What Are the World's Top 5 Economies

Market value of all final goods and services from a nation in a given year

Largest economies by nominal GDP in 2021[1]

Countries by nominal GDP in 2019^{[n 1]}

>$20 trillion  $10–$20 trillion  $5–$10 trillion  $1–$5 trillion

$750 billion–$1 trillion  $500–$750 billion  $250–$500 billion  $100–$250 billion

$50–$100 billion  $25–$50 billion  $5–$25 billion  <$5 billion

Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.^[2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.^[3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.^[4]

Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, does not take into account the differences of quality of goods and services among countries, and it also requires more estimation than nominal GDP.^[5] On the whole, PPP per capita figures are less spread than nominal GDP per capita figures.^[6]

Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output.^{[7] [8]} Since China's transition to a market-based economy through controlled privatisation and deregulation,^{[9] [10]} the country has seen its ranking increase from ninth, in 1978, to second, in 2016. Economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016.^{[8] [1]} Among others, India has also experienced an economic boom since the implementation of economic liberalisation in the early 1990s.^[11]

The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo, Palestine, and Taiwan) are included in the list where they appear in the sources.

Table

The table is initially ranked by the average of the available estimates for each country or territory, and can be reranked by either of the sources.

The links in the "Country/Territory" row of the following table link to the article on the GDP or the economy of the respective country or territory.

See also

• List of countries by GDP (nominal) per capita
• List of countries by GDP (PPP)
• List of countries by GDP (PPP) per capita
• List of countries by past and projected GDP (nominal)
• List of countries by past and projected GDP (PPP)

Notes

1. ^ Based on IMF data. If no data is available for a country from the IMF, then data from the United Nations is used.
2. ^ Figures exclude Taiwan, and special administrative regions of Hong Kong and Macau.
3. ^ Figures exclude special administrative regions of Hong Kong and Macau.
4. ^ The name used in IMF's report is "Taiwan Province of China".
5. ^ The name used in IMF's report is "Hong Kong SAR".
6. ^ ^{a b} Figures exclude Republic of Crimea and Sevastopol.
7. ^ Includes Western Sahara.
8. ^ Covers mainland Tanzania only.
9. ^ The name used in IMF's report is "Macao SAR".
10. ^ Data are for the area controlled by the Government of the Republic of Cyprus.
11. ^ Excludes Abkhazia and South Ossetia.
12. ^ ^{a b} The name used in IMF's an the World Bank's report is "West Bank and Gaza".
13. ^ ^{a b} Excludes data for Transnistria.

References

1. ^ ^{a b c} "World Economic Outlook Database, April 2021". IMF.org. International Monetary Fund. April 2021. Retrieved 8 May 2021.
2. ^ "What is GDP and why is it so important?". Investopedia. IAC/InterActiveCorp. 26 February 2009. Retrieved 23 May 2016.
3. ^ Moffatt, Mike. "A Beginner's Guide to Purchasing Power Parity Theory". About.com. IAC/InterActiveCorp. Retrieved 31 May 2014.
4. ^ Ito, Takatoshi; Isard, Peter; Symansky, Steven (January 1999). "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia" (PDF). Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, and Policy Issues. National Bureau of Economic Research. Retrieved 23 May 2016.
5. ^ Callen, Tim (28 March 2012). "Purchasing Power Parity: Weights Matter". Finance & Development. International Monetary Fund. Retrieved 30 May 2014.
6. ^ Callen, Tim (28 March 2012). "Gross Domestic Product: An Economy's All". Finance & Development. International Monetary Fund. Retrieved 31 May 2014.
7. ^ Matthews, Chris (5 October 2014). "5 Most Powerful Economic Empires of All Time". Fortune. Time, Inc. Retrieved 23 May 2016.
8. ^ ^{a b} Kroeber, Arthur R. (2016). China's Economy: What Everyone Needs to Know. New York, United States: Oxford University Press. ISBN9780190239053.
9. ^ Kau, Michael Ying-mao (30 September 1993). China in the Era of Deng Xiaoping: A Decade of Reform. Studies on Contemporary China. Taylor & Francis. ISBN9781563242786 . Retrieved 23 May 2016.
10. ^ Hu, Zuliu; Khan, Mohsin S. (April 1997). "Why Is China Growing So Fast?" (PDF). Economic Issues. International Monetary Fund. Retrieved 26 May 2016.
11. ^ Rodrik, Dani; et al. (March 2004). "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition" (PDF). National Bureau of Economic Research. Retrieved 23 March 2016.
12. ^ "United Nations Statistics Division - National Accounts". unstats.un.org.
13. ^ "GDP (current US$) | Data". data.worldbank.org . Retrieved 2 July 2021.
14. ^ "GDP-Countries-List". tradingeconomics.com . Retrieved 24 October 2021.
15. ^ "Bangladesh GDP". The Daily Star.

What Are the World's Top 5 Economies

Source: https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

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