GDP(Gross Domestic Product) is used to measure the countries economies. GDP is the total market value of goods and services produced inside the countries border for a specified time. In Covid 19 crisis the global economy changed rapidly. In these situations countries like China, Last year’s growth was attracting whereas countries like USA, a very slight growth was seen. China’s economy is growing very fast.
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Economy Distribution Chart as per World Bank Data:-
Top 25 economies in the world captures maximum area except deep yellow portion of the pie chart. Deep yellow portion economies are 16.8% of the global total economy that is for rest 168 countries. So, you can see that Rest 168 countries economies are almost 1/6th of the world economy. Top 5 countries with largest economies are
- USA
- China
- Japan
- Germany
- India
1. USA:-
USA’s economy is 24% of the global economy. It is the world largest economy of the world. Nominal GDP of USA 2020 is over 21 trillion dollar. GDP growth was 2.2% last year(2019). Nominal GDP per capita is 65,000 Dollar. The main contributor of USA’s GDP is from service sector i.e. Professional, business, health, Finance etc. USA offers foreign direct investment. Economist says USA economies will be 25+ Trillion dollar by 2024. It is world’s most geopolitical power.
2. China:-
China’s economy is 16% of the global economy. Nominal GDP of China 2020 is over 14 trillion dollar. GDP growth was 6.1% last year(2019). Nominal GDP per capita is 10,000 Dollar. China’s economy is growing very fast. Some Economist say, china may reach to the top economy in the world in coming future. China’s GDP comes mainly from service sector(51.6%), Industry(40.5%) and Agriculture(7.9%). China is No 1 exporter country in the world. China is now encouraging to domestic manufacturing.
3. Japan:-
Japan’s economy is almost 6% of the global economy. Nominal GDP of Japan 2020 is over 5 trillion dollar. GDP growth was less than 1% last year(2019). Nominal GDP per capita is 40,000 Dollar. Japan’s GDP comes mainly from service sector(68.7%), Industry(30.1%) and Agriculture(1.1%). In between 1960-1990 Japan economy was growing very fast. After 1990’s Japan economy is not impressive. Japan does not have much natural resource. So, japan is spending lot of money on importing natural resources.
4. Germany:-
Germany’s economy is almost 4% of the global economy. Nominal GDP of Germany 2020 is over 3.85 trillion dollar. GDP growth was 0.6% last year(2019). Nominal GDP per capita is 46,000 Dollar. Germany’s GDP comes mainly from service sector(68.6%), Industry(30.7%) and Agriculture(0.7%). It is the largest economies in Europe. Germany is good exporter of vehicles, machines and manufacturing material. Germany’s growth rate almost consistent during last few years.
5. India:-
Germany’s economy is almost 3% of the global economy. Nominal GDP of India 2020 is over 2.87 trillion dollar. GDP growth was 4.2% last year(2019). Nominal GDP per capita is 2,100 Dollar. India’s GDP comes mainly from service sector(49.9%), Manufacturing(14%), Industry(25%) and Agriculture(16%). India is good exporter of pharmaceutical products, Steel products, Textile products. India is now becoming the fastest growing economies in the world.
