Top 10 Economies in the World, Countries with the Best GDP
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11 September 2024 09:04 WIB
TEMPO.CO, Jakarta - The United States remains the world’s top economy as the year is heading to end. Other nations like Italy also see an economic expansion of at least 1.2% in 2025, as cited from Reuters. Here are the top 10 economies in the world that persistently defy the odds of significant challenges.
This article discusses the top 10 economies in the world by GDP according to the list published by Investopedia :
1. United States - US$28.78 trillion
The United States ranks first in the top 10 economies in the world, with a staggering GDP reaching US$28.78 trillion. According to the U.S. Bureau of Economic Analysis, the United States has a large economy’s service sector, which covers insurance, finance, real estate, and business services. The nation's economy also allows flexible business and foreign direct investment in the country. These are the major factors that contribute to the massive number of GDP.
2. China - US$18.53 trillion
There has been significant growth in China’s economy for the last two decades. Today, China is the second-largest economy in the world, with a GDP exceeding US$18 trillion in valuation. The nation owed its robust economic development to the nation’s agricultural advancement that encouraged foreign and domestic trade. Some tech giants also originated from China and have contributed to the nation’s GDP.
3. Germany - US$4.59 trillion
Europe’s largest economy, Germany, is placed third in the top 10 economies in the world. The country garnered around US$4.59 trillion GDP for its top-notch quality of being an exporter for various sectors such as machinery, vehicles, and chemicals. Despite these qualities, Germany faces significant challenges like low fertility.
4. Japan - US$4.11 trillion
Japan is among the top 10 economies in the world, featuring a strong government support and advanced technological workforce environments. As cited from Investopedia, Japan has an export-oriented economy where a number of Japanese businesses are overseen as networks of interlinked companies known as keiretsu.
5. India - US$3.94 trillion
While India ranks fifth in the world’s top 10 economies, the country has a fairly low GDP per capita due to its large population. The nation is constantly threatened by obstinate business policy and widespread corruption. As a result, the expansion of economic growth has undergone many challenges.
6. United Kingdom - US$3.5 trillion
Although the UK announced the nation’s official withdrawal from the European Union (EU) as of 2020 due to the Brexit issue in 2016, the country remains in the top 10 economies in the world, reaching about US$3.5 trillion in valuation in GDP.
7. France - US$3.13 trillion
France reserved a spot in the top 10 economies in the world with a GDP accumulated at US$3.13 trillion. The country’s tourism is among the biggest contributors to the GDP. Additionally, France is equipped with a number of private and semi-private businesses in a wide range of industries. However, the robust growth is perpetually hindered by the government’s economic intervention.
8. Brazil - US$2.33 trillion
Brazil perhaps serves an uplifting growth story among other contenders of the top 10 economies in the world. The nation was hit with a severe recession back in 2017. Today, Brazil has diversified heavy industries like aircraft and automotive production, energy resource extraction, and a large agricultural exporter as the major contributors to its GDP.
9. Italy - US$2.33 trillion
Italy may serve as one of the top 10 economies in the world thanks to the nation’s developed north region. However, many other regions of the country are facing inefficient economic challenges like a high unemployment rate and a fairly feeble banking sector.
10. Canada - US$2.24 Trillion
Canada is placed last on the top 10 economies in the world due to its well-developed energy extraction sector, exemplifying the third largest proven oil reserve in the world. The country also has a great relationship with the United States, where three-quarters of Canadian goods are exported to the U.S. market each year.
The top 10 economies in the world are subjected to change, though the shift may be more sturdy in nature.
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