In this modern era, the strength and influence of a country is no longer dominantly measured by its military strength, but rather the economic strength of a country is the benchmark in assessing how strong a country is. So, what is the country with the largest economy?
There are several ways that can be used to find out the size of a country's economy, one of the most commonly used methods is to use the GOP (Gross Domestic Product) value or in Indonesian it is called GDP or Gross Domestic Product. So, using that metric, who are the countries with the largest economies in the world?
The Country with the Largest Economy in the World
The GOP data used as a benchmark in measuring the size of the country's economy in this article comes from the World Bank and the IMF or International Monetary Fund in 2021. According to them, the following are the countries with the largest economies in the world
1. United States of America
The first country with the largest economy in the world is the United States of America. With a nominal GOP of US$ 22.9 trillion, the United States economy accounts for 24.4% of all economies in the world. This country controls various sectors of the economy, ranging from retail, trade, automotive, aerospace industry, finance, e-commerce, tourism, mining, defense, and so on.
The country with the second largest economy is China with a GOP of US$ of 16.9 trillion or 17.9% of all GOPs in the world. The country's economy is dominated by the service sector, which contributes to 50% of the GOP owned by China. Other industrial sectors include trading, retail, postal, mining and ore processing, iron and steel, aluminum, coal, machinery, weapons, and a number of other industries.
The third country with the largest economy is Japan with a GOP of US$ 5.1 trillion or 5.4% from the world economy. The biggest industries driving their economy are manufacturing, agriculture and fisheries, and tourism. In addition, the Japanese economy also relies on a number of major exports, namely cars, vehicle parts, engines, passenger ships and cargo.
The next country is Germany with a nominal GOP of US$ 4.2 trillion or 4.5% from the world economy. They already have a strong economic footprint since the era of industrialization and industrial capitalism, this country has succeeded in becoming a driving force for the automotive industry, technology innovator, and economic globalizer who is famous for its efficiency.
Next, in fifth place is the UK with a GOP of US$ 3.1 trillion or 3.3% from the world's GOP. The country that still adheres to the monarchy system was once the largest country in the world with the largest and richest economy in the world. Today, they are one of the largest domestic producers of products in the world. Their economy is dominated by the service sector accounting for approximately 80% of the UK economy and around 19% from the industrial sector.
The country with the second largest population in the world is in sixth place with a nominal GOP of US$ 2.9 trillion or 3.1% of all GOPs in the world. They adhere to a mixed economic system with a tendency to socialist understanding. The Indian government has played a major role in the economy due to its excessive focus on income distribution and public welfare since India's independence in the 1950s.
Next is France with a GOP of US$ 2.9 trillion or 3.1% from the world's GOP. Their economy includes agribusiness, culinary, tourism, automotive, aviation, and so on.
Next, in eighth place is Italy with a GOP of US$ 2.1 trillion or 2.3% of all GOPs in the world. Italy is the founder and leading member of various world economic organizations and forums such as the European Union, United Nations, NATO, WTO, G7/G8, and G20. Their economy includes the manufacture of high-quality consumer goods, automotive, culinary, and tourism.
The country in ninth place is Canada with a GOP of US$ 2 trillion or 2.1% of GOP worldwide. Their economy is dominated by the service sector which accounts for more than 70% of the country's economy. Then, the contribution from the real sector and the industrial sector was measured at 28%.
10. South Korea
The tenth country with the world's largest economy is South Korea with a GOP of US$ 1.8 trillion or 1.9% of the world's GOP. Their economy is dominated by export manufacturing, electronics and automotive industries as well as tourism and culinary. In addition, their entertainment and creative industries also contribute significantly to the South Korean economy.
This is an explanation of the country with the largest economy in the world. The economic condition of a country greatly influences the welfare of its people. Therefore, awareness of the state and personal financial conditions is very important! Whiz has a variety of features that you can use to make it easier to manage your finances and your family, you know!