Top 5 biggest economies in the world as of 2021

Top 5 biggest economies in the world as of 2021

The biggest economies in the word are measured’ by use of GDP(Gross domestic product), GDP is an estimate of the total value of finished goods and services produced in a country’s borders during a specified period, usually a year. To get definition of the words used you can click or tap on them.

In the list below the term GDP refers to nominal GDP in the current U.S. dollar unless other wise specified. it is as follows:

Country Nominal GDP
(in trillions)
PPP Adjusted GDP
(in trillions)
Annual Growth
(%)
GDP Per Capita
(in thousands)
USA$21.43$21.432.2%$65,298

After difficulties faced by the country over the decades such as war, terrorism, recession, trade wars, rats hike and debt United states is still the largest economy in the world.The top contributor to the US economy is its services sector, which includes healthcare, technology and retail. The services sector is responsible for 80% of GDP, and the rest is divided among industry and agriculture.

Country Nominal GDP
(in trillions)
PPP Adjusted GDP
(in trillions)
Annual Growth
(%)
GDP Per Capita
(in thousands)
CHINA$14.34$23.526.1$10,262

Despite rates hike, trade wars , financial risks and low rate private consumption Chinese economy expands yearly. Chinese relations with the US have been lowering increasing tension between the two nations thus affecting the economy of China and US as well. high debt of 53.9% is going to be a worrying situation which is an addition problem that the country is facing.

Country Nominal GDP
(in trillions)
PPP Adjusted GDP
(in trillions)
Annual Growth
(%)
GDP Per Capita
(in thousands)
JAPAN$5.08$5.460.7$40,247

This is a Tech and Electronic giant country which its economy relies, well it has the highest level of debt in the whole world of 236.5%, it resulted from financial crisis back in 2008. Japan is the world’s biggest manufacturing and export base. Other industries that stimulate economic activity include agriculture, tourism and services.

Country Nominal GDP
(in trillions)
PPP Adjusted GDP
(in trillions)
Annual Growth
(%)
GDP Per Capita
(in thousands)
GERMANY$3.86$4.680.6$46,445

Germany is enjoying economic freedom due to its employment rate and openness to global trade. its debt ratio currently is 56% of which it narrowly escaped recession in 2018 but if their economy slows down debt level will increase. The services sector is responsible for 68.6% of Germany’s GDP, while industry accounts for 30.7% and agriculture less than 1%.

Country Nominal GDP
(in trillions)
PPP Adjusted GDP
(in trillions)
Annual Growth
(%)
GDP Per Capita
(in thousands)
INDIA$2.87$9.564.2%$2,100

It is the second country in the whole world with highest growth in economy after China of 4.2%. Though India is still an emerging market economy, it has had major fiscal wins over the last few decades. The main industry in India is services, which accounts for 61.5% of GDP.

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