Befall of explicit economic questions in mind is logical. It is discerned that having growing economy is the sign of strong country. Economic condition of any country accords in regulating the market stipulations. Hence, considering many factors, economy must be stable. The most eminent factor is Gross Domestic Product. It conveys the market worth of products and services during the whole ear. This amount is evaluated by the government authorities or international exchange rates.
What Are Economically Powerful Countries in the World?
Certain countries exist that sustain economic boost. This article is heading across to evolve the strong economic countries honoring their GDP. The GDP is the essence of overall gross spending as well as saving. Hence, it projects out the development and prosperity of the nation successfully.
Related: Top 10 Strongest European Countries.
1. United States
United Sates has ranked on the first place in terms of largest economy since century. As a nation, it is the wealthiest of all. It has developed natural resources and infrastructure system. United States is considered to be the home of billionaires and millionaires.
Highly diversified industries are the part that is making economy. The substantial sectors are information technology, aerospace, food processing, mining, electronics, steel and petroleum. Hence, it is the largest manufacturer. Moreover, it is the producer of natural gas as well as oil.
Concerning towards financial objectives, it has the influential financial markets all over the world. All these productivity counts to the fact that more than half currency reserves are invested in US dollar worldwide. From the 500 firms, more than one fourth are having headquarters in US. The economy growth can be traced from the stunning amount of $16.2 trillion.
For long years, china continued to evolve by having dramatically shifts. It has now transferred from centrally planned economic system to market oriented model. Thus, it has proved itself in the global economics. Its economy is growing with 10% from the past three decades. It is identified as a largest exporter worldwide as it exports every kind of product throughout the world. It is also a second biggest importer of the goods in the world.
In respect of industrial yield, china is rectified as a leader in economy. Its industries include mining, metals, telecommunication, satellite, consumer products and automobiles. Besides, it is the largest producer of rice, peanuts, cotton, corn, fish and wheat. Whenever the comparison is made between the outputs of china with those of United States, the positive result lies with China. Hence, it is delivering more value to the economy.
The economy is growing with the amount of $9 trillion which is the heavy one. The experts have narrated the notion that if China continues the same trend, it will become the biggest economy in 2030 or even in early year of 2020.
With the arrival of disastrous defeat of World War II, Japan struggled by leaps and bounds to appear among the biggest economies of the world. Fortunately, it came out to be successful. Well known for its technological industries, it also includes major electronic and industrial sectors. The profitable industries are chemicals, robotics, food, textile, iron, ships, steel, semi-conductor, high tech goods, vehicles and other automobiles. Globally, the most earned sector is agriculture. It has been a member of G8 as well as other elite states of the world. All are contributing positively in making the economy worthwhile i.e. $5.1 trillion.
As European largest economy, IMF has ranked it as the fourth powerful economic country of the world. Worldwide, it is the second largest exporter. The two major concepts of the country’s economy are industrial capitalism and industrialization. With the advent of both eras, it has turned into a globalized economy.
The economy comprises of the sectors of electronics, gas, agriculture, transport equipment, chemical, computer, pharmaceuticals, electric equipment’s, motor vehicles and machinery. The economy is currently pursuing $3.6 trillion strength.
France is mentioning the heavyweight economy throughout the world owing to official estimation. For many years, the country is proved as a developed and richest economy all over the world. It constitutes over 30 companies among the world’s 500 biggest companies. Moreover, France is the headquarter for multiple Fortune Global 500 companies.
Various effective brands of the world are in the ownership of French companies like L’Oreal, AXA Insurance Company, pharmaceuticals, Sanofi Aventis, LVMH, cement. Hence, all making collectively the worth of $2.7 trillion.
In whole South America, Brazil have giant economic conditions. The reason being its well developed fields of agriculture, mining, manufacturing and services. It has exhibited its outstanding presence in the world markets. Among global economies, it is the fastest growing one that is contributing major part of GDP. Its GDP rte is continuing to increase with 5%. The economy worth of Brazil is $2.5 trillion.
7. United Kingdom
Just after France and Germany, UK is emerged as the powerful and largest economy in the continent. One of the robust industries of this country is agriculture. This sector includes the products of cattle, sheep, poultry and fish. Other brawny industries include manufacturing, metal, communicating and electronics. UK is remained the active member of G8, G7 and OECD. In addition, it has the membership of other global and regional institutions. Presently, its economy is Worthing $2.4 trillion.
The economy of Russia is more of market oriented as well as globally integrated. In 1990s, most of the industries were become privatized with the exception of energy and defence related sectors. The leading sector of this country is oil manufacturers. Moreover, it is the second largest natural gas producer worldwide. The natural gas reserves are the largest one all over the world. Apart from all these sectors, Russia is also better associated or affiliated with machinery and steel industry. Presently, its economy is Worthing $2.2 trillion.
Italy is well known for its diversified industrial sectors, high GDP and developed infrastructure. Its economy is strong as it has connected itself with various elite clubs of richest economies like Group of eight (G8), Group seven (G7), Organization for co-operation and Development (OECD) and European Union (EU). Currently, its economy is Worthing $2.1 trillion.
In Asia, India is showing average growth of economy with 7% rate annually sine 1997. Its economy includes the major industries of service sector and agriculture. The services sector is emerged to be the dominant source of rapid economic growth. It has become a top exporter of services including information technology as well as business outsourcing. It has made possible due to the educated people of India who can fluently speak English. Today, its economy is contributing $2 trillion in GDP.