Top 10 largest economies in the world 2022

Top 10 largest economies in the world 2022

Top 10 largest economies in the world 2022

Understanding the economic landscapes of different countries will aid you in preparing for global expansion.

We will look at the top 10 economies in the world based on GDP. You will find the  complete list of top 10 biggest economies in the world here.

Recently, India surpassed the Uk to take over as the fifth world’s most important economy. By 2029, India is expected to overtake Japan as the third-largest of the world’s economies based on current trends.

Let’s have a look at the top 10 largest economies in the world 2022 according to the GDP.

First let’s understand what GDP is.

What is GDP?

what is gdp

A country’s gross domestic product (GDP) is a calculation of the total revenue worth of finished services and goods produced within its boundaries during a given time period, often a year. A country’s economy may typically be estimated using its GDP.

The most popular technique for calculating GDP is indeed the expenditure method, that totals government spending, new investment expenditures, spending on newer consumer products, and the value of export revenues to determine GDP (exports minus imports).

Top 10 economies in the world 2022 list

  1. United States – $20.89 trillion
  2. China – $14.72 trillion
  3. Japan – $5.06 trillion
  4. Germany – $3.85 trillion
  5. United Kingdom – $2.67 trillion
  6. India – $2.66 trillion
  7. France – $2.63 trillion
  8. Italy – $1.89 trillion
  9. Canada – $1.64 trillion
  10. South Korea – $1.63 trillion

What are the Top 10 economies in the world 2022 by gdp?

Useful measure to judge a nation’s economy: GDP (nominal) or GDP (PPP)

1. United States

GDP – Nominal – $20.89 trillion

GDP per Capita – $63,413

A variety of variables contribute to the United States’ prosperity. Working inside an environment that encourages hard work and long hours is undoubtedly beneficial.

 Decentralised government, top-tier research institutions, and enabling legal frameworks all play a role as well. 

The US will probably always rank among the 10 most largest economies in the world 2022.

2. China 

GDP – Nominal – $14.72 trillion

GDP per Capita – $10,434

Chinese GDP is now estimated at $14.86 trillion, which makes it the second world’s largest economies and one of the fastest expanding in the twenty-first century. 

The Belt and Road Initiative, which effectively unifies China’s foreign and economic policies, has boosted support for utilising the Chinese Renminbi in settlements. 

The country is playing a bigger part in the global economy. Since the global financial crisis of 2008, it has been the primary engine of global growth.

3. Japan

GDP – Nominal – $5.06 trillion

GDP per Capita – $39,048

Nearly 98% of Japan’s land is made up of the four main islands: Honshu, Hokkaido, Shikoku, & Kyushu. In terms of nominal GDP and purchasing power parity(PPP), its economy is in third place globally .

Japan is the world’s largest producer of electronic goods and the third-largest manufacturer of automobiles, and is regarded as one of the most inventive nations in the world. The country often has an excess of annual commerce and foreign investment. The highly educated and talented workforce in the nation contributes significantly to organisational growth. Japan ranks among the top 10 largest economies in the world 2022 in terms of GDP thanks to all of these factors.

4. Germany

GDP – Nominal – $3.85 trillion

GDP per Capita – $45,466

Germany really does have the fourth most powerful economies in the world. Exports and imports combined account for 86.9% of GDP. Germany is a country in Europe, and its service sectors—such as telecommunications, healthcare, and tourism—are the main economic engines there.

The country uses a social market economy that promotes the virtues of free enterprise while simultaneously guaranteeing a number of social amenities. Due to its technological know-how, fully advanced infrastructure, and trained labour force, the nation is ranked number 1 for entrepreneurship.

5. United Kingdom

GDP – Nominal – $2.76 trillion

GDP per Capita – $39,229

The United Kingdom (UK), often referred to as the United Kingdom of Great Britain & Northern Ireland, is made up of England, Northern Ireland, Scotland, and Wales. In terms of GDP, it is the fifth highest economy in world and Europe’s second largest. Both the World Bank’s Ease of Doing Businesses Rankings and the yearly Global Competitiveness Reports place the UK highly.

6. India

GDP – Nominal – $2.66 trillion

GDP per Capita – $1,877

India is a federal democracy made up of 28 states and 8 union territories. It has the sixth highest economy in world and the world’s biggest democracy. Industry, technology, and services are all growing in India. From 2014, the amount of FDI inflows into India has steadily increased as a result of the government implementing several significant policy measures to support this growth. As a result, India’s GDP Growth Rate 13.5% and India is among the top 10 largest economies in the world 2022 in terms of GDP.

There have been several significant moves made to improve the business climate in India, including removing bottlenecks in important economic sectors, lowering the minimum capital required, and streamlining the licensing procedure.

7. France 

GDP – Nominal – $2.63 trillion

GDP per Capita – $39,257

France has the seventh highest economy in world. Due to its popularity as a travel destination, it has a booming tourism business. Additionally, international trade is crucial to the country’s economy.

63% of the nation’s GDP is made up of imports and exports. Investors are encouraged by robust property rights protection and a functional regulatory environment. In the 2019 World Bank Ease of Doing Business index, France is ranked 32. 31 of the Fortune 500 firms are from this significant EU member, and there are international players in many different industries.

8. Italy

GDP – Nominal – $1.88 trillion

GDP per Capita – $30,657

Italy’s economy ranks third in the Eurozone and eighth in the top 10 largest economies in the world 2022. In addition to having a substantial economy, Italy is also one of the most powerful nations in Europe and a significant participant in the Eurozone, EU, G7, OECD, and G20.

The rise of Italy’s varied economy is being driven by the consumer goods sector. The expenditure component of GDP includes 17% of gross fixed capital production, 19% of government spending, and 61% of household consumption. 30% of GDP is contributed by exports of goods and services, whereas 27% of GDP is added by imports.

9. Canada

GDP – Nominal: $1.64 trillion

GDP per Capita: $42,080

The economy of Canada is primarily service-based. For direct investments, the minimum amount is CAD 5 million, while for indirect investments, it is CAD 50 million. Since 1995, the nation has also played a significant role in the World Trade Organization (WTO).

Due to its regional and bilateral Free Trade Agreements, it also maintains extensive commercial relations with several countries. Canada is a popular investment location due to its educated workforce, multiculturalism and multilingual coexistence, booming economy, plus government support towards business establishment. As a result, Canada is the fifth world’s largest economy.

10. South Korea

GDP – Nominal: $1.63 trillion

GDP per Capita: $30,644

South Korea was considered a developing country until the 1960s. The country’s economy underwent a period of fast growth (around 10% annual growth over 30 years) as a result of extensive economic reforms, sometimes known as Miracle of the Hangang River. South Korea, one of the most advanced and industrialised nations in the world, has a GDP of about $2 trillion today. Thus South Korea is among the most powerful economies in the world 2022.

Education, creativity, and spending on research and development are all highly valued in South Korea. The workforce in the nation is highly skilled and has a high household income median. Services account for 59% of the nation’s GDP, followed by industry (38%), and agriculture (2%).

It’s interesting to note that despite such highs and lows, the top economies as evaluated by GDP don’t slide easily from the ranks that they hold. Throughout the majority of the world, countries’ GDPs shift with the periods of various economic cycles, vs a background of relatively long economic growth as time goes on.

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