The rising tide of globalisation and market has tossed economies all over the place. And while economies shift, downfalls and rises occur; most of these powerful economies have retained their commanding crowns in the list of global wealth and prosperity. The top ten economics contribute around 67% of the world’s economy. And while the New Year has hardly begun,there is no doubt these countries are going to stop at nothing to achieve whats best for their growth and welfare. The game is ever changing but the key players hold their ground.
Entering into new territories and exploring new ground is what makes the coming year so exciting. Lets take a look at the five meaning economies of the world as we enter into 2019:
Nominal GDP: $19.39 trillion
GDP (PPP): $19.39 trillion
Rapid transformations constantly changing it’s course and yet it stands to be at the top. The global landscape hasn’t been very kind and stable towards this economy always but with the New Year it seems to be that the country’s nominal GDP will be likely to exceed 21 trillion US dollars. Highly developed and technologically advanced to supreme levels, this economy is dominated by service oriented companies. Large US corporations also play a massive and crucial role on the global platform. Likely to grow by 2.5%, there is a lot in store for this economy and we can’t wait to see how it goes for the states.
Nominal GDP: $12.01 trillion
GDP (PPP): $23.15 trillion
A close second, this country has seen astonishing growth over the years that helped the economy rise. Ranked 9th in 1978, the year it adopted economic reforms and now 35 years later being 2nd, shows its true growth and excellence. Breaking the inclusive and controlled barriers, its exponential growth has led it to become an exporting hub of the world. A “world’s factory” of sorts, china has seen some growth finally in 2017 after 2010, given the cyclical rebounds in the market. Its role in services has increased impressively over the years, manufacturing being reduced relatively and hence has helped the economy get a base, a foundation to stand on. The Asian giant has seen revolutionary change and will hopefully continue to progress with the coming time.
Nominal GDP: $4.87 trillion
GDP (PPP): $5.42 trillion
The third largest, a country with so much endurance and growth, it’s a true example of working and picking yourself up after only loss and destruction. Estimated to reach the 5 trillion marks soon, it can now laugh in the face of the 2008 financial crisis which led it through a dark time. The global crisis resulted in massive recession affecting demand, supply, employment and everything else. Followed by heartbreaking natural calamities, Japan has overcome this downward downfall, this deflationary spiral and has risen. With structural reforms, advancements in technology and communication and strict planning, it’s a country to watch out for. It did outperform both the US and European countries in 2005 when it came to economic growth. One of the finest countries out there working its way towards being a global giant and nothing will break it this time.
Nominal GDP: $3.68 trillion
GDP (PPP): $4.17 trillion
One of the strongest European countries, also largest, has been moving up the ranks and this year seems to stay on course. Post the 2008 financial crisis; it had a major setback regarding trade of capital goods and economic growth. The persistent euro zone crisis also seemed to have been a major problem and effectively had slowed down it’s pace. However having affected southern countries more, seemed to do some good for Germany between 2011 and 2013.The economy has since then grown, and only in recent years that is 2016,17 by 1.9 and 2.5 % and is expected to have a 2.1% growth the coming year, with rising protectionism. After Brexit, there have been strong repercussions of sorts but Germany seems to be doing okay. With the launch of Industrie 4.0 to become a lead market, we get to see its strategic excellence and power.
Nominal GDP: $2.62 trillion
GDP (PPP): $2.91 trillion
The fifth economy as of now but when compared in terms of GDP PPP, UK slips to the ninth spot with a GDP (PPP) of $2.91 trillion. The economy of this country by large has had a consistent up rise. Other than the five quarters in 2008 by 6% which was a significantly dark time for all countries. Driven by the service sectors primarily contributing around 75%, followed by manufacturing and agriculture. Although agriculture doesn’t have a very strong hold, 60% of their food is indeed produced domestically. Many advisors had suggested the economy would take a hit if voted to leave the EU and with the brexit referendum, its prospects have become uncertain. Nevertheless tables could turn at any time. But we simply cannot deny the lag that has occurred in 2017. However, the UK will indeed remain the key player, one of the top five, until 2020 at least.
These top economies have their plans and strategies ready, hoping only for a year of great progress and domination on the global platform. And we absolutely cannot wait to see what happens. The year has just begun after all.