Top World Economy Nations


BY EDEWOR OTIGHOARIEVWEN.

5 min read
PUBLISHED:
Sept 6, 2023 08:26:34 AM IST

This article aims to provide insight into the ten largest economies in the world in 2023, arranged by their GDP. Get insights into the top 10 largest economies in 2023, and learn about the global economy's growth as the world propels itself towards a prosperous future
    
The United States of America, China, Japan, Germany, and India are the largest economies in the world in 2023, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation's economy. The conventional approach for gauging a country's GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports.

Now, let’s take a look at the top 10 largest economies/ richest countries in the world in 2023, sourced from IMF data:
Rank & Country GDP (USD billion) GDP Per Capita (USD thousand)
#1 United States Of America (U.S.A) 26,854 80.03
#2 China 19,374 13.72
#3 Japan 4,410 35.39
#4 Germany 4,309 51.38
#5 India 3,750 2.6
#6 United Kingdom (U.K.) 3,159 46.31
#7 France 2,924 44.41
#8 Italy 2,170 36.81
#9 Canada 2,090 52.72
#10 Brazil 2,080 9.67

What are the Next 10 Economies
Rank & Country GDP (USD billion)
#11 Russia 2,060
#12 South Korea 1,720
#13 Australia 1,710
#14 Mexico 1,660
#15 Spain 1,490
#16 Indonesia 1,390
#17 Netherlands 1,080
#18 Saudi Arabia 1,060
#19 Turkiye 1,030
#20 Switzerland 869.6*Data is last updated on August 23, 2023

Let's take a closer look at the globe's largest economies in 2023.
The United States of America
GDP:  $26,854 billion
GDP By Country Per Capita: $80,030
Annual GDP Growth Rate: 1.6%
The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology. The United States enjoys a substantial consumer market, fosters innovation and entrepreneurial spirit, possesses resilient infrastructure, and experiences advantageous business conditions.

China
GDP:  $19,374 billion
GDP By Country Per Capita: $13,720
Annual GDP Growth Rate: 5.2%
China has witnessed a notable upsurge in its economic progress, moving from the fourth rank in 1960 to the second rank in 2023. The Chinese economy predominantly hinges upon manufacturing, exports, and investment. It proudly possesses an extensive workforce, robust governmental backing, infrastructural advancements, and an expeditiously expanding consumer market.

Japan
GDP:  $4,410 billion
GDP By Country Per Capita: $35,390
Annual GDP Growth Rate: 1.3%
Japan's notable economy is distinguished by its progressive technology, manufacturing prowess, and service industry. Prominent sectors encompass automotive, electronic, machinery, and financial domains. Moreover, Japan garners recognition for its unwavering work ethic, pioneering technological advancements, and exceptional exports of superior quality.
Germany
GDP:  $4,309 billion
GDP By Country Per Capita: $51,380
Annual GDP Growth Rate:  -0.1%
The German economy strongly focuses on exports and is renowned for its precision in the engineering, automotive, chemical, and pharmaceutical sectors. It derives advantage from its proficient labour force, robust research and development initiatives, and a pronounced commitment to fostering innovation.

India
GDP:  $3,750 billion
GDP By Country Per Capita (Nominal): $2,601
Annual GDP Growth Rate: 5.9%
India's economy boasts diversity and swift growth, fuelled by key sectors such as information technology, services, agriculture, and manufacturing. The nation capitalises on its broad domestic market, a youthful and technologically adept labour force, and an expanding middle class.
Also Read: Top 10 richest countries in the world by GDP per capita in 2023
United Kingdom
GDP:  $3,159 billion
GDP By Country Per Capita: $46,370
Annual GDP Growth Rate: -0.3%
The economy of the United Kingdom comprises a blend of services, manufacturing, finance, and creative sectors. London functions as a worldwide financial centre, enticing foreign investments. The economic expansion of the UK is additionally shaped by its trade alliances and globalisation.
France
GDP:  $2,924 billion
GDP By Country Per Capita: $44,410
Annual GDP Growth Rate: 0.7%
France is expected to have a GDP estimated at 2,920 billion US dollars in 2023. The economy of France is characterised by diversification, emphasising industries such as aerospace, tourism, luxury goods, and agriculture. France is renowned for its robust social welfare system, well-developed infrastructure, and substantial investment in research and development.
Also Read: The 10 largest banks in the world in 2023
Italy
GDP:  $2,170 billion
GDP By Country Per Capita: $36,810
Annual GDP Growth Rate: 0.7%
Italy boasts a highly developed market as the third-largest economy in the European Union. The nation is known for its influential and pioneering business sector and diligent and competitive agricultural industry.
Canada
GDP:  $2,090 billion
GDP By Country Per Capita: $52,720
Annual GDP Growth Rate: 1.5%
The Canadian economy relies heavily on its abundant natural resources, encompassing oil, gas, minerals, and timber. Moreover, the nation boasts a thriving services sector, a well-established manufacturing industry, and a steadfast dedication to fostering innovation and technological advancements.
Also Read: Top 10 powerful countries in the world in 2023
Brazil
GDP:  $2,080 billion
GDP By Country Per Capita: $9,670
Annual GDP Growth Rate: 0.9%
The Brazilian economy exhibits a breadth of sectors, encompassing agriculture, mining, manufacturing, and services. Notably, it is a prominent global hub for agricultural production and exportation. Several factors, including commodity prices, domestic consumption, and the advancement of infrastructure, shape the growth of Brazil's economy.

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