Although the order on the list of the top countries with the strongest economy globally shifts from time to time, the key players on the list tend to be the same. Going back in history, according to Investopedia, since 1871 the number 1 on the list is occupied by the United States of America. Not much has changed ever since. In the following paragraphs, the list based on the GDP growth of the countries all around the globe is investigated and the world’s top 5 national economies are presented.
As it has been previously mentioned, the United States of America is the number 1 on the list since 1871. The U.S. economy presents the economic superpower rich with natural resources and it is highly advanced in infrastructure and technology. The U.S. Economy represents the 25% of the gross world product with its GDP of $19.42 trillion. However, in the last couple of years, China is threatening to become the world’s top national economy globally. Its GDP of $22.19 trillion transcends the U.S. GDP. Nonetheless, in terms of GDP per capita, the United States of America rightfully occupies the top of the list with approximately $59,609.
When it comes to China, its socially market economy occupies the second place on the top world’s economies around the globe. In the 70s the People’s Republic of China was a centrally-planned closed economy. However, over the time, its focus shifted to exporting and manufacturing which, in turns, increased the economic growth and made China’s economy the second-largest economy in the world.
The third place on the list is occupied by Japan. Although it has been experiencing some problems since 2008, in terms of nominal GDP, Japan’s economy ranks third.
Germany and the United Kingdom occupy numbers 4 and 5, respectively, on the list of top national economies worldwide in terms of nominal GDP.
Even though Germany is facing problems from Brexit to refugee crisis, it still ranks as the largest and the strongest economy in Europe based on German exports of household equipment, chemical products, machinery and vehicles. When it comes to the UK, its economy ranks fifth on the list. However, after Brexit, the UK’s economic prospects are uncertain, which may lead to number 6 in ranking. Nevertheless, the UK economy is still very much strong driven by services and domestically produced food.
As it is expected, five years from now, the key players will stay the same, although the order on the list may slightly change and some countries, such as Russia or South Korea, may become part of the top 10 list. However, whether the number on the list matters at all is the question that remains.