In this article, we discuss 10 largest economies in the world by GDP. If you want to see more largest economies in the world by GDP, go directly to Countries by GDP: 30 Largest Economies in the World.
10. South Korea
2021 GDP: $1.8 trillion
South Korea has one of the most advanced economies in Asia with a 2021 GDP of $1.8 trillion and GDP per capita of $34,757.72. Given its substantial R&D spending, the country is home to world leading technology companies like Samsung and Hyundai. In 2020, South Korea spent 4.81% of its GDP of research and development, the second highest in the world trailing only Israel.
9. Canada
2021 GDP: $1.99 trillion
Canada is one of the largest economies in the world with a 2021 GDP of $1.99 trillion. In addition to being a sixth largest producer of natural gas and the fourth largest producer of oil, Canada also has a large real estate sector, which accounts for the largest part of the country’s economy.
8. Italy
2021 GDP: $2.1 trillion
Italy has one of the largest economies in Europe with a 2021 GDP of $2.1 trillion. In terms of composition, services was the biggest sector for Italy in 2021, accounting for around 65% of GDP. In terms of 2022, Italy’s real GDP is expected to grow around 3.3%, with the services sector remaining resilient despite the higher inflation.
7. France
2021 GDP: $2.94 trillion
France has the second largest economy in Europe with a GDP of $2.94 trillion. In terms of emissions among major economies, the nation has one of the lowest carbon emitting economies in the world on a per capita basis given nuclear energy supplies around 70% of the nation’s electricity. In the future, France hopes to install more solar and wind to increase its renewable energy as well.
6. India
2021 GDP: $3.17 trillion
India has a nominal GDP of $3.17 trillion for 2021 and a GDP based on PPP of $7.33 trillion in the same year. Given it is still a developing country, many things in India cost less than in developed countries. As a result, nominal GDP does not accurately reflect the country’s economic size. In recent years, India has been one of the fastest major economies in the world with expected growth of 7% this year and 7.2% next year.
5. United Kingdom
2021 GDP: $3.19 trillion
The United Kingdom has one of the leading financial centers in the world in London which is the home to many leading investment banks in terms of their business in Europe. Although the financial services sector accounted for 8.3% of the United Kingdom’s total economic output in 2021, the sector is arguably even more important to GDP as the sector creates a lot of jobs in other sectors.
4. Germany
2021 GDP: $4.22 trillion
Germany has the largest economy in Europe with a 2021 GDP of $4.22 trillion. Long regarded as one of the most technologically advanced economies in the world, Germany’s economy is as developed as any other nation’s and the country has one of the highest income per capita among major economies with GDP per capita of $50,801.79 last year.
3. Japan
2021 GDP: $4.94 trillion
Japan has the third largest economy in the world with a 2021 GDP of $4.94 trillion. While inflation has been a problem for many countries this year, the rise in consumer prices has not been as high in Japan. In October, Japan’s nationwide core consumer price index rose 3.6% year over year, up from 3% year over year in September. Given the lower inflation numbers, Japan’s central bank plans to keep interest rates low to help its economy.
2. China
2021 GDP: $17.73 trillion
With a GDP of $17.73 trillion in 2021, China has the second largest economy in the world in terms of nominal GDP. In terms of GDP, PPP, however, China has the largest economy in the world given goods and services on average cost less in the country than in the United States. Considering China has four times as many people as the United States does, the country’s average GDP per capita is still meaningfully lower.
1. United States
2021 GDP: $23 trillion
The United States has the world’s largest economy with a 2021 GDP of $23 trillion. In addition to having the financial center of the world in New York City, the United States has the innovation center of the world in Silicon Valley. Furthermore, the country has the world’s best military, the world’s most dominant reserve currency, and the world’s most leading universities.
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