What is the largest economy in the world
Photo galleryThe largest economies in the world
The world's leading industrial nations are arming themselves for the consequences of the corona crisis. The true extent is still only being hinted at. Experts anticipate that the effects will be felt for years to come. However, the largest economies can hope to survive this crisis thanks to their stable economic infrastructure. When it comes to the economic power of nations, however, size is not the same as size.
In its International Comparison Program (ICP), the World Bank records the economic performance of 176 countries. The figures for 2017 were recently published. When it comes to the proportions of global gross domestic product (GDP), the most populous countries or economic zones are of course ahead. China is number one in the current ranking of the largest economies, followed by the USA, the European Union and India.
The largest industrial nations in the world
The picture is very different for GDP per capita. These statistics show the average value of goods and services for each inhabitant. States in which wealth is more evenly distributed do better. Countries with huge differences between rich and poor are sliding down.
The European statistical authority Eurostat compared the economic performance of almost all countries in the world with the EU on the basis of World Bank statistics. In order to compensate for differences in the price level, the value of goods and services was recorded using the artificial currency unit PPS (purchasing power standard). “In theory, one PPS can buy the same amount of goods and services in every country,” explains Eurostat.
These are the ten countries with the highest GDP per capita.
# 10 Russia
Each inhabitant of the EU earned around 29,227 euros in 2017, as reported by Eurostat. This was equated with the same sum in the artificial currency unit PPS and defined as a benchmark of 100 percent. Globally, according to the statistics agency, each person accounts for an average of 39 percent of the EU's per capita GDP. Russia came to 61 percent and was thus in tenth place in the global ranking. It ranked ahead of Mexico, Thailand, Iran and Brazil. Before the price adjustment by the PPS, Russia's economic output measured in euros only reached a third (33 percent) of the EU value per capita.
# 9 Turkey
In 2017, adjusted for price, Turkey reached 19,277 PPS, two thirds (66 percent) of the EU's per capita GDP. That meant ninth place in a global comparison of countries and economic zones. According to Eurostat, the statistics cover around 96 percent of the world's population.
# 8 Japan
Japan's economic power is almost the same as that of the entire EU. In 2017, each resident accounted for around 29,900 PPS. That corresponded to 95 percent of the EU's per capita GDP and made Japan the eighth largest economy in the world. However, it was not enough for first place in Asia.
# 7 South Korea
The Republic of Korea secured this title. It put Japan in second place with just under 28,019 PPS, or 96 percent of the EU's GDP per capita in Asia. In terms of total GDP, Korea would have only been twelfth in a global comparison, behind its Asian competitors China, India, Japan and Indonesia.
# 6 EU
According to Eurostat, the EU is the sixth largest economy in the world. The total GDP of the current 27 member states was accordingly 13,047 billion euros or PPS in 2017. The GDP per capita was 29,227 euros or 29,227 PPS.
# 5 United Kingdom
Five industrialized nations are bigger than the EU. The UK had a GDP per capita of PPS 31,427 in 2017. The ex-EU member was eight percent above the total value of the shrunken Union.
# 4 Saudi Arabia
Saudi Arabia topped the EU's economic output by twelve percent. This made the oil nation the fourth largest per capita economy in the world. In the overall GDP ranking, Saudi Arabia only came in 14th.
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