China has crossed Japan in the list of top ten economies of the world this year. Now china is the second largest economy where as Japan is descended to third position. The economies of the world are under stress because of global financial crunch. Specially, USA is going down in the graph as its financial market is facing slump. Lots of financial institutions have been bankrupted because of global depression.
GDP: $1.843 Trillion
Following strong economic reforms from the post-independence socialist economy, the country’s economic growth progressed at a rapid pace, as free market principles were initiated in 1991 for international competition and foreign investment. Despite fast economic growth India continues to face massive income inequalities, high unemployment and widespread malnourished children.
GDP: $1.884 Trillion
Russia has an abundance of natural gas, oil, coal, and precious metals. It is also rich in agriculture. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy to a more market-based and globally integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. Nonetheless, the rapid privatization process, including a much criticized “loans-for-shares” scheme that turned over major state-owned firms to politically connected “oligarchs”, has left equity ownership highly concentrated. As of 2011, Russia’s capital, Moscow, now has the highest billionaire population of any city in the world.
GDP: $2.245 Trillion
Italy has a diversified industrial economy with high gross domestic product (GDP) per capita and developed infrastructure. According to the International Monetary Fund, the World Bank and the CIA World Factbook, in 2010 Italy was the eighth-largest economy in the world and the fourth-largest in Europe in terms of nominal GDP, and the tenth-largest economy in the world and fifth-largest in Europe in terms of purchasing power parity (PPP) GDP. Italy is member of the Group of Eight (G8) industrialized nations, the European Union and the OECD.
7. United Kingdom
GDP: $2.480 Trillion
The UK is one of the world’s most globalised countries. London is the world’s largest financial center alongside New York and has the largest city GDP in Europe. As of December 2010 the UK had the third-largest stock of both inward and outward foreign direct investment (in each case after the United States and France). The aerospace industry of the UK is the second- or third-largest national aerospace industry, depending upon the method of measurement. The pharmaceutical industry plays an important role in the UK economy and the country has the third-highest share of global pharmaceutical R&D expenditures (after the United States and Japan). The British economy is boosted by North Sea oil and gas reserves, valued at an estimated £250 billion in 2007. The UK is currently ranked fourth in the world (and first in Europe) in the World Bank’s Ease of Doing Business Index.
GDP: $2.517 Trillion
Brazil is one of the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent. According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRIC economies.With still high levels of inequality, though it has diminished in the last years, the Brazilian economy has become one of the major economies of the world. According to Forbes 2011, Brazil has the 8th largest number of billionaires in the world, a number much larger than what is found in other Latin American countries, and ahead of even Japan.
GDP: $2.808 Trillion
France is the world’s fifth largest and wealthiest economy. It is the second largest economy in Europe (behind its main economic partner Germany). France’s economy entered the 2008-2009 recession later and left it earlier than most comparable economies, only enduring four quarters of contraction. As of September 2010, France’s economy has been growing continuously since the second quarter of 2009. Between January and March 2011, France’s GDP growth has been stronger than expected, at 1%, one of the best figures in Europe.
GDP: $3.628 Trillion
Germany is relatively poor in raw materials. Only lignite and potash salt are available in economically significant quantities. Power plants burning lignite are one of the main sources of electricity in Germany. Oil, natural gas and other resources are, for the most part, imported from other countries. Germany imports about two thirds of its energy. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Most of the country’s products are in engineering, especially in automobiles, machinery, metals, and chemical goods. Germany is the leading producer of wind turbines and solar power technology in the world. The largest annual international trade fairs and congresses are held in several German cities such as Hanover, Frankfurt, and Berlin.
GDP: $5.855 Trillion
The economy of Japan is the third largest in the world after the United States and the People’s Republic of China, and ahead of Germany at 4th. For three decades from 1960, Japan experienced rapid economic growth, which was referred to as the Japanese post-war economic miracle. With average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to establish and maintain itself as the world’s second largest economy from 1968 until 2010, when it was supplanted by the People’s Republic of China.
GDP: $6.988 Trillion
The People’s Republic of China (PRC) ranks since 2010 as the world’s second largest economy after the United States. It has been the world’s fastest-growing major economy, with consistent growth rates of around 10% over the past 30 years. China is also the largest exporter and second largest importer of goods in the world. The country’s per capita GDP (PPP) was $7,544 (International Monetary Fund, 94th in the world) in 2010. The provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed. As China’s economic importance has grown, so has attention to the structure and health of that economy.
1. United States
GDP: $15.065 Trillion
The economy of the United States is the world’s largest national economy. Most of the economy is classified as services. The country remains the world’s largest manufacturer, representing a fifth of the global manufacturing output. The United States is home to 139 of the world’s 500 largest companies, which is almost twice that of any other country. About 60% the global currency reserves has been invested in the United States dollar and only 24% in euro. The country is one of the world’s largest and most influential financial markets. Foreign investments made in the United States total almost $2.4 trillion, which is more than twice that of any other country. American investments in foreign countries total over $3.3 trillion, which is almost twice that of any other country.