely be higher for 2022. Asian countries among the top 8 biggest economies exhibited the best growth prospects, even among a global pandemic.
What Country Has the Smallest GDP?
The Netherlands has one of Europe’s larger economies with a GDP of slightly over $1 trillion last year. Given its developed economy, the country also has one of the higher incomes on average in the EU with a GDP per capita of $58,061 in 2021. Poland’s GDP has more than doubled from its GDP when the country joined the EU in 2004. While the country https://www.forexbox.info/ had a GDP of $255.1 billion in 2004, Poland had a GDP of $674.05 billion in 2021 given substantial economic growth. Ireland has one of the highest GDP per capita in the world at $99,152.10 in 2021. Given strong economic growth, Ireland’s economy has increased from $100.2 billion in 2000 to $221.9 billion in 2010 and $498.56 billion in 2021.
Despite these advantages, China faces some significant challenges, such as a rapidly aging population and severe environmental degradation, which has slowed its growth. The United States has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. It is the world’s dominant geopolitical power and is able to maintain a large external national debt as the producer of the world’s primary reserve currency. In the case of gross national product (GNP), on the other hand, all income is deducted against that which has subsequently flowed abroad. The services of guest workers are thus reallocated to the worker’s home country. However, if one evaluates the economic performance of a country, the country not only provides the workers, but also land, machines, innovations and sales markets.
The U.S., China, Japan, Germany, and India are some of the top economies in the world, based on gross domestic product (GDP). GDP is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy and its impact on the global economy. The countries on this list have various populations, https://www.topforexnews.org/ politics, trade agreements, and demographics, all of which play a factor in how their economies and, therefore, GDP perform. As countries take measures to reduce corruption, open their markets, and take advantage of their natural resources and new technologies, they can see their GDP grow. The world’s fastest growing economy is said to be Guyana, which is experiencing rapid GDP growth in part due to its booming oil sector.
List of countries by GDP (nominal)
Germany, however, faces some demographic challenges to its economic growth. Its low fertility rate makes replacing its aging workforce more difficult, and its high levels of net immigration strain its social welfare system. China has the world’s second-largest nominal GDP in current dollars and the largest in terms of PPP.
Global growth resumed in 2021, at a robust 6 percent pace, before falling back to 3.5 percent in 2022. Countries with positive growth rates are shaded in green; countries with negative growth rates, orange. To view changes over time, adjust the date using the slider at the top left of the map. You can also view each country’s historical growth data on the chart below the map by using the drop-down menu.
With the economic growth in the country, the central European country’s GDP has more than doubled from 2000 when its economy had a GDP of $197.3 billion. In terms of this year, economists think Austria’s GDP could expand 4.7% before potentially entering into a mild recession next year. In terms of GDP, PPP, Nigeria’s economy is even larger at $1.15 trillion in 2021 given the average cost of goods and services in the country is considerably lower than in the United States.
The top 10 largest economies in the world in 2024
It has a large welfare system, the largest oil sovereign wealth fund, and major fishing and forestry. The country also has an aging labor force and a state-owned energy company, which constrains budget and spending. Its primary export partners are the U.K., Germany, Sweden, Netherlands, and China. The country is a large exporter of natural gas, crude petroleum, salmon, and aluminum. Indonesia’s economy is the largest economy in Southeast Asia and is based largely on commodity export industries.
The Alpine nation of Switzerland is the 20th-largest economy in the world. However, there have been some big movers within the list in the last 20-plus years. China was in 13th place in 2000, but has been sitting in second place since 2010. Further down the list, Indonesia, vaulted forward from the 27th largest economy in 2000 to the 16th as of 2022. In 2022, Saudi Arabia climbed from 18th to 17th, and Argentina jumped to 22nd from 28th last year.
However, despite these ups and downs, the top economies as measured by GDP don’t budge easily from the positions that they hold. With a GDP of 25.44 trillion dollars, the USA is by far the world’s largest economy in this ranking for 2022. It is followed by China in second place with a GDP of 17.96 trillion dollars. Canada is also quite far ahead in the international comparison and occupies the ninth place in this ranking. Mexico has a nominal GDP of $1.29 trillion in 2021 and a GDP, PPP of $2.61 trillion in 2021.
As a result of its innovation leadership, the country has a GDP per capita of $51,430.08 and an overall GDP of $481.59 billion in 2021. When it comes to a country’s living standard, GDP, PPP is regarded as the better metric because it reflects purchasing power better. According to the IMF, China and the U.S. are to remain at the top of the ranking in 2024, while Indonesia is projected to pull ahead of Germany.
The data given on this page are based on the international dollar, a standardized unit used by economists. Certain regions that are not widely considered countries such as Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities. The two charts below also show, for twenty-three countries for which the necessary data is available, how each country’s actual growth rate compares to its estimated potential growth rate. Potential growth is defined as the maximum rate of growth that a country can sustain indefinitely. When a country’s actual growth exceeds potential, it exhausts its productive resources, which causes inflation to rise.
South Korea
Considering Nigeria’s large population, the country has potential to grow its economy considerably in the future. Brazil is the 11th-largest economy in the world and the largest in South America. Brazil’s diversified economy runs the gamut from heavy industries, such as aircraft and automotive production, to mineral and energy resource extraction. It also has a large agricultural sector that makes it a major https://www.dowjonesanalysis.com/ exporter of coffee and soybeans. As China has progressively opened its economy over the past four decades, economic development and living standards have greatly improved. As the government has gradually phased out collectivized agriculture and industry, allowed greater flexibility for market prices, and increased the autonomy of businesses, foreign and domestic trade and investment have taken off.
Major exports include coal and petroleum products, in addition to agricultural commodities suitable for industrial use, such as rubber and palm oil. Indonesia’s budget deficit for 2023 is targeted at 2.81% to 2.95% of GDP; however, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia’s rising economy. South Korea’s economy is a 20th-century success story that is today firmly established as an advanced, industrial economy. It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles. Australia combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim. The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing.