United States of America (GDP: $21.48 trillion)
Despite significant challenges in recent decades, such as the Iraq war, domestic terrorist attacks, and devastating natural disasters, the U.S. is still the world's largest economic power. The country's nominal GDP is $21.48 trillion and a GDP per capita of more than $65,000.2 In fact, the U.S. has been the world's largest economy since the late 19th century.
The already considerable economic output will grow by a further 2.5% in 2019 and by 1.7% in 2020.3 However, the overall growth outlook is declining due to interest rate hikes, trade wars and the debt burden. Since the recession in 2008, the government debt-to-GDP ratio has grown significantly and currently amounts to around 107.8% of economic output.4
The largest contributor to the U.S. economy is the service sector, which includes healthcare, technology, and retail. The services sector accounts for 80% of GDP, with the remaining 20% broken down into industrial and agricultural income.5China (GDP: $14.17 trillion)
Although China's market economy is still under construction, the country is now the second largest economic power in the world. Over the past decade, however, economic growth has slowed due to increasing financial risks such as under-consumption and the weakening of trade relations with the US. In addition, the trade war between the US and China has caused fierce tensions between the two countries.
Nevertheless, China's economic power stands at $14.17 trillion and the economic outlook is also good, with healthy growth of 6.3% in 2019 and 6.1% in 2020.3 GDP per capita is $10,100.2 If the growth rate remains at this level, the Chinese economy would reach a GDP of $58.5 trillion by 2050.6 The service sector contributes more than 51.6% to the country's GDP, closely followed by the industrial sector with 40.5 %.7
The relatively low public debt of 53.9% puts the country in a good position compared to the other countries on our list.4 However, the national debt increased by $800 billion in the second quarter of 201888, which could indicate that China has far greater problems than just its trade wars. Japan (GDP: $5.22 trillion)
The technology and electronics giant Japan is the third largest economic power in the world. Until 2010, Japan was even the second largest economic power before it lost this place to China. Nominal GDP of $5.22 trillion is expected to grow by 1.1% in 2019 and by just 0.6% in 2020.3 GDP per capita is just below that of the US at $41,420.2 But since the 2008 financial crisis, the country's economic growth has slowed and the public debt ratio has since risen to 236.6%. This figure is currently the highest level of debt in the world.4
Japan is the world's largest production and export hub. Other important economic sectors are agriculture, tourism and the service sector.Germany (GDP: $4.12 trillion)
Germany's nominal GDP is $4.12 trillion and its GDP per capita is $49,690.2 The country has been at the forefront of economic freedom for many years due to stable employment rates and its openness to international trade. The German economy is likely to grow by 1.8% in 2019 and by 1.6% in 2020.3 In terms of national public debt, the debt burden is 56% of GDP. Some experts expect slower economic growth and an increase in debt.4 These fears stem from the fact that the country narrowly escaped recession in 2018, leaving significant weaknesses in the economy.
The service sector accounts for around 68.6% of Germany's GDP. The industrial sector, on the other hand, generates 30.7% and agriculture less than 1%.9India (GDP: $2.96 trillion)
India is the third largest emerging market and the fifth largest economy in the world. The country is forecast to grow by 7.4% to $2.96 trillion in 2019 and its economy is also expected to grow by 7.4% in 2020.3 India's current GDP per capita is $2,190,2, while gross government debt is 68.1%.4 India's economy is mainly driven by the services sector, which accounts for 61.5% of GDP.10
Although India is still considered an emerging market, the country has seen huge increases in tax revenue in recent decades. For example, the prosperity of the 1.3 billion inhabitants was greatly improved and the poverty rate was reduced by more than half between 1993 and 2011. France (GDP: $2.84 trillion)
With a nominal GDP of $2.84 trillion, France is the sixth largest economic power in the world. The 2008 financial crisis hit France less hard than other countries, as it has a more subordinate relationship to foreign trade. Financial data showed a small dent in 2009, but the country's economic recovery is rather sluggish despite high government spending. The current GDP per capita is $43,500-2, but the government debt ratio is 96.5%.4
As in many other countries, the services sector accounts for the largest share of the country's GDP at 78.8%.11Great Britain (GDP: $2.81 trillion)
The UK has a highly developed economy with a GDP of $2.81 trillion and a GDP per capita of $42,000.2 The public debt ratio stands at 87.2%.4 In recent years, the economy has been weakened by the threat of Brexit, which could also create new trade barriers. The continued depreciation of the pound led to price increases and lower export rates for consumers. But despite all this, the UK economy is forecast to grow by 1.4% in 2019 and 1.5% in 2020.3
Although the country has a huge energy sector, the service sector makes the main contribution (79.2%) to GDP. The industrial sector contributes 20.2% to GDP.12Italy (GDP: $2.11 trillion)
The Italian economy was in a technical recession towards the end of the fourth quarter of 2018. Public debt was above average at 128.7%.4 The country blames this on dwindling domestic demand. However, despite the recent economic crisis, Italy's GDP is $2.11 trillion and GDP per capita is $34,780.2 Growth forecast for 2019 is 1.1% and 1.0% for 2020.3 A positive development is the fall in unemployment to a new all-time low of 10.3% in December 2018.13
The largest economic sectors in Italy include the automotive sector, textile production, tourism and mechanical engineering. However, the services sector is the country's largest economic sector with 73.9% of nominal GDP.14Brasili (GDP: $1.93 trillion)
Brazil is the largest economy in South America and the ninth largest economic power in the world in terms of GDP. Its GDP is nominally $1.93 trillion and $9,160 per capita.2 By 2010, the country had experienced strong economic growth, but in recent years there have been increasing concerns about the country's economic future. The country's problems include the conviction of the former president in 2016 and sanctions against some of the country's leading companies.
Economic growth of 2.3% is forecast for 2019 and 2.5% in 2020.3 Public debt is 90.2%, approaching 100%.4 The services sector accounts for around 58.5% of GDP and industry for 32.1%.15Canada (GDP: $1.82 trillion)
Canada has the largest oil and gas reserves, making it one of the most developed countries. The country's nominal GDP is $1.82 trillion ($48,600 per capita)2 and public debt is 84.7%.4 GDP is expected to grow by 2.0% in 2019 and by 1.6% in 2020.3 Canada has three main industries: the service sector, the manufacturing sector and the extraction of natural resources. By far the largest share of GDP is accounted for by the services sector at 70.2%.16How to trade the world's largest economies
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