The US-based World Population Review has recently issued the names of the world’s largest economies. Among the list, India stood 5th among the other countries.
Based on 2019 figures of the review, about 78% of the global GDP of $86.31 billion is attributable to the sixteen economies in the trillion-dollar club. In terms of nominal GDP, the top five countries – the U.S., China, Japan, Germany, and India – contribute nearly 55% to the world’s GDP.
Here is a list of top 5 ranking economies of the world.
1. United States
The United States, the world’s largest economy with a nominal GDP of $21.44 trillion, constitutes one-fourth of the world economy. It does not come as a surprise that the country has been ranked number #1 for almost a century and a half now.
2. China
The People’s Republic of China stands as the second-largest economy in the world. China has also been termed as the fastest-growing trillion-dollar economy. It has a GDP of $14.14 trillion in 2019, it makes up 16.38% of the global economy.
3. Japan
Japan’s GDP touched $5 trillion in 2019 and is expected to grow at 0.7% in 2020.
4. Germany
Germany stands 4th with a GDP of $3.86 trillion. Germany is projected to grow at 1.1% in 2020 and 1.4% in 2021, higher than 0.5% in 2019. Also, in terms of GDP per capita, Germany ($46,563) is way ahead of India ($2,171).
5. India
The 5th position has been secured by India. India has seen a substantial downgrade in its growth projection by the IMF. A 4.8% growth in 2019, has led the IMF “to the reassessment of growth prospects over the next two years” which underpins India’s contribution to global growth. Based on current projections, India is expected to become a $3.2 trillion economy in 2020 and reach $4.6 trillion by 2024.
