Mar 09, · An icon of the world globe, indicating different international options." THE WORLD'S LARGEST ECONOMIES: Vs. Joe Weisenthal. Author: Joe Weisenthal. At the end of , the U.S. debt was $ trillion. That made the debt-to-GDP ratio %, higher than at any time since World War II. ? ? Debt was driven by government spending and reduced revenue from taxes, thanks to slow economic growth. The Fiscal Year budget deficit was $ trillion. ? ? As a result, discussion on how to reduce the debt dominated the presidential campaign.
For the third year in a row, Os was the world's largest economy in It uses so-called international dollars to make better comparisons among countries. The U. The above figures account for purchasing power parity PPP exchange rates, which relate the exchange rate between tbe to 201 price levels.
However, the U. No other economy is even close to the top three. China has been the world's largest economy sincewhen it took the top spot from the EU. Still, China's growth rate has slowed to what are oven heating elements made of digits as its leaders attempt to head off an asset bubble through reform.
So it's unlikely that the Chinese yuan will replace the dollar as the world's reserve currency anytime soon. The dollar is buoyed by the power of the U. GDP has what is a pre action protocol letter components : consumer spending, government, business investment, as well as net exports exports minus imports.
PPP takes into what is the largest economy in the world 2012 the cost of living by reflecting how much the currency of one country needs to be converted to another to ensure that the first currency can buy the same amount of goods and services as the second country.
Even though the EU produces more, some experts say the U. They argue that the U. In addition to tariff relief, the EU allows free movement among the countries for employment and commerce. Despite the eurozone debt crisisthe EU is evonomy toward greater fiscal integration as well as a monetary one.
The EU is acting more and more like a unified economy all the time. Furthermore, the EU's currency, the eurohas successfully competed with the dollar as a global currency. The EU has achieved an economy of scale that eats into the comparative advantage the U. Here are the rankings by nominal GDP, shown in current U. These don't take into account PPP, and by this measure, the U. Instead of PPP, these calculations use the official exchange rate. Unlike PPP, the official exchange rate doesn't account for changes in the rate over time.
It also doesn't compensate for government manipulation of exchange rates. PPP takes these variances into account, ecknomy a more realistic picture. World Bank. Accessed Largesst 24, Bureau of Economic Analysis. International Monetary Fund. Accessed July 29, econnomy The Economist. European Parliament. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads.
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Ranking the Richest Countries in the World
China is the world's largest economy, followed by the U.S and EU. Surprised it's not the U.S.? Here's why purchasing power parity matters. Oct 15, · China Is Now the World’s Largest Economy. We Shouldn’t Be Shocked. China has now displaced the U.S. to become the largest economy in the world. rows · GDP. per capita. Share of. World GDP. 1. United States. $19,,,, $ trillion. %.
Gross domestic product GDP is the market value of all final goods and services from a nation in a given year. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.
Comparisons of national wealth are also frequently made on the basis of purchasing power parity PPP , to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade , does not take into account the differences of quality of goods and services among countries, and it also requires more estimation than nominal GDP.
Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age , a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output. The first list includes estimates compiled by the International Monetary Fund 's World Economic Outlook , the second list shows the World Bank 's data, and the third list includes data compiled by the United Nations Statistics Division.
The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities the world, continents, and some dependent territories and states with limited international recognition such as Kosovo , the State of Palestine and Taiwan are included in the list where they appear in the sources.
These are marked in italics. From Wikipedia, the free encyclopedia. International Monetary Fund. April Retrieved 6 April Retrieved 23 May Retrieved 31 May National Bureau of Economic Research. Retrieved 30 May Planet Money. National Public Radio. Retrieved 4 June Economic Trends. Federal Reserve Bank of Cleveland. Retrieved 3 June Houston Chronicle. Hearst Corporation. Yes, On a Relative Basis". Steven 11 February Bureau of Economic Analysis.
European Commission. Retrieved 2 June Time, Inc. ISBN Studies on Contemporary China. Economic Issues. Retrieved 26 May March Retrieved 23 March World Development Indicators.
World Bank. Retrieved 2 March World Economic Outlook. United Nations. Retrieved 28 January Lists of countries by GDP rankings. Per capita Past and projected per capita Sector composition. Per capita Past per capita Past and projected per capita Private consumption per capita Per person employed Ten largest historically 19th century. PPP per capita Nominal per capita.
Lists of countries by financial rankings List of international rankings List of top international rankings by country Lists by country. Lists of countries by financial rankings. Forex reserves Forex reserves ex. Tax rates Inheritance tax Tax revenue Wage average median minimum. Central bank interest rate Commercial bank prime lending rate.
Lists of countries by GDP rankings List of international rankings List of top international rankings by country Lists by country. Economic classification of countries. Developed country Developing country Least Developed Countries World Bank high-income economy Newly industrialized country Heavily indebted poor countries. By country past and projected per capita per capita.
By country future estimates per capita per capita per person employed. Nominal, Atlas method per capita PPP per capita. Wealth per adult. Gross National Happiness Net material product Research and development spending. Per capita creditors Per capita debtors. Hidden categories: Pages using the EasyTimeline extension Wikipedia indefinitely semi-protected pages Articles with short description Short description is different from Wikidata Use dmy dates from July Namespaces Article Talk.
Views Read View source View history. Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. Largest economies by nominal GDP in . Per the International Monetary Fund estimates . Per the World Bank . Per the United Nations . World . United States. China [n 2]. United Kingdom. South Korea.
Saudi Arabia. Taiwan ROC [n 3]. United Arab Emirates. Hong Kong PRC [n 4]. South Africa. Czech Republic. Pakistan New Zealand. Ukraine [n 5]. Puerto Rico. Sri Lanka. Dominican Republic. Ivory Coast. Costa Rica. Syria Democratic Republic of the Congo.
Macau PRC [n 6]. El Salvador. Papua New Guinea. Trinidad and Tobago. Bosnia and Herzegovina. Lebanon Burkina Faso. Palestine [n 7].