Monday, October 15, 2018

The world's $80 trillion economy

The latest estimate from the World Bank puts global GDP at roughly $80 trillion in nominal terms for 2017. The world’s top 10 economies, which together combine for a whopping two-thirds of global GDP. In nominal terms, the US still has the largest GDP at $19.4 trillion, making up 24.4 per cent of the world economy.
While China’s economy is far behind in nominal terms at $12.2 trillion, the Chinese economy has been the world’s largest when adjusted for purchasing power parity (PPP) since 2016.
The next two largest economies are Japan ($4.9 trillion) and Germany ($4.6 trillion) – and when added to the US and China, the top four economies combined account for over 50 per cent of the world economy.
Over recent years, the list of top economies hasn’t changed much from 18 months ago.
India has now passed France in nominal terms with a $2.6 trillion economy, which is about 3.3 per cent of the global total. In the most recent quarter, Indian GDP growth saw its highest growth rate in two years at about 8.2 per cent.
Brazil, despite its very recent economic woes, surpassed Italy in GDP rankings to take the 8th spot overall. Likewise, Turkey has surpassed The Netherlands to become the world’s 17th largest economy, and Saudi Arabia has jumped past Switzerland to claim the 19th spot.

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