When it comes to the top national economies in the world, the order can shift within a few years. However, the key countries are usually the same. Since 1871, the United States has remained as the largest economy but it slowly losing its rank to China.
Here are the top five largest economies in 2017.
With $2.65 trillion GDP, the United Kingdom is the fifth-largest economy in the world. The UK economy is driven by large services that include agriculture and manufacturing. While agriculture is not necessary a major contributor, 60% of the food is produced domestically.
After the major referendum in 2016, voting citizens decided to leave the European Union, which has left the UK economic prospects uncertain for the future. However, the UK will operate under the EU regulation and agreements for the next two years after the formal announcement. This will give officials enough time to work out a new agreement.
As the largest economy in Europe, Germany is ranked at number 4 on this list. The German economy is highly acknowledged for its exports of vehicles, machinery, equipment, and chemicals.
Ranking at number three, Japan has continued to face hard times since 2008. The economic growth has positively increased. However, it will stay below 1% for the next few years.
Over the years, China has transformed its economy as the largest manufacturing and exporting country in the world. In terms of GDP, China’s economy has taken over the U.S. and is estimated to pass the United States within the new few years.
The economy of the United States still remains as the largest in the globe with approximately 24.5% of the gross world product. The economic power is due to the highest terms of infrastructure and technology along with natural resources. However, the U.S. is slowly losing its spot to China as the number one economy in the world.
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