What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
What accounts for Japan’s high GDP?
Japan has one of the world’s largest and most sophisticated economies. It boasts a highly educated and hardworking workforce, as well as a huge and affluent population, making it one of the world’s largest consumer marketplaces. From 1968 to 2010, Japan’s economy was the world’s second largest (after the United States), until China overtook it. Its GDP was expected to be USD 4.7 trillion in 2016, and its population of 126.9 million has a high quality of life, with a per capita GDP of slightly under USD 40,000 in 2015.
Japan was one of the first Asian countries to ascend the value chain from inexpensive textiles to advanced manufacturing and services, which now account for the bulk of Japan’s GDP and employment, thanks to its extraordinary economic recovery from the ashes of World War II. Agriculture and other primary industries account for under 1% of GDP.
Japan had one of the world’s strongest economic growth rates from the 1960s to the 1980s. This expansion was fueled by:
- Access to cutting-edge technologies and major research and development funding
- A vast domestic market of discriminating consumers has given Japanese companies a competitive advantage in terms of scale.
Manufacturing has been the most notable and well-known aspect of Japan’s economic development. Japan is now a global leader in the production of electrical and electronic goods, automobiles, ships, machine tools, optical and precision equipment, machinery, and chemicals. However, in recent years, Japan has given some manufacturing economic advantage to China, the Republic of Korea, and other manufacturing economies. To some extent, Japanese companies have offset this tendency by shifting manufacturing production to low-cost countries. Japan’s services industry, which includes financial services, now accounts for over 75% of the country’s GDP. The Tokyo Stock Exchange is one of the most important financial centers in the world.
With exports accounting for roughly 16% of GDP, international trade plays a key role in the Japanese economy. Vehicles, machinery, and manufactured items are among the most important exports. The United States (20.2%), China (17.5%), and the Republic of Korea (17.5%) were Japan’s top export destinations in 2015-16. (7 per cent). Export growth is sluggish, despite a cheaper yen as a result of stimulus measures.
Japan’s natural resources are limited, and its agriculture sector is strictly regulated. Mineral fuels, machinery, and food are among Japan’s most important imports. China (25.6%), the United States (10.9%), and Australia (10.9%) were the top three suppliers of these items in 2015. (5.6 per cent). Recent trade and foreign investment developments in Japan have shown a significantly stronger involvement with China, which in 2008 surpassed the United States as Japan’s largest trading partner.
Recent economic changes and trade liberalization, aiming at making the economy more open and flexible, will be critical in assisting Japan in dealing with its problems. Prime Minister Abe has pursued a reformist program, called ‘Abenomics,’ since his election victory in December 2012, adopting fiscal and monetary expansion as well as parts of structural reform that could liberalize the Japanese economy.
Japan’s population is rapidly aging, reducing the size of the workforce and tax revenues while increasing demands on health and social spending. Reforming the labor market to increase participation is one of the strategies being attempted to combat this trend. Prime Minister Shinzo Abe’s ‘Three Arrows’ economic revitalisation strategy of monetary easing, ‘flexible’ fiscal policy, and structural reform propelled Japan’s growth to new heights in 2013.
Do you want to know more? Download the Japan Country Starter Pack or look through our other Indonesia information categories.
What accounts for India’s low GDP?
There are two things that stand out. The Indian economy began to revive in March 2013 more than a year before the current government took office after a period of contraction following the Global Financial Crisis.
But, more importantly, since the third quarter of 2016-17 (October to December), this recovery has transformed into a secular slowing of growth. While the RBI did not declare so, many experts believe the government’s move to demonetise 86 percent of India’s currency overnight on November 8, 2016, was the catalyst that sent the country’s GDP into a tailspin.
The GDP growth rate steadily fell from over 8% in FY17 to around 4% in FY20, just before Covid-19 hit the country, as the ripples of demonetisation and a poorly designed and hastily implemented Goods and Services Tax (GST) spread through an economy already struggling with massive bad loans in the banking system.
PM Modi voiced hope in January 2020, when GDP growth fell to a 42-year low (in terms of nominal GDP), saying: “The Indian economy’s high absorbent capacity demonstrates the strength of the country’s foundations and its ability to recover.”
The foundations of the Indian economy were already weak in January last year well before the outbreak as an examination of key factors shows. For example, in the recent past (Chart 2), India’s GDP growth trend mirrored an exponential development pattern “Even before Covid-19 came the market, there was a “inverted V.”
What is the world’s most dangerous country?
Afghanistan is the world’s most dangerous country, with a score of 3.631. From 2020 to 2021, Afghanistan remained in this position. Furthermore, Afghanistan has the largest number of conflict and terrorism-related deaths of any country on the planet. Yemen has dropped many spots to become the world’s second-most hazardous country. According to the United Nations, Yemen faces the world’s worst humanitarian crisis, with 4.3 million people forced to flee their homes and 14 million people at risk of famine and disease outbreaks after five years of conflict. Approximately 80% of Yemen’s population (24 million people) is in severe need of humanitarian aid.
Syria is the third most hazardous country on the planet. Syria’s civil war has been raging since March 2011, and it is the world’s second-deadliest conflict of the twenty-first century. As of March 2019, 5.7 million people had fled Syria, with more than 6 million internally displaced. With a score of 3.363, South Sudan comes in second. There is persistent violence, civil instability, and widespread violent crime in South Sudan, including robberies, assaults, carjackings, and kidnappings. Outside of the country’s capital, Juba, armed warfare primarily persists between the government and rebel organizations, with little to no rule of law or order.
Iraq has risen two places in the list of the world’s most hazardous countries, from third to fifth. Iraq is still beset by internal and external problems, including the threat of terrorist strikes. ISIS continues to kidnap and kill Iraqi civilians and military personnel. Other human rights breaches have persisted, such as violations of freedom of assembly and women’s rights. U.S. citizens visiting Iraq are particularly vulnerable to violence and kidnapping, and are frequently targeted by anti-US sectarian groups across the country.
Somalia, the Democratic Republic of the Congo, Libya, the Central African Republic, Russia, Sudan, Venezuela, and North Korea are the other countries with a “very low” status of peace. Aside from the world’s most dangerous countries, several countries are particularly harmful for women. If you’re looking for a new place to visit, consider the world’s safest countries.
What country will you be in 2021?
The Pacific island nation of Samoa and parts of Kiribati were among the first locations in the globe to greet the year 2021, leaving behind a year highlighted by the COVID-19 pandemic and its social impact. All time zones require 26 hours to reach the new year.
What kind of economy is China’s?
China has the world’s second-largest nominal gross domestic product (GDP) and the world’s largest purchasing power parity (PPP) economy (PPP). Officially known as the People’s Republic of China, the country had a nominal GDP of $13.457 trillion in 2018, with a PPP of around $25.313 trillion in the same year. Within a market economy, China works as a socialist market economy, with state-owned firms and public ownership. A market economy, by definition, is one in which supply and demand, the two main forces that determine pricing, dominate crucial economic choices. The economy, according to the Chinese government, is one of the stages on the way to full socialism. Some economists contend, however, that China’s current structure of state ownership is a form of state capitalism rather than a socialist market economy.