Top 7 Richest Economies In The World
The economic health of any country is always determined by the GDP which stands for Gross Domestic Product. This would be the market value of all the goods that the country has produced in a year including the services. Many richest countries in Africa gets its ranks every year consistently depending on this GDP. And, it would determine which country is economically better than the rest. Fluctuating currency value could also cause lower in the ranking. Here are the top 7 richest economies in the world for a better understanding.
The United States in the year 2019 is expected to exceed USD 21 trillion. Much larger than China, it accounts for almost 20% of global output. The US is much more technologically updated in various sectors of industry, lifestyle, and a lot more. This fact would alone account for 80% of the total output. The firms, the industries that provide new edge-cutting technology in terms of finance, retail as well as healthcare plays a great role in helping it amplify its position in the global stage.
Over the last few decades, there has been unprecedented growth in the economy of China more so in 2019. This is one of the main reasons why it ranks in the second position and the GDP of China would be 9.2 trillion.
It is the third major economy in the world. The GDP would be USD 5.15 trillion. Though the financial crisis of 2008 caused a lot of problems and it has been a challenging time.
It has a GDP of USD 4.2 trillion and it has gotten itself a position among the richest economies in the world. With a 4.0% expansion, it bounced right back even though it faced an economic crisis in 2009. The passing years have shown consistent growth.
Between 1999 and 008, the average annual growth of GDP of the UK was 2.8%. With a nominal GDP of USD 3.2 trillion, the UK has continued in holding its position among the richest economic countries.
In 2018, it has overtaken France and would surely be taking the fifth position soon as well. With a nominal GDP of 2.9 trillion, it has shown productive growth in the economy surpassing China recently.
At present 70% of the nation’s GDP comes from the service sector. From automotive, railway, and aerospace, the nominal GDP stands at 2.9 trillion in 2019.
Thus, these are the top 7 richest economies in the world which have shown unprecedented growth in their economy through various sectors. The richest country in Africa has been showing some growth too becoming a promising economic country.