Top 10 World’s Largest Economies of year 2017 list, Very few countries of the world have grown to be the economic superpowers in the world, where they are the major trade centres, exporters and service providers. These nations have significant productive population, abundant resources and have attained highest of the GDP’s in the world. The economic growth rate is very high in these nations and are the powerful leaders in the world.
Here is the list of the top 10 world’s largest economies of 2017 according to total nominal GDP’s in the world:
It is the world’s fourth-largest country by land area, located in the northern half of North America. It shares the world’s longest border with the United States of America. It is a highly developed richest country that ranks ninth highest in Human Development Index in the world. This commonwealth nation ranks high in metrics like government liberties, quality of life, education, civil liberty and economic freedom. Canada has a mixed economy that is highly globalized and has a nominal GDP of about US$1.79 trillion. The country’s income is dominated by the service industry with sectors like forestry, petroleum industries, manufacturing and mining accounting for major portion of GDP. Canada is one of the chief exporters of oil and natural resources, zinc, uranium, gold, nickel ores and agricultural products like wheat, canola and other grains.
This South American country is the world’s fifth-largest country by both area and population. The country has diversified wildlife and variety of ecological systems as a gift by the Amazon River Basin. It is the world’s eighth largest economy at market exchange rates. It is one of the few fastest growing economies in the world powered by National Development Bank. The country is one of the major players in agriculture, manufacturing and mining sectors. It is amongst the pioneer countries to utilize renewable sources of energy. It uses ethanol to power the engines of automobiles and has the world’s largest hydroelectric plant by power generation. It is the world’s largest producer of coffee and fourth largest car market in the world. Its major exports include coffee, aircraft, automobiles, ethanol, textiles, steel, soya beans, corned beef etc.
It is the fourth most populous nation in the European Union and third largest economy in the Eurozone. Italy has the most in the world, 51 World Heritage Sites. In Italy, citizens enjoy the highest life expectancy in the European Union. It has one of the highest Human Development Index in the European Union. It has a capitalist mixed economy and is one of the world’s most industrialized nations. The chief sectors that contribute to the economy are creative business with design and fashion, agriculture, automobile, machinery, fashion industry. It is the world’s sixth largest manufacturing country and largest wine producer in the world.
It is the second most populous country in the world and the most populous democracy in the world. India’s economy is the third largest economy in the world by purchasing power parity (PPP). It is a multilingual and multi-ethnic society with highly diversified culture and traditions all over the country. The country’s economy was liberalized only in 1991 and now its economic model is largely capitalistic. Its labour force is the second largest in the world and its foreign exchange remittances value is the largest in the world as a result of about 25 million Indians working abroad. In India’s economy more than half of the contribution is done by the service sector. Owing to the huge population and limited resources, India is the world’s tenth largest importer. Anyhow it is the nineteenth largest exporter because of the telecommunication, software, pharmaceutical, education, textile, jewellery sectors.
This country is globally popular for being a centre of art, science and philosophy ever since renaissance. It is the founding member of the United Nations Organization, where it is one of the five permanent members in the Security Council. It is also a great power in organizations like the European Union, NATO, G7 and OECD. It ranks fourth in the world for having highest aggregate household wealth. The country ranks fourth in the Fortune Global 500 for having 31 of French companies of the 500 biggest companies in the world in 2015. It has a mixed economy that has large private enterprise with considerable state enterprise and government’s involvement. Government has substantial influence over railways, aircraft, electricity and nuclear power. France is amongst the world’s largest exporters for their agricultural products and indigenous wines like Champagne and Bordeaux. Banking, finance and insurance are the key sectors in the country’s economy with the world’s largest insurance company, AXA and popular banks like BNP Paribas and the Credit Agricole. Tourism is also an important sector in France’s economy with some of the world renowned tourist attractions.
5. The United Kingdom:
It is the 11th largest country in Europe and 21st most populous country in the world, located off the north-western coast of the European Mainland. It is one of the permanent members of the UN Security Council and with the recent developments, a nationwide referendum opted for its exit from the European Union. It is also a member of NATO, the G20, the G7, the Commonwealth of Nations and OECD. The UK has a moderately regulated market economy. The nation’s currency Pound Sterling is the third largest reserve currency in the world. The nation is considered to have a high-income economy and Human Development Index. It is the world’s industrialized country with Industrial Revolution in early 19th century. Automotive industry, aerospace industry, service sector, tourism and creative industries are the key to the UK’s economy.
It is a sovereign that includes 16 constituent states and is the most populous country in the European Union. It was a founding member of the European Union and is a member in the United Nations, NATO, the G8, the G20 and the OCED. The country has a social market economy with high expertise labour force, a low level of corruption, a huge capital stock and great innovation. Germany is the world’s third largest exporter of goods. About 71% of the nation’s total GDP is accounted by the service sector and 28 % by industrial sector. It has the lowest unemployment rate among the members of the European Union. It is the home for world-renowned brands like Mercedes-Benz, BMW, Porsche, DHL, SAP, Volkswagen, Daimler, Audi, Siemens, BASF, Adidas and Allianz. It is the seventh most visited country in the world and has diverse tourist routes such as the Romantic Route, the Avenue Road, the Wine Road and the Castle Road.
Japan is an island nation in East Asia, located in the Pacific Ocean and is the world’s tenth most populated country in the world and the fastest growing largest economy in the world. It has a large industrial capacity with some of the largest producers of vehicles, electronics, steel, ships, chemical substances, textiles. The country has a low unemployment rate and has a labour force of about 66 million. Japan accounts for about 15% of global fish catch. It is a global leader in scientific research and technology, machinery and has produced 21 Nobel Laureates. The country is a major contributor in the fields of robotics, optics, earthquake engineering and semiconductors.
It is the world’s most populated nation and is governed by a unitary socialist party. It is the second largest country in the world by area and second largest economy in the world. China has the largest economy by purchasing power parity. It has the largest standing army in the world. China is one of the permanent member s in the UN Security Council. China is the largest recipient of foreign direct investment in the world.It is the world’s largest exporter and second largest importer in the world. 95 of Chinese companies were there amongst the Fortune’s Global 500. Also, five of the Chinese public companies were amongst the world’s ten largest companies.
1. The United States of America:
No.1 largest economy in the world by 2017 The United States of America comprises of 50 states, the federal district of Washington, D.C, five major territories and various possessions. It is the world’s third largest country by total area and the world’s third most populated country. The country has diverse geography and climate and is a home to varieties of wildlife. The US has a diversified culture and ethnicity as a result of immigrations owing to the job opportunities and development. It is the world’s largest economy by nominal GDP because of its highly productive population and abundant natural resources. It is the second largest exporter and the largest importer in the world. It ranks high in various metrics of economic well-being. It is the largest military power with an expenditure of 23% of World GDP on its military. The US is a leader in science, technology, space research and also a global frontrunner in manufacturing.
This was the list about the top 10 largest economies of the world in 2017 based on nominal GDP and a glimpse on the economies of the nations. The world is witnessing great economic progress with nations utilizing modern technologies to make the best out of the available resources. We find that all these nations have service sector as the major contributor for their economy along with industries and agriculture.