The world’s different economies are compared by calculating the nominal GDP of each country based on International Monetary Fund data. GDP measures the total market value of services and final goods produced in a country during a specific time frame.
Generally, when GDP increases, this indicates more significant economic activity, beneficial for workers and companies. The World’s GDP is 95 trillion as of 2022; this article shows all countries’ historical, present and future values in 2022:
South Korea places great importance on education, innovation, and investment in research and development. The country has a highly skilled workforce that earns a high average household income. Services provide most of the country’s GDP at 59%, with industry at 38% and agriculture at 2%.
- 2021: 1,823.852
- 2022: 1,907.661
Globally, Canada ranks highly among the largest exporter. The country has also been a significant member of the World Trade Organization (WTO) since 1995. It also has extensive trading relationships with many countries due to bilateral and regional Free Trade Agreements (FTAs).
In addition, a well-educated workforce, multicultural and multilingual coexistence, a thriving economy and government support for business creation make Canada a preferred investment destination.
- 2021: 2,015.983
- 2022: 2,189.786
The Italian economy is one of the largest in the Eurozone and is also at the fore. In addition to Italy’s giant economy, it is one of the most influential countries in Europe. It is a significant member of the Eurozone, the European Union, the Group of Seven, the Organization for Economic Cooperation and Development, and the Group of 20.
- 2021: 2,120.232
- 2022: 2,272.269
France is one of the largest economies in the world. It is the most visited destination globally and has a thriving tourism industry. Also, foreign trade is an essential component of its economy.
- 2021: 2,940.428
- 2022: 3,140.031
Some strategic steps have been taken to stimulate the business environment in India, including reforms to remove bottlenecks in crucial business areas, reduce minimum capital requirements and simplify the process of obtaining necessary licenses.
- 2021: 2,946.061
- 2022: 3,250.078
The United Kingdom of Great Britain and Northern Ireland consists of England, Wales, Scotland and Northern Ireland. It is the fifth-largest economy globally and the second largest in Europe by GDP.
- 2021: 3,108.416
- 2022: 3,442.205
Projected to reach $4.5 trillion in 2022, Germany has the fourth-largest GDP globally, and the total value of exports and imports equals 86.9% of GDP.
- 2021: 4,230.172
- 2022: 4,557.350
Japan has been ranked as one of the most innovative countries globally. Moreover, as the world’s largest producer of electronic goods and the third largest manufacturer of automobiles, the country generally enjoys a surplus in annual trade and international investment.
- 2021: 5,103.110
- 2022: 5,383.682
China came in second place in terms of nominal GDP, which amounted to about 18 trillion US dollars in 2022, and China remains the largest manufacturing country in the world.
- 2021: 16,862.979
- 2022: 18,463.130
Several factors contribute to the success of the United States, an entrepreneurial environment that encourages hard work and long working hours, decentralized government, advanced research universities, and favourable regulatory environments also contribute.
- 2021: 22,939.580
- 2022: 24,796.076
Why do those countries have the highest GDP in the World?
Many factors play into a country’s GDP. The most important are the size of the population, natural resources, and the country’s economic stability.
The United States, China, and Japan have the highest GDP in the world. The United States has over 326 million people and is one of the richest countries in terms of natural resources. China has over 1.4 billion people and is rich in natural resources. Japan has over 127 million people and is rich in technology and natural resources.
These three countries are also some of the most economically stable countries in the world. This is because they have strong economies with plenty of growth opportunities. In addition, these countries have invested in their infrastructure, which has helped them become some of the most prosperous countries in the world.
Countries With The Highest GDP 2022?
- United Kingdom