Top 10 World’s Largest Economies [September 2023]

The top ten largest economies in the world contribute significantly to global GDP and have a strong influence on international trade and economic policies. As of September 2023, the world’s largest economies are:

The biggest economy in the world is the United States with a GDP of 26,854 billion dollars. The US has stayed at the top of the list since the 20th century. However, in the coming years, it is expected that China will overtake the US as the biggest economy in the world. 

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10 Largest Economies 2023

1. The United States

The US is the biggest economy in the world. Its current GDP stands at a staggering $26,462 billion dollars. The income per capita of the US is $ 80,399. 

2. China

China is the second-largest economy in the world with a nominal GDP of 19,374 billion. The Income Per Capita of China stands at $13,724. 

3. Japan

Japan is the third largest economy in the world with a nominal GDP of 4,411 billion dollars. The Income Per Capita is $35,395. 

4. Germany

Germany is the fourth-largest economy in the world with a GDP of 4,309 billion dollars. The Income Per Capita in Germany is $51,432. 

5. India

Recently, India overtook the UK to become the world’s fifth-largest economy. Its GDP stands at 3,755 billion dollars and its Income Per Capita at $2,389. 

6. United Kingdom

The UK is the sixth-largest economy in the world with a GDP of 3,159 billion dollars. The Income Per Capita of the UK is $45,850. 

7.  France

The seventh-largest economy in the world has a GDP of 2,782 billion dollars and an Income Per Capita of $46,314. 

8. Italy

The eighth-largest economy in the world is Italy with a GDP of 2,170 billion dollars. Its Income Per Capita stands at $35,810.

9. Canada

Despite being a small country with fewer inhabitants, Canada is the ninth-largest world economy. Its GDP stands at 2,090 billion dollars and its Income Per Capita is $52,728.

10. Brazil 

The tenth-largest economy in the world is Brazil with a GDP of $2,800 billion dollars. The Income Per Capita of Brazil is $9.67. 

The above-listed 10 countries are all trillion-dollar economies. As of September 2023, there are a total of 19 trillion-dollar economies in the world. 

How are the countries ranked in this list?

The top 10 economies in the world are ranked on their GDP, as per the information provided by the IMF (International Monetary Fund). These rankings are based on the total value of goods and services produced within each country’s borders in a given year. GDP is a key indicator of a country’s economic strength and can greatly influence global markets and policies. 

What is GDP and how is it calculated?

GDP or Gross Domestic Product is a measure of the total value of all goods and services produced within a country’s borders in a specific time period, typically a financial year. It is calculated by adding up the value of consumption, investment, government spending, and net exports (exports minus imports). This calculation provides an overall picture of a country’s economic activity and helps economists and policymakers analyze economic growth and development. 

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Categories: Trends
Source: vcmp.edu.vn