TOP 10 ECONOMIES (NOMINAL GDP)

OF THE WORLD AT A GLANCE

 TOP 10 ECONOMIES (NOMINAL GDP)
OF THE WORLD AT A GLANCE

1. UNITED STATES
Largest economy in world in terms of nominal GDP.

Economic superpower, highly advanced in

technology & infrastructure & has abundant natural

resources.
Services sector, Manufacturing & Agriculture
contributes 80%, 15% & 2% of output respectively.
2nd largest manufacturer in world & a leader in automobiles, aerospace, machinery,

telecommunications & chemicals.

Housing market & several banks collapsed in 2008, resulting in the deepest &

longest downturn in U.S. economy.

Expansionary monetary policies supported the economy.

Currently emerging from a period of considerable turmoil.

2. CHINA

Initiated Market Reforms in 1978.

Transformed from centrally planned closed economy

to manufacturing & exporting hub.

Achieved average 10% growth annually for over a

decade (2002-13).
Lifted almost half of its 1.3 billion population out of poverty.
Second largest economy .
Equal contribution from Manufacturing & Services (45% each) with a 10%
contribution by Agriculture sector.
Slowed recently to a growth between 6-7%.
Exports projected to grow only by 1.9% in 2016.

* Sources: IMF, World Economic Outlook Update, October 2016 ; United Nations, World
Economic Situation & Prospects 2016 ; Harinder S. Kohli, The World in 2050.
 TOP 10 ECONOMIES (NOMINAL GDP)
OF THE WORLD AT A GLANCE

3. JAPAN
World's 3rd largest economy (Nominal GDP).

Average growth rates of 10% in 1960s, 5% in

1970s, & 4% in 1980s.

Tokyo Stock Exchange crashed in 1990-92.

1.5% growth throughout 1990s.

Labour force shrunk 0.17% a year since 2000.

Built up Manufacturing & Processing industries to convert raw materials
imported from abroad.
Labour force shrunk 0.17% a year since 2000.
Weakness include human capital, low rate of female participation in labour
force.
Strength includes excellent infrastructure, healthy workforce, strong innovation
ecosystem, adoption of new technologies & high quality research institutions.

4. GERMANY
Europe's largest & strongest economy.
Exporter of machinery, vehicles, household
equipment & chemicals.
Strengths include highly sophisticated businesses,
skilled labour force, rapid uptake of new

Economy facing challenges ranging from Brexit, Greek debt crisis to the refugee
crisis.
Funded lion's share of large rescue packages for fellow Eurozone members.
Growth has slowed, but unemployment rate is one of Europe's lowest.

5. UNITED KINGDOM
Services sector contributes more than 75% of GDP.
Manufacturing second imp. contributor &
Agriculture contributing a minimal1%.
60% of U.K's food needs is produced domestically.
Strengths include solid institutions & best
universities.
Weakness include high government deficits.
Economic Prospects are highly uncertain after the
Brexit event.
Pound depreciated from 1.6 to 1.24 against USD.
 TOP 10 ECONOMIES (NOMINAL GDP)
OF THE WORLD AT A GLANCE
6. FRANCE
6th Largest economy.
GDP (PPP) per capita of $ 42, 384.
Low poverty & high standard of living.
Primary exports are machinery & transportation
equipment, aerospace equipment & plastics.
Primary imports are machinery, automobiles &

Germany is closest trading partner.

Chemical industry is a key sector.
70% of GDP stemming from Services sector.
One of Global Leaders in automotive, aerospace, railway sector, cosmetics &
luxury goods.
Stagnant growth between 2012 & 2014.
High unemployment rate.
Growth picked up in 2015 with a growth of 1.2% & a forecasted growth of 1.5%
for 2016 & 1.7% for 2017.
7. INDIA
Economic liberalisation since 1991 moved country
towards market-based economy.
Highly dependent on Agriculture.
Services sector picked up in recent years.
By 2008, India becomes one of the world's fastest
growing economies.
Bright spot in global landscape.
Developing economy with 7% plus growth.
Major initiatives like Make in India, Digital India,
Demonetisation of old currency, GST Implementation,
FDI reforms cites the growth & robustness of
economy.

8. ITALY
Prominent economy of the Eurozone.
Services & Manufacturing sectors are major pillars.
Agriculture contribution is comparatively low &
employs around 4% of total workforce.
Suffers from a huge public debt estimated to be
about 133% of GDP, banking system is close to a

High unemployment.
Suffers from political instability, economic stagnation & lack of structural
reforms.
Saw a positive economic growth in 2015.
 TOP 10 ECONOMIES (NOMINAL GDP)
OF THE WORLD AT A GLANCE

9. BRAZIL

Largest economy of Latin America & 2nd largest in

the Americas.
Services, manufacturing & agricultural sectors
contribute around 68%, 26% & 6% respectively .
One of the fastest growing major economies from
2000 to 2012.
Growth decelerated in 2013.
Negative growth rate of 3.2% during recession in
2015.
Government is making progress on fiscal reforms.
GDP contracted by 3.8% in 2015, & is expected to fall at least 3% more in 2016.
Realignment of regulated prices combined with pass-through exchange rate
depreciation have caused an inflation peak in 2015.

10. CANADA
Highly service oriented economy.
High growth in manufacturing as well as in the oil
& petroleum sector.
One of the world's wealthiest nations.
Member of OECD & G7.
Logging & Oil industries are 2 important areas.
Sizable Manufacturing sector, with automobile & aircraft industries being
important.
8th largest commercial fishing & seafood industry in the world.
Closely tied to US economy.
Leading exports include oil, minerals, automobiles, manufactured goods, & forest
products.

MEGATREND- Integrated cooperation between countries

Trade: Economic integration is now realized in continental economic blocs such as
ASEAN, NAFTA, SACN, the European Union, and the Eurasian Economic Community.
Environment: 62 countries accounting for almost 52 per cent of emissions have now
ratified the accord namely Paris climate deal at UN.
Terrorism: United Nations Global Counter-Terrorism Strategy took place on 1 July 2016
for the UN Global Counter-Terrorism Strategy over the past decade.
Human rights: Resettlement of Syrian refugees, detention of asylum-seeking families,
forced labour and human trafficking, rights of minorities, independence of judiciary are
some of the key issues that were taken on various international forums in 2016.
Poverty Alleviation: Strengthening Armenia's Integrated Living Conditions Survey
2016, SWIFT Iraq CSO 2016, Social Assistance Project 2016, Bangladesh Urban Poverty
and Integrated Urban Database 2016 are some of the projects for alleviating poverty by