If you want to learn more about the biggest economies in the world, read our article. During the last two decades, advanced economies of the world have faced slower growth than that of developing economies. The cause can be found in emerging economies such as India and China.
What Are the Biggest Economies in the World?
- The biggest economy in the world is the USA. Nevertheless, the USA economy share in the world PPP and GDP has decreased. This happened because of crisis, but other emerging economies have had certain influence, too.
- Japan economy is one of the world’s largest economies. The country has faced stagnation during the mid-2000s, but the economy has recovered since then.
- The EU economy has a considerable share in the world GDP. Many developed countries contribute to the power of the EU economy, but there are also some less developed countries in this community. The EU has faced certain economic and political crisis, but it has recovered. However, its future power is yet to be seen.
- China is on the right track to become the world’s biggest economy. According to what some exerts say, this will probably happen by 2017.
- India is another big economy. According to estimations, it will probably be bigger than Japan economy in a year or two. India has a lot of potential, perhaps even more than China. The population of India is younger and its growth is faster.
- According to economy experts, Russian economy will be greater than Germany’s by 2020. This big country has an important role in the world’s economy and politics, so there is no reason to doubt this estimation.
- Brazil is likely to overtake France and UK economy. By 2020, this economy will probably be the seventh in the world. It has a lot of potential.
- Mexico will probably beat Italy by 2020. Today, Italy is ranked 10th, but Mexico is likely to overtake this position. The population of Mexico is growing and so as its potential.
As we know, economy is highly dependant on many factors, one of which is politics. We cannot predict future trends, but we can use logics and knowledge to make some estimation. Developed countries will probably stay highly ranked, but the question is: what will happen to developing countries? The difference between developed and developing world is huge. Efforts should be made in order to include these countries in the world economy and help them achieve higher standards.