Planning to invest in top countries, or you want to expand your business abroad, it is essential to understand the country’s economic development.
GDP or Gross Domestic Product, is the most important measure of the size of an economy. A country’s GDP measures the monetary value of goods and services produced in that particular country within one year, this is based on the country’s exchange rates.
The World Bank GDPs estimatete of all countries annually, is compared to determine how much bigger one country’s economy is than others.
Below is a compiled list of top 15 Economies February 2023.
United States – $20.87 trillion
For sometime now, The United State is among the top five economies in the world. It recently got the title of the largest economy in the world. The country’s GDP is expected to rise at a steady pace, making USA to be among the countries with highest economies in the world. Many top corporations depend on the United States and this has contributed to its high GDP.
China – $14.73 trillion
China is listed as one of the countries with the highest economy in 2022. Its GDP is $14.73 trillion. Factors such as large population, high productivity and low labor costs has contributed immensely to its rise. Over the years, China has maintained its position as one of the highest economies in the world due to its exports and importing.
Japan – $5.07 trillion
Japan is predicted to maintain its stand as the 3rd biggest economies in the world by 2022/2023 respectively. Japan’s rise is due to her strong partnership between the industry and the government, and latest technological inventions. Top companies such as Toyota and Sony have their are situated in Japan.
Germany – $3.86 trillion
According to a list of the top 15 economies in the world 2022, German is on the list of the highest GDP. Germany is know for being the best service sectors in healthcare, telecommunications, and tourism. Its exports and imports amounts to 86.8 percent of GDP
Germany is also one of the countries with higher GDP per capital, which implies that its citizens enjoy a high standard of living.
United Kingdom – $2.68 trillion
Being the second largest economy in Europe and the fifth largest economy in the world, the United Kingdom is also regarded as the most powerful country in the world. The country is a primary financial centre and has a powerful service sector. UK also has a large manufacturing base and is a leading exporter of manufactured goods. The country’s economy is expected to grow rapidly in the coming years.
India – $2.67 trillion
India is predicted to be the world’s fastest-growing economy in 2022, with a growth rate of 7.5% and 7.6%, respectively. India, as expected, will surpass China as the world’s most populous country by 2027. The country is expected to become the world’s third-largest economy by 2030, behind only the US and China.
Certain strategies have been implemented to boost the business climate in India with reforms that eliminate obstacles in business sectors that hinder growth by reducing the minimum capital requirements and making it easier to get the necessary licences.
France – $2.63 trillion
France, the seventh largest economy in the globe and is among the 7th most visited locations in the world, has a flourishing tourism sector. The country strongly focuses on education and industry, and it is home to some of the world’s most famous brands, including L’Oreal, Louis Vuitton, and Renault. France is also a member of the (EU) European Union, which has the largest economy in the world.
Italy – $1.89 trillion
The Italian economy is the third biggest in the Eurozone and is the 8th largest in terms of GDP. The consumer goods industry drives the country’s diverse economic growth. The expenditure portion of GDP comprises 61 per cent of household consumption, 19% of government expenditures, and 17% of the total fixed capital creation. Exports of goods and services make up 30% of the GDP, while imports make up 27% of GDP, which adds 3 per cent to GDP.
Canada – $1.64 trillion
Canada will have $1.64 trillion in GDP by 2022 and is the ninth largest economy in the world. It is expected to rise to seventh place, with a projected growth rate of 3.2%. The Canadian dollar is one of the ten most traded currencies on earth, and its stock market is the seventh-largest in the world by capitalization.
A well-educated workforce, multicultural/multilingual coexistence, a thriving economy, and the government’s support for setting up business make Canada a preferred investment destination.
South Korea – $1.63 trillion
In at number 10 is South Korea, with a GDP of $1.63 trillion. The East Asian country’s highly developed economy is the world’s 11th largest exporter. South Korea places great importance on education, innovation and investing in research development.
It has a highly educated workforce that earns an impressive average household income. Services account for the bulk of the country’s GDP, 59%, while industries account for 38%, and agriculture is at 2.2%.
Also Read – The 20 Richest Companies in the World by Market Capital
Russia – $1.48 trillion
Russia’s economy has been growing steadily, despite sanctions and other challenges in recent years. The revenues from natural gas and electricity drive an economic boom for the Russian economy. Foreign trade is vital since all exports and imports amount to 46.7 per cent of GDP, making Russia among the most prosperous nations in terms of GDP.
Brazil – $1.44 trillion
With a population of over 214.83 Million by the end of 2022 and a GDP of $1.44 trillion, Brazil is the twelfth largest economy in the world. The country is rich in natural resources, including oil, gas, iron ore, and timber.
Manufacturing is also a large part of the economy, accounting for about 13% of GDP. The agriculture sector employs about 25% of the workforce and is responsible for about 6% of GDP.
Australia – $1.32 trillion
At number 13 in Australia with a GDP of $1.33 trillion. The country is known for its strong mining and agricultural industries, as well as its tourism sector. It is also the home to some of the world’s biggest companies, including BHP Billiton and Rio Tinto.
Spain – $1.28 trillion
With an economic output value greater than $1.28 trillion, Spain’s GDP ranks 14th globally. Modernization at a steady pace has seen the Spanish economy grow continuously, with the industrial sector contributing almost 27% of the GDP of the country. The value of imports and exports amounts to 65.5 per cent of GDP.
Mexico – $1.09 trillion
The Mexican economy has been growing steadily over the past few years, which is expected to continue. The main growth drivers are expected to be the manufacturing and service sectors. In addition, tourism and remittances from Mexicans living abroad are also expected to contribute to economic growth.
We’ve finally arrived at the end of our list of the top 15 economies in the world for 2022. As expected, the United States continues to lead the pack, followed by China, Japan, and Germany. However, a few surprises further down the list, including India, Russia, and Brazil.