The expected growth rate of the economy of Uzbekistan is 7.4% and it is very close to Myanmar. The fastest growing economy in the world is not China but it is Bhutan. Brazil ranks 9th on this list of the top 20 largest economies in the world with a nominal GDP of  USD 1.85 trillion. Ranking the top 10 largest economies in the world in 2020 is no easy task. Germany is the world’s top location for trade fairs, with two-thirds of the world’s leading trade fairs, take place in Germany. On number 10, we have Djibouti and the growth rate of GDP for Djibouti is 7%. What is the largest economy in the world in 2020? Since 2008, Tanzania is growing at a fast rate and it is really doing well because of banking, tourism, and telecommunication sector. By the end of the year, it’s projected to overtake the United Kingdom and become the fifth-largest economy as 2020 begins. Politics of Thursday, 7 January 2021. The world will drastically change by 2050. What is the largest economy in the world in 2020? By GDP by Purchasing Power Parity (PPP), The UK ranks 9th in GDP (PPP) at USD 3.04 trillion. Germany has the largest national economy in Europe. All … The world’s fastest growing economy is not India (6.7% in 2017) or China (6.8%), but Ethiopia, according to a World Bank estimate that puts the East African country’s 2017 growth at 8.5% and projects 8.2% growth in 2018, ranking second only to Ghana (8.3%). After the US, China has the world’s second-highest number of billionaires with a total wealth of USD 996 billion. Today, its service sector is the world’s fastest-growing sector, adding to its economy by over 30 percent. Bhutan relies on Gross National Happiness and it accounts for the growth of the nation by the happiness index. Despite being characterized as a developing market economy, India is showing no slowing down in economic growth. Canada also has the world’s third-largest proven petroleum reserves and is the fourth largest exporter of petroleum. Last December, following one of the largest offshore crude discoveries in decades, Guyana officially became an … Guyana’s growth is expected to come in at: 12% in 2021; 49% in 2022; 28% in 2023 Advanced economies refers to 39 countries as defined by the IMF. You also have the option to opt-out of these cookies. You might be surprised by this ranking but the fact is that Chinese economy has already been saturated. The country is heading towards a higher political stability which is forming a strong foundation for the economy of Ghana. By 2050, Indonesia is expected to become a top 5 economy in the world. By GDP (PPP), India is the 3rd largest economy in the world, with a GDP (PPP) of USD 10.51 trillion. Also by 2023, China’s GDP (PPP) is projected to grow to USD 36.99 trillion. Ranking 6th on this list of the top 20 largest economies in the world is the United Kingdom. Why is the German economy so big? Source: IMF; World Bank; UN National Accounts; Bank of Korea. Do we rank countries by GDP, or is there more to get a clearer picture of assessing the most dominant economies in the world now, and looking ahead. The economy of Japan is a highly developed free-market economy. By 2050, India will surpass the USA in GDP (PPP), to become the 2 nd largest economy in the world by that metric. It is the only country to do so but as per an estimate, the GDP growth for Bhutan is going to 11.1% in 2017. By 2050, Italy’s economy is projected to USD 3.11 trillion — ranking 21st among the top economies in the world in 2020. Germany ranks 4th on this list of the top economies in the world. By GDP (PPP), Germany ranks 5th in the world at USD 4.44 trillion behind the USA, China, India, and Japan. The country is taking various initiatives to attract foreign investments as the service dominated economy can surely benefit a lot from the FDI. These cookies will be stored in your browser only with your consent. The stimulus from the 2020 Olympics was supposed to add investments back into the economy after a rough stretch due to the earthquake and 2008 recession, however, that is yet to be seen due to the derailment of the Olympics due to the COVID-19 pandemic. The current numbers and future projections cited are based on Nominal GDP = Gross domestic product, current prices, U.S. dollars; GDP based on PPP = Gross domestic product based on purchasing power parity; and 2050 GDP (PPP) projections. The present government headed by Mr. Narendra Modi is launching schemes like Make in India which is helping in increasing the GDP significantly. Just how big are the countries mentioned on this list? We have another African Nation on our list and for Tanzania, the growth in GDP is expected to be a little higher than Laos. The country is not very rich in natural resources and that is one of the reasons why the economy here is dependent on the service industry. World’s Largest Economies in 2030. The country has a location which helps it in trade and that forms the base of the economy of Ethiopia. The service sector dominates, contributing around 80% of GDP; the financial services industry is particularly important, and London is the second-largest financial center in the world. From 2014 to 2018, Indian was the fastest-growing major economy in the world only, behind China. So what do you think about it? When factoring in the gross domestic product based on purchasing power parity, by 2050 both China and India will become the two largest economies in the world, with the US third. India ranks second globally in food and agricultural production, while agricultural exports were $38.5 billion. The economy of the United Kingdom is a highly developed social market, with the economy being market­-oriented. Italy’s economy runs of large trades surpluses making it very successful. But opting out of some of these cookies may have an effect on your browsing experience. This video shows the countries with the fastest growing economy. This website uses cookies to improve your experience while you navigate through the website. The IMF had previously predicted in October last year that the world economy would grow at a rate of 3.7 percent which they have now updated to a growth of 3.9 percent. Based on nominal GDP, China is the 2nd largest economy in the world with a nominal GDP of USD 14.14 trillion. How the World’s Fastest-Growing Economy Plunged Into Stagflation By . BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. The expected growth of GDP in 2017 for Laos is 7% and the reason for the high development of the country is the fact that Laos generates a lot of hydro-electricity. There was a period of recession and economic turmoil in the 1970s but the country got out of it and today, it is among one of the fastest growing economies in the world. The IMF has anticipated that in 2020 the country's economy—unlike much of the world, which will be in recession—will grow by an astounding 51% from just 4.6% in 2019. Indonesia and Brazil are among the fastest-growing economies in the world and are projected to become one of the top 5 economies in the world by 2050. The USA has the world’s eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP) currently. This category only includes cookies that ensures basic functionalities and security features of the website. The UK was the tenth-largest goods exporter in the world and the fifth-largest goods, importer. India the World’s Fastest Growing Economy, While Chinese Economy To Slip by 0.2% YoY In FY20: IMF. Canada has the third-highest total estimated value of natural resources, valued at USD 33.2 trillion. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. So, without further ado, let’s take a look at the top ten fastest growing economies of 2020. It can be said that GDP is a measurement of economic activities of the nation and hence any change in GDP from one quarter to another or from one year to another can be termed as growth in GDP. Italy is a large manufacturer (overall the second in EU behind Germany) and exporter of a significant variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots. The World Bank expects the country’s economy to have grown by 6.7% in 2017, a pace that will be sustained until 2019 before slowing to 6.5% in 2020. I'm Hina Khan, working as a writer at Worldblaze.in blog. By 2023 the US economy is expected to grow to USD 24.88 trillion. As per the growth forecast, the economy of India is growing at a pace of 7.7% in 2017 and it is also the world’s 7th largest economy. We expect India to surpass the United Kingdom by 2020 to become the world’s fifth-biggest economy, with a nominal GDP of over $2.9 trillion. Dollars: $46,195 6. By 2050, China will surpass the USA as the largest economy in the world. On number 2, we have Ethiopia and the country has a GDP growth rate of 8.7%. According to the Chief Economist for Africa at the World Bank, Dr Albert Zeufack “Africa still hosts four of the fastest-growing economies in the world. What makes Indian one of the biggest economies in the world in 2020? Why is France’s economy so big? We also use third-party cookies that help us analyze and understand how you use this website. Talking about Myanmar, the country’s GDP is growing because of increase in exports and economic reform. When measured bu purchasing power parity (GDP based on PPP) however, the USA ranks 2nd behind China with a GDP (PPP) of USD  21.44 trillion. UAE; GDP Growth Rate in 2015: 4.5%. The nominal GDP of the top 10 economies in the world adds up to about 66% of the world’s economy, while the top 20 largest economies contribute almost 79%. Brazil also ranks 8th by gross domestic product by purchasing power parity at USD 3.37 trillion. With a projected 26.21% growth in 2020, Guyana is the fastest growing economy in the world. Japan is the world’s third-largest automobile manufacturing country and has the largest electronics goods industry, and is often ranked among the world’s most innovative countries leading several measures of global patent filings. Facing competition from China, South Korea, and Vietnam, Japan now focuses on high-tech and precision goods, such as optical instruments, hybrid vehicles, and robotics. Exports account for 41% of national output. Canada is considered an “energy superpower” due to its abundant natural resources. The USA ranks number 1 in the world in nominal GDP (Gross domestic based on current prices), with a nominal GDP of USD 21.44 trillion — ahead of 2nd place China. Pointing out projections by the IMF that the country’s economy will grow by 26.2% in 2020 while GDP will increase from 2019’s $4.2 billion to $5.3 billion this year, the Ambassador said that these results will be “making it the fastest growing economy in the world.” Most of the times, the inflation is adjusted so as to get a real comparison of GDP among countries. By GDP (PPP), Canada ranks 17th at USD 1.84 trillion. The fastest growing economy in the world is not China but it is Bhutan. a Includes overseas territories. Germany has a nominal GDP of USD 3.86 trillion — making it the 4th largest economy in the world. France’s growth in terms of GDP based on purchasing power parity (PPP) is USD 2.96 — ranking 10th among the top economies in the world. The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services. As you can see from the list, as fast-growing economies prosper, expect to see a shift by 2050 in terms of who the largest economies in the world are. By 2050, India is projected to become the 2nd largest economy in the world with a GDP (PPP) of USD 44.12 trillion. Southeast Asia is also expected … With China growing faster than the USA ( a growth rate of 6.3% vs 2.5 for the US), expect to see China ranks number 1 on future lists of the largest economies in the world. It should also be noted that India is one of the most attractive destinations for FDI and this also accounts for a higher growth factor of country’s GDP. But change is in the air. Netherlands Nominal GDP Rank 2020: USD 900 billion (17, Netherlands GDP (PPP) Rank 2020: USD 970 billion (19, Netherlands Estimated GDP (PPP) Rank 2050: USD 1.49 trillion (19, Saudi Arabia Nominal GDP Rank 2020: USD 700 billion (18, Saudi Arabia GDP (PPP) Rank 2020: 1.86 trillion (16, Saudi Arabia Estimated GDP (PPP) Rank 2050: USD 4.69 trillion (13, Turkey Nominal GDP Rank 2020: USD 740 billion (19, Turkey GDP (PPP) Rank 2020: 2.29 trillion (13, Turkey Estimated GDP (PPP) Rank 2050: USD 5.18 trillion (11, Turkey Nominal GDP Rank 2020: USD 770 billion (20, Turkey GDP (PPP) Rank 2020: 550 billion (20, Turkey Estimated GDP (PPP) Rank 2050: USD 1.01 trillion (20. 2019 Nominal GDP Per Capita in Current U.S. Official data showed the economy grew 5.8%, which is slower than the 6.4% growth registered by China, and down from 6.6% in the previous quarter. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. This is BizVibe’s list of the top 20 largest economies in the world in 2020 based on their current nominal GDP. In the age of globalization, it is necessary to have the accurate figures that could help in comparison of economies and judge the standard of living. I love dancing and listening punjabi music. And by 2050, China will lead the world in GDP with an estimated GDP of USD 58.499 trillion. After declaring independence from Britain, India’s economy was mostly agrarian. India will continue to be the world’s fastest growing major economy, ahead of China, with 7.3 per cent growth rate in 2018-19 and 7.6 per cent in 2019-20, the Asian Development Bank (ADB) said today. In addition to this, India adopted the policies of liberalization, globalization, and privatization in 1990 which lead to the growth of the nation. Here I'm sharing all the interesting stuffs that will definitely entertain you. These were the fastest growing economies in the world. Why is Japan’s economy so large? UAE currently has the 10 th fastest growing economies in the world in 2020. By 2050, China will surpass the USA as the largest economy in the world. Besides the Kantō region, the Kansai region is one of the leading industrial clusters and manufacturing centers for the Japanese economy. The economy of Canada is a highly developed market economy. Indian is the 5th largest economy in the world ranked by nominal GDP at USD 2.94 trillion. With a GDP size of $80.28 billion, Ethiopia is the fastest developing economy in Africa and the second fastest developing economy in the world. In 2050, France’s economy is expected to reach a GDP (PPP) of USD 4.7 trillion — ranking 12th among this list of the biggest economies in the world. The other countries named alongside Ghana are Ethiopia, Rwanda and Cote d’Ivoire. A world Bank report has named Ghana among the fastest-growing economies in the world. By 2050, the UK is expected to slip to the 10th ranking by GDP (PPP) at USD 5.36 trillion. It shares its borders with Venezuela , Suriname and Brazil . Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. In addition to this, the economy of Ghana is dependent on chocolate, gold and oil reserves which is surely helping the nation in advancing forward. Laos is situated on the Indochinese peninsula and the country has the ninth spot on our list. Do it let us know in a comment. The German economy is dependent upon capital good exports, which suffered a setback post-2008 financial crisis. In the past, the country’s GDP grew at the rate of 10.9% and hence the target is easily achievable for the country. Ranking 2nd on this list of the top 20 biggest economies in the world is China, an economy the has transitioned from a centrally-planned system to a more market-oriented economy since 1978. Another five Asian economies feature among our six fastest-growing economies in the world – Bangladesh, India, Philippines, Pakistan and Vietnam – so that by 2030, the It is one of the exporters of electricity as it distributes a major portion of electric production to its neighboring states. Initially, in 2017, the growth of the global economy was set at 3.2% and as per IMF, 2017 isn’t turning out to be the better year either. By 2050, Germany’s economy is expected to slip to 9th place with a GDP of USD 6.13 trillion. Aside from China, India is looking to outpace China very soon too and this list could end up looking very different soon. What will be the largest economy in the world by 2050? Myanmar also has a high FDI and all that is because of the economic reforms brought in last few years. In addition to this, the tourism plays a major role in the development of Ivory Coast. Year-over-year growth in GDP is one of the top measuring sticks used to gauge the long-term health of a country’s economy. Bhutan’s economy is dependent on the agriculture and it also exports hydro-electricity to the neighboring countries. Notes. Italy ranks 8th on this list of the top 10 largest economies in the world in 2020. The power of economies is very important as it engages investment, trade, and business opportunities all over the world. To measure the economic health of the country, we use a parameter called GDP. Necessary cookies are absolutely essential for the website to function properly. By nominal GDP, The USA is the biggest economy in the world, followed by China and Japan. When you account for the nation’s domestic market based on the relative cost of local goods, China has the largest GDP in the world. As per the statistics, the GDP of Myanmar is growing at a rate of 7.4% and it is surely a great growth rate for the country that is not very high on resources. The long-term growth prospective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, and its increasing integration into the global economy. We have another country from western Africa and Ivory Coast has a growth projection of 8.5%. The country follows a free trade policy which helps in growth of the nation. The economy of Tanzania is dependent on the mining industry and gold is one of the most mined minerals in Tanzania. The reason for the high growth of Uzbekistan is that the country has the fourth largest gold deposits in the world and the mining industry forms the base of the economy of Uzbekistan. The rankings are based on annual % of GDP growth. Here is the list of top 10 fastest growing economic growth countries in the world. var aax_size='300x600'; Please refer to the help guide of your browser for further information on cookies, including how to disable them. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. It is mandatory to procure user consent prior to running these cookies on your website. China, officially the People’s Republic of China, is the second-largest economy in the world and the fastest-growing trillion-dollar economy. Canada is the 10th largest economy in the world with a nominal GDP of USD 1.73 trillion. GDP stands for Gross Domestic Production and it is basically the value of the finished goods and services in terms of money. France has a large tourism industry, as it’s the most-visited country in the world. the world’s third-largest economy in just over a decade, up from seventh today – leap-frogging the second- and third-largest developed economies of Germany and Japan. China has a gross domestic product based on purchasing power parity of USD 27.31 trillion, ranking number 1 among the top 20 largest economies in the world in 2020. Indonesia and Brazil are among the fastest-growing economies in the world and are projected to become one of the top 5 economies in the world by 2050. Japan ranks 3rd behind the USA and China in nominal GDP at USD 5.15 trillion and 4th behind the USA, China, and India in GDP (PPP) at USD 5.75 trillion. The growth for the country had been slow in recent years but this will easily be compensated in the coming years. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion,[26] making it the biggest capital exporter globally. The country is surrounded by India, China, and the Himalayas but it shares good ties with India. Discover Suppliers | Target Prospects | Browse 10M+ CompaniesTry for Free>>. The UK ranks 6th with a nominal GDP of USD 2.83. Across the world, nations are looking into how to fuel this growth in sustainable ways that lead to a more robust economy with the strength and stability to compete on the international stage. b 2010. c 2017. d 2016. e 2000 The country has high reserves of oil and gases as well which further intensifies the growth in the GDP. On number 5, we have India. The statistics stand at 7.1% and you would be surprised to know that Tanzania is a really poor nation and it also lacks natural resources. USA Nominal GDP Rank 2020: USD 21.44 trillion (1, USA GDP (PPP) Rank 2020: USD 21.44 trillion (2, USA Estimated GDP Rank 2050: USD 34.1 trillion (3, China Nominal GDP Rank 2020: USD 14.14 trillion (2, China GDP (PPP) Rank 2020: USD 27.31 trillion (1, China Estimated GDP Rank 2050: USD 58.49 trillion (1, Japan Nominal GDP Rank 2020: USD 5.15 trillion (3, Japan GDP (PPP) Rank 2020: USD 5.75 trillion (4, Japan Estimated GDP Rank 2050: USD 6.77 trillion (8, Germany Nominal GDP Rank 2020: USD 3.86 trillion (4, Germany GDP (PPP) Rank 2020: USD 4.44 trillion (5, Germany Estimated GDP Rank 2050: USD 6.13 trillion (9, India Nominal GDP Rank 2020: USD 2.94 trillion (5, India GDP (PPP) Rank 2020: USD 10.51 trillion (3, India Estimated GDP (PPP) Rank 2050: USD 44.12 trillion (2, UK Nominal GDP Rank 2020: USD 2.83 trillion (6, UK GDP (PPP) Rank 2020: USD 3.04 trillion (9, UK Estimated GDP (PPP) Rank 2050: USD 5.36 trillion (10, France Nominal GDP Rank 2020: USD 2.71 trillion (7, France GDP (PPP) Rank 2020: USD 2.96 trillion (10, France Estimated GDP Rank 2050: USD 4.7 trillion (12, Italy Nominal GDP Rank 2020: USD 1.99 trillion (8, Italy GDP (PPP) Rank 2020: USD 2.4 trillion (12, Italy Estimated GDP (PPP) Rank 2050: USD 3.11 trillion (15, Brazil Nominal GDP Rank 2020: USD 1.85 trillion (9, Brazil GDP (PPP) Rank 2020: USD 3.37 trillion (8, Brazil Estimated GDP (PPP) Rank 2050: USD 7.54 trillion (5, Canada Nominal GDP Rank 2020: USD 1.73 trillion (10, Canada GDP (PPP) Rank 2020: USD 1.84 trillion (17, Canada Estimated GDP (PPP) Rank 2050: USD 3.1 trillion (16, Russia Nominal GDP Rank 2020: USD 1.64 trillion (11, Russia GDP (PPP) Rank 2020: USD 4.21 trillion (6, Russia Estimated GDP (PPP) Rank 2050: USD 7.13 trillion (6, South Korea Nominal GDP Rank 2020: USD 1.63 trillion (12, South Korea GDP (PPP) Rank 2020: USD 2.14 trillion (14, South Korea Estimated GDP (PPP) Rank 2050: USD 3.54 trillion (14, Spain Nominal GDP Rank 2020: USD 1.4 trillion (13, Spain GDP (PPP) Rank 2020: USD 1.86 trillion (15, Spain Estimated GDP (PPP) Rank 2050: USD 2.73 trillion (17, Australia Nominal GDP Rank 2020: USD 1.38 trillion (14, Australia GDP (PPP) Rank 2020: USD 1.32 trillion (18, Australia Estimated GDP (PPP) Rank 2050: USD 2.56  trillion (18, Mexico Nominal GDP Rank 2020: USD 1.22 trillion (15, Mexico GDP (PPP) Rank 2020: USD 2.57 trillion (11, Mexico Estimated GDP (PPP) Rank 2050: USD 6.86 trillion (7, Indonesia Nominal GDP Rank 2020: USD 1.11 trillion (16, Indonesia GDP (PPP) Rank 2020: USD 3.51 trillion (7, Indonesia Estimated GDP (PPP) Rank 2050: USD 10.5 trillion (4. The USA is known for being one of the most technologically powerful economies in the world and its firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment. If realized, that pace will fall within the government’s 6.5-7.5% growth goal for 2017 but will fall short of a 7-8% annual target from 2018 to 2022. India’s GDP was growing at between 7% and 8% for the past few years, the fastest rate in the world. These are estimations based on market projections. The economy of Germany is a highly developed social market economy. Growth represents a third of the weight in ranking the Best States for economy, including metrics that measure net migration, growth of the young population and GDP growth rate. The Chart of the Week is a weekly Visual Capitalist feature on Fridays.. Today’s emerging markets are tomorrow’s powerhouses, according to a recent forecast from Standard Chartered, a multinational bank headquartered in London.. These cookies do not store any personal information. By 2023, China’s nominal GDP is expected to grow to USD 19.41 trillion. Italy is the 8th largest economy in the world with a nominal GDP of USD 1.99 trillion; and a GDP (PPP) of 2.4 — ranking 12th there. This is BizVibe’s complete list of the top 10 biggest economies in the world in 2020 by both nominal GDP and estimated gross domestic product based on purchasing power parity. By 2050, India will surpass the USA in GDP (PPP), to become the 2. The following is a list of the top 20 largest economies in the world in 2020 and beyond. The South and the West top the list amid the pandemic — 6 of the fastest-growing economies in the US are in Texas, while another 5 are in Florida.

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