Together, the growth data from each country highlights significant global trends. It shows how the 2008 financial crisis, which began in the United States, triggered major declines in growth across the world. In the first half of 2009, three-fourths of tracker countries saw GDP shrink. By 2016, growth had turned positive in nearly every country, but the global economy began to slow again in 2019. And in early 2020, the COVID-19 pandemic caused a collapse in GDP at a pace comparable to that during the Great Depression.
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 2024. The fourth-largest in 2019 was India, generating $9.2 trillion, and Japan was fifth at $5.2 trillion. The U.S. has the highest national debt of any country, with $34.8 trillion as of July 1, 2024.
GDP by Region
Countries began to recover in 2021 from massive GDP drops in 2020 due to the COVID-19 pandemic, which had a major impact on economies around the world. Overall, countries have continued that growth, and global GDP rose to $109.53 game developer vs software developer salary trillion in the first quarter of 2024. There have been some big movers within the list in the last 20-plus years.
- 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.
- This chart shows the biggest economies in the world by GDP (current prices/PPP) in 2019 and their growth prospects in 2020.
- However, there is still heavy government involvement in certain key sectors, such as defense and electrical power generation.
- Such fluctuations change a country’s ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.
- China has the world’s second-largest nominal GDP in current dollars and the largest in terms of PPP.
China had the second largest economy, at around 18.5 trillion U.S. dollars. Recent adjustments in the list have seen Germany’s economy overtake Japan’s to become the third-largest in the world in 2023, while Brazil’s economy moved ahead of Italy’s in 2024. The countries on this list have various populations, politics, trade agreements, and demographics, all of which play a factor in how their economies and, therefore, GDP perform.
When a country’s actual growth falls short of potential, by contrast, it fails to make full use of productive resources. Comparisons of national income are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries (see List of countries by GDP (PPP) per capita). PPP largely removes the exchange rate problem but not others; it does not reflect the value of economic output in international trade, and it also requires more estimation than GDP per capita. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. The map below compiles data on economic growth over one hundred countries around the world, mainly those that report quarterly data to the International Monetary Fund (IMF).
GDP: sources and methodology
Turkey has a largely open economy, with large industrial and service sectors. Major industries include electronics, petrochemicals, and automotive production. 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. Indonesia’s economy is the largest economy in Southeast Asia and is based largely on commodity export industries.
Rankings by Nominal GDP
Major exports include coal and petroleum products, in addition to agricultural commodities suitable for industrial use, such as rubber and palm oil. Regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia’s rising economy. Canada has a well-developed energy extraction sector, with the world’s third-largest proven oil reserves.
However, inefficient legal and regulatory structures and an aging population are challenges for Poland’s ongoing growth in the future. Russia has moved toward the best day trading stocks 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. Canada’s free trade relationship with the United States means that three-quarters of Canadian exports head to the U.S. market each year.
It is followed by China in second place with a GDP of 17.79 trillion dollars. Canada is also quite far ahead in the international comparison and occupies the tenth place in this ranking. PPP takes into account the cost of living by reflecting how much the currency of one country needs to be converted to another to ensure that the first currency can buy the same amount of goods and services as the second country. It’s the reason The Economist’s Big Mac Index shows what a Big Mac costs in 55 countries and the euro area. 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. Poland’s business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis.
List of countries by GDP (nominal)
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. Select a country from the drop-down menu below to compare its actual growth rate and estimated potential growth rate over time.
Many major U.S. manufacturers have integrated supply chains with counterparts or operations in Mexico. Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products. India’s economy is a mixture of traditional village farming and handicrafts alongside booming modern industry and mechanized agriculture. India is a major exporter of technology services and business outsourcing, and the service sector makes up a large share of its economic output. As China has progressively opened its economy over the past four decades, economic development and living standards have greatly improved.
Potential growth data is calculated based on IMF estimates of each country’s potential GDP. Potential GDP is defined as the maximum output a country can produce, in a given period of time, without causing inflation to rise. Unlike actual GDP, potential GDP cannot be observed directly from the real world. Instead, its value is estimated from trends in a country’s labor supply, capital stock, and productivity level.
The first list includes estimates compiled by the International Monetary Fund’s World Economic Outlook, the second list shows the World Bank’s data, and the third list includes data compiled by the United Nations Statistics Division. The IMF’s definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo and Taiwan) are included in the list where they appear in the sources. Switzerland has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force. High-quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per-capita GDPs in the world. The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing.
Global gross domestic product amounts to azure cloud engineer opening, romania nationwide almost 110 trillion U.S. dollars, with the United States making up more than one quarter of this figure alone. The 12 largest economies in the world includes all Group of Seven (G7) economies, as well as the four largest BRICS economies. It represents the value of all goods and services produced during that year.
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.