With the help of this article, you will be able to know the top 7 largest economies of the world by 2023 and the countries by GDP. GDP is used to estimate the size of a country’s economy. The country’s GDP is typically measured using the expenditure method, which calculates GDP by adding spending on new consumer goods, new investment spending, government spending, and the value of net exports.
Economy of the United States – $25.03 trillion
The United States has the biggest economy in the world in 2023 by nominal GDP, and net wealth and the second largest by purchasing power parity (PPP). It economy is a highly developed mixed economy. The US has the world’s fifth-highest per capita gross domestic product (nominal) and the seventh highest per capita gross domestic product PPP in 2023.
Moreover, the United States has the most technically powerful economy in the world and its companies are technically at the forefront or close. Advances, particularly artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment.
Economy of China – $18.32 trillion
The economy of the People’s Republic of China is a market-oriented economy. Incorporates economic planning through industrial policies and strategic five-year plans.
It is the second largest economy in the world in 2023 by nominal GDP and net wealth and the largest by purchasing power parity (PPP).
China has the world’s fifty six per capita gross domestic product nominal and the seventy per capita gross domestic product PPP in 2023.
Economy of Germany – $4.03 trillion
Germany’s economy is a highly developed social market economy. It has the largest national economy in Europe. It is the fourth largest economies in the world 2023 by nominal GDP and the fifth largest by purchasing power parity (PPP). Moreover, according to the International Monetary Fund (IMF) in 2017, the country accounted for 28% of the euro area economy. Germany is a founding member of the European Union and the Eurozone.
Economy of Japan – $4.3 trillion
Japan’s economy is a highly developed free market economy. The Economy of Japan is the world’s second largest developed economy.
Moreover, Japan is the world’s third largest automobile manufacturing country. It ranks first in the world in the Economic Complexity Index. And It is also the world’s third largest consumer market.
Japan is a member of the G7 and G20. According to the International Monetary Fund, the country’s per capita gross domestic product (PPP) is $34,358.
Economy of Russia – $2.13 trillion
It has gradually transformed from a planned economy to a mixed market-oriented economy. Russia has vast natural resources, especially oil and natural gas. Russia’s foreign exchange reserves are the fifth largest in the world. It has a labor force of about 70 million people, the sixth largest in the world.
Russia is widely described as an energy superpower; Because it has the largest natural gas reserves in the world, the second largest coal reserves, the eighth largest oil reserves and the largest oil shale reserves in Europe.
Economy of United Kingdom – $3.19 trillion
The United Kingdom economy is a highly developed social market and market-oriented economy. Also, it is the six largest economy in the world in 2023 by nominal GDP and the ninth largest by purchasing power parity (PPP).
The Economy of the UK has the twenty first largest per capita GDP. It is making 3.3% of world GDP. Moreover, the UK is one of the most global economies. This includes England, Scotland, Wales and Northern Ireland.
Economy of India – $3.46 trillion
India’s economy is known as a middle income developing market economy. According to the International Monetary Fund (IMF), on a per capita income basis, India ranks 139nd from GDP (nominal) and 122th from GDP purchasing power parity PPP in 2021. Since the beginning of the 21st century, annual average GDP growth has increased from 6% to 7% from 2014 to 2018.