Which economies are the largest
WEF latest report provides an insight into the world’s 10 biggest economies for 2017
The United States (US) economy is the largest in the world, coming in at 24.3% of the global economy. Representing $18 trillion in valuation.
China continues to be second, with $11 trillion, or 14.8% of the world economy.
Japan came in third place with $4.4 trillion, or 6% of the world economy.
Germany is in fourth place, with $3.3 trillion economy; the United Kingdom (UK) in fifth with $2.9 trillion; and #France in sixth with $2.4 trillion.
India continues to move up, now taking the seventh place with $2 trillion, and Italy in eighth with an economy of over $1.8 trillion.
Brazil took the ninth spot, with an almost $1.8 trillion economy.
Canada rounds out the top 10 economies in the world for 2017 with an economy of over $1.5 trillion.
The economy of the United States is larger than the combined economies of numbers three to 10 on the list.
US, Europe and The Asian bloc make up more than 80 percent of the world’s GDP. Asian block representing just over 33 percent of global GDP. Followed by US representing just over 27 percent. Europe is placed third with just over 21 percent.
China = growth
No surprise here, China’s economy grew by 6.7% in 2016, and will continue to growth at above 6 percent year-over-year. Expansion of manufacturing, trade and increasing domestic demand will drive China’s growth over the next few decades.
By 2050 the world economy may be more than double in size when compared to 2017, due to technology-driven productivity.
The experts also predict that by 2050, China will become the world’s largest economy followed by India and US. Report also states that UK could be down to 10th place by 2050, while France could be out of the top 10 and Italy out of the top 20.
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
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Post by Ketan Deshpande, Minnesota, MN