Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Dollars: $21.43 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $21.43 trillion, 2019 Nominal GDP Per Capita in Current U.S. While its agricultural sector makes up about 10% of its economy, it employs about 30% of its workers., Sweden, with a GDP of $530.88 billion, is the 23rd largest economy in the world. Sweden is a competitive economy with a high standard of living and a mix of free-enterprise alongside a generous social welfare state. United States of America. Its main exports include electronics, agricultural products, motor vehicles and parts, and food products. [6], The United States is the world's largest economy with a GDP of approximately $20.513 trillion, notably due to high average incomes, a large population,[7] capital investment, low unemployment,[8] high consumer spending,[9] a relatively young population,[10] and technological innovation. 3. [5] On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. We also reference original research from other reputable publishers where appropriate. [4], Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. Accessed Dec. 23, 2020. The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. When it comes to understanding the size and scope of the $18 trillion U.S. economy, it’s sometimes easier to consider that it’s the sum of many parts.. List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, List of countries by past and projected GDP (nominal), List of countries by past and projected GDP (PPP), "World Economic Outlook Database, October 2020", "What is GDP and why is it so important? This number represents about a quarter of the global economy.  CNBC. Accessed Dec. 23, 2020. The official name is "Hong Kong SAR" in IMF's report. Its GDP crossed the $5 trillion mark in 2019. Strong co-operation between government and industry and advanced technological know-how have built Japan's manufacturing and export-oriented economy. "GDP per capita (current US$)." Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange ratesof the cou… This works to the advantages of Australia's abundant natural resource and agricultural export industries. Dollars: $2,230. After the Lost Decade of the 1990's and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of Prime Minister Shinzo Abe. China and India moved up into second and fifth place respectively, having been in sixth and 13th place in 2000. Dollars: $703.08 billion, 2019 PPP Adjusted GDP in Current International Dollars: $608.72 billion, 2019 Nominal GDP Per Capita in Current U.S. With this progress however, South Korea also now faces some of the same challenges that many other advanced economies are dealing with, including slower growth and an aging workforce., Australia is the 13th largest economy in the world with a GDP of $1.40 trillion in 2019. Australia combines a relatively open domestic economy with an extensive network of free trade arrangements with trading partners all around the Asia-Pacific Rim. Nigeria is the largest oil exporter on the continent and also has Africa's largest reserves of natural gas. CIA World Factbook. Accessed Dec. 23, 2020. … 2020 marks the start of the first decade where the U.S. does not have the largest economy in the world ($22.32T). "SWEDEN." Accessed Dec. 23, 2020. Accessed Dec. 23, 2020. CIA World Factbook. "RUSSIA," Accessed September 20, 2020. "GDP growth (annual %)." CIA World Factbook. [3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. 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. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, exchange of financial values and trade of goods and services. While in pure numerical output China is among th… CIA World Factbook. CIA World Factbook. Further down the list, Indonesia, one of the three aforementioned newcomers to the list, vaulted forward from 27th largest economy in 2000 to 16th in 2019, while Nigeria leapt from 46th place all the way to 25th., While 2019 is the most recent annual data available for these countries, the COVID-19 pandemic has had a major impact on economies across the world. China has now displaced the U.S. to become the largest economy in the world. Accessed Dec. 23, 2020. World Bank. Among the top 10 largest economies, China is the only economy with a positive gdp growth rate, followed by Korea with the 2nd best figure of -1.88%. "Nigeria: Economy." [11] Tuvalu is the world's smallest national economy, with a GDP of about $45 million, because of its very small population, a lack of natural resources, reliance on foreign aid, negligible capital investment, demographic problems, and low average incomes. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Dollars: $46,195, 2019 Nominal GDP in Current U.S. CIA World Factbook. Canada also has impressive manufacturing and services sectors, based mostly in urban areas near the U.S. border. Tiger Cub economies refer to the rapidly developing countries in Southeast Asia, including Indonesia, Malaysia, Philippines, Thailand and Vietnam. 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., South Korea, with a GDP of $1.65 trillion in 2019, is the 12th largest world economy. South Korea's economy is a 20th century success story that is today firmly established as an advanced, industrial economy. Peru has the lowest growth rate of -13.94%, followed by Spain. China. Accessed Dec. 23, 2020. Accessed Dec. 23, 2020. Since 1950, it has been administered by the nation's central bank, the Bank of Korea. "BELGIUM." Dollars: $2.83 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.25 trillion, 2019 Nominal GDP Per Capita in Current U.S. Dollars: $15,693, 2019 Nominal GDP in Current U.S. The nominal GDP of Japan for the year 2020 is $5.15 trillion. The Saudi government owns and operates much of the country's major industry through its oil company Aramco. When factoring in the gross domestic product based on purchasing power parity, by 2050 both China and India will become the two largest economies in the world, with the US third. CIA World Factbook. 2. Germany, however, faces some demographic challenges to its economic growth. World Bank. Accessed Dec. 23, 2020. However, with global environmental concerns driving increasing interest in developing non-fossil fuel energy sources, the Saudis are looking to diversify their economy by encouraging more private investment in healthcare and other service industries. While oil dominates in terms of contribution to GDP and exports, between a fifth and a half of Nigerians work in agriculture, mostly small-scale subsistence agriculture. The U.S. economy represents about 20% of total global output, and is still larger than that of China. 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