GDP (Gross Domestic Product), which measures the entire market value of all the goods and services a country generates in a given year, serves as a barometer for a nation’s economic health. Real GDP is used to rank countries economically. Variable outcomes can also result from changes in a nation’s currency rate.
Here is the latest list of top 10 economies of the world:
1. United States of America
![United States of America GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051036.180.jpeg)
The estimated real GDP of the United States is $20.94 trillion. The US services industry is significantly more established and technologically advanced. This fact constitutes around 80% of the total production. On the world arena, the largest organisations and firms providing services in the industries of technology, retail, finance, and healthcare play the most significant role.
2. China
![GDP of China](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051252.897.jpeg)
The Chinese economy has experienced phenomenal expansion over the past several decades. This characteristic has helped the nation attain the desired second position among the world’s top 10 economies. In 2020, China’s real GDP was $14.72 trillion.
3. Japan
![Japan GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051508.832.jpeg)
The Japanese economy presently ranks third in terms of real GDP, with an estimated $5.05 trillion. Throughout the 1960s, 1970s, and 1980s, Japan’s economy grew dramatically. Nonetheless, Japan’s economy after that period in the 1990s was not outstanding. In the past decade, Japan has endeavoured to expand its economy.
4. Germany
![Germany GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051558.299.jpeg)
With a real GDP of $3.84 trillion, Germany ranks fourth among the world’s five largest economies. After a temporary decline in 2009, Germany’s economy rebounded with 4.0% growth a decade ago. In the years that followed, the nation demonstrated sustained performance.
5. United Kingdom
![United Kingdom GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051636.072.jpeg)
Between 1999 and 2008, the average yearly growth of the British economy was 2.8%. Under the uncertain conditions produced by BREXIT, GDP is anticipated to decelerate due to a decline in private consumption and a slowdown in fixed investment. However, with a real GDP of $2.76 trillion, the United Kingdom will maintain its position among the world’s top 10 economies.
6. India
![India GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051725.527.jpeg)
India’s real GDP of $2.66 trillion places it in sixth place among the world’s largest economies, surpassing the French economy. The Indian economy has also become the world’s largest economy with the quickest growth rate.
7. France
![France GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051808.508.jpeg)
France’s GDP estimate represents $2.63 trillion. Currently, more than 70% of the nation’s GDP is generated by the service industry. France is also a world leader in the automotive, railway, and aerospace industries.
8. Italy
![Italy GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-2022-10-14T051843.073.jpeg)
Italy is the third largest economy in the European Union, and its market is well developed. The country is also renowned for its inventive and important corporate sector, as well as its hardworking and competitive agricultural industry. It is estimated that Italy’s real GDP is $1.88 trillion, making it the eighth largest economy in the world.
9. Canada
![Canada GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/canada-flag-with-stock-market-finance-economy-trend-graph-digital-technology_622428-1617-1024x682.jpg)
The actual GDP of Canada is $1.64 trillion, making it the world’s ninth largest economy. While remaining in ninth place among the world’s top economies, Canada is only one spot ahead of South Korea.
10. South Korean
![South Korean GDP](https://jaybesttrends.com/wp-content/uploads/2022/10/images-18.png)
The South Korean economy is a highly developed mixed economy and the fourth largest in Asia. Following the Great Recession, the nation remains one of the fastest-growing developed nations in the world. The real GDP prediction places the South Korean economy eighth, with a value of $1.63 trillion.
The list was constructed using the World Bank’s World Development Indicators (WDI) forecasts for the year 2020.
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