If we compare the largest economies in measures of the gross domestic product (GDP) at purchasing power of parity (PPP), then in the first position stands United States of America and on the second position is China. But it seems that in few years China will overtake U.S.A looking at their rapid growth. Here’s the list of the world’s largest economies in 2012.
United States
United States comprises fifty states and a federal district and is known as the federal constitutional republic. It is the third largest by both land area and population and one of the world’s most ethnically diverse and multicultural nations. It has a capitalist mixed economy; it is the largest importer of goods and the third largest exporter. It is the world’s largest national economy with the estimated GDP at PPP as $14.66 trillion until 2010. The contribution of the industrial sector in the GDP is 22.1 percent, the agricultural sector in GDP is 1.1 percent and the service sector in GDP is 76.8 percent. Their population that was recorded in 2011 was 312,222,000 and the unemployment rate is 9.6 percent.
China
China is the world’s most populous country and is a single party state governed by the Communist Party of China that exercises a jurisdiction over 22 provinces, 5 autonomous regions, four directly controlled municipalities and 2 most special administrative regions. It is world’s fastest growing economy and ranks after United States in terms of nominal GDP and Purchasing Power Parity. It is also the world’s largest exporter and second largest importer of goods. In 2011 china ranked 90th by nominal GDP and 91st by GDP (PPP) in terms of per capita.
Japan
Japan is an island in East Asia and an archipelago that comprises of 6852 islands. It is also known as the “Land of the Rising Sun” and is the world’s third largest economy in terms of nominal GDP. It ranks as the fourth largest exporter and fourth largest importer. Japan maintains a modern military force in self defense and peacekeeping roles. In 2011 it was considered as the third largest national economy in the world in terms of PPP after United States and China. Japan has the longest life expectancy according to UN and WHO. It has a large industrial capacity and holds some of the most technologically advanced producers of motor vehicles, electronics, machine tools, steel etc
India
India is the seventh largest country and the second most populous democracy with over 1.2 billion people. It is the tenth largest economy by market exchange rates and third largest by PPP according to the International Monetary Fund. India is one of the fastest growing economies in the world with the average annual GDP growth rate of 5.8 percent and reaching 6.1 percent in 2011-2012. It was the world’s tenth largest importer and the 19th largest exporter in 2011. It ranks 24th in banking sector, 17th in financial market sophistication, 39th in innovation and 44th in business sophistication. Its telecommunication industry is growing faster and the automotive industry is the second fastest growing industry in the world.
Germany
Russia
Russia is a country situated in northern Eurasia and is a federal semi presidential republic comprising of 83 federal subjects. It has the largest reserves of mineral and energy resources and is also the largest producer of natural gas and oil in the world. It has largest forest reserves in the world and its lakes contains one quarter of the fresh water of the world. The country’s economy ranks ninth in terms of nominal GDP and sixth by PPP in the world. It became the member of World Trade Organization in 2011 and could bring a bounce of 3 percent in the economy.
United Kingdom
United Kingdom is a sovereign state located towards the north western coast of the continent of Europe and includes Great Britain, north eastern part of the island of Ireland along with the smaller islands. It is the seventh largest economy in the world in terms of nominal GDP and seventh largest economy by PPP. During the 19th and 20th century it was considered as the first industrialized country and the world’s foremost power. It remains a great power because of its leading economic, cultural, military, scientific and political influence. U.K. would be the sixth largest economy and the third largest in Europe on the basis of market exchange rates.
Brazil
Brazil is the largest country in South America and is the world’s sixth largest by nominal GDP and eighth largest by PPP. It is one of the fastest growing economies in the world. The country has received new international recognition because of economic reforms. According to the International Monetary Fund and the World Bank it is the largest economy in Latin America and world’s sixth largest economy at market exchange rates. It has a mixed economy with scarce natural resources and is predicted to become one of the five largest in the world on the basis of GDP per capita growth.
France
France is a unitary semi presidential republic in Western Europe that comprises of several territories and islands. It is one of the most developed country, the wealthiest nation in Europe and the fourth wealthiest in the world depending upon the aggregate household wealth. France is listed as the fifth largest economy in the world measured by GDP, ninth largest by PPP and Europe’s second largest by nominal GDP. It has one of the world’s longest life expectancies, high standard of living and high public education level. France ranks world’s 4th and Europe’s first in the Fortune Global 500 list as it holds 39 biggest companies of the world out of the 500.
Italy
Italy is a unitary parliamentary republic in south central Europe and is a democratic republic. It is ranked as the 24th most developed country in the world and has high quality of life index in the world. It has high GDP per capita and also very high standard of living. Italy is characterized by high per capita GDP and low unemployment rates thus making it a free market economy. It ranks eighth largest in the world and fourth largest in Europe on the basis of nominal GDP, and fifth largest in Europe and tenth largest in the world by PPP. Tourism is one of the fastest growing sectors of their economy and is considered as the fifth most visited country with the highest tourism earner in the world.