The economic health of a rustic is decided by the GDP (Gross Domestic Product) which refers to the entire market price of all the products and services a nation produced during a given year. The nominal GDP estimates done year on year help in ranking the countries economically. Fluctuations within the rate of a country’s currency also can cause varying results.
Here is that the latest list of top 10 economies of the planet for 2019-20.
1.The United States of America
In 2019, The nominal GDP of the US is predicted to exceed USD 21.48 trillion. The US economy accounts for 20% of the worldwide output and therefore the economy remains much larger than that of China. The services sector of the US is far developed and technologically sophisticated. This fact accounts for about 80% of the entire output. Hence the most important corporations and therefore the part played by the firms offering their services within the fields of technology, retail, finance, and healthcare play the main role on the worldwide stage.
2. China
The Chinese economy has witnessed astonishing growth over the previous couple of decades. This fact has helped the country capture the much-coveted second place within the list of top 10 economies of the planet. China in 2019 is USD 14.17 trillion of the nominal GDP.
3. Japan
Based on the nominal GDP forecast, the Japanese economy ranks third in 2019 valued at USD 5.22 trillion. During 1960, the 70s and 80s, Japan’s economy were growing rapidly. Nevertheless, Japan’s economy had not been impressive from the period during the 1990s. Over the past decade, Japan has been doing its best to grow its economy.
4. Germany
With a nominal GDP of USD 4.12 trillion supported the forecasts for 2019, Germany captures fourth place among the highest 10 economies in the world. After a quick plummeting in 2009, German’s economy bounced forward with a 4.0% expansion before a decade back. The years that followed saw the country showing consistent results.
5. India
Having overtaken the French economy is 2018, India is ready to maneuver towards the fifth position of the topmost economies of the planet in 2019-20 with a nominal GDP of USD 2.96 trillion. Indian economy also has become the world’s fastest-growing economy among the massive economies, surpassing that of China recently.
