In this article, we take a look at the 10 most important economies in the world. If you want to check out our detailed analysis of the global economy, go directly to the 30 Most Important Economies in the World.
10. Italy
GDP 2022: $2 trillion
Italy has the tenth-largest economy in the world, which is mainly supported by the ecommerce industry. It is widely recognized for its luxury brands, rich history, language, and culture.
9. Canada
GDP 2022: $2.1 trillion
Canada has a free market globalized economy which relies on the production and export of crude oil and natural gas. Despite high inflation and low investments after the Covid-19 pandemic, the Canadian economy exhibited resilience and experienced a growth of 3.2% in 2022.
8. Russia
GDP 2022: $2.2 trillion
Russia is the largest exporter of natural gas in the world, and its economy took a major hit as a result of sanctions imposed by the US and European Union due to the Russia-Ukraine conflict. In order to stabilize its economy and minimize the dependence on the US dollar, Russia is urging ASEAN countries along with China and India to enter into bilateral trade agreements using their local currencies.
7. France
GDP 2022: $2.7 trillion
France is one of the most developed European countries and its diversified economy is fueled by pharmaceuticals, manufacturing, and tourism industries. It has an important global position as a member of OECD, NATO, World Trade Organization, and European Union.
6. United Kingdom
GDP 2022: $3.1 trillion
The economy of the United Kingdom is one of the strongest in the world, and is mainly supported by its tourism, service, and manufacturing sectors. To further strengthen its economy with trading opportunities, the United Kingdom has joined its allies in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
5. India
GDP 2022: $3.4 trillion
India has one of the fastest emerging economies in the world, and it is also favored by the international community for foreign direct investments. The country has made an economic rebound after the Covid-19 pandemic, and witnessed a year-on-year GDP growth of 7.2% in Q1 of 2023.
4. Germany
GDP 2022: $4 trillion
Germany has an important position as the 4th largest economy in the world and the largest economy in Europe. As a Central European country and a significant member of the European Union, Germany has strong ties with other large economies including the United Kingdom, United States, and China.
3. Japan
GDP 2022: $4.2 trillion
While Japan is globally recognized for its motor vehicles and consumer electronics industries, the biggest contribution to its GDP is made by the country’s service sector. Due to the strength of its economy, the Japanese Yen ranks among the most powerful currencies in the world.
2. China
GDP 2022: $18.1 trillion
China has the fastest-expanding economy in the world at present, and it continues to expand further by establishing trade ties with countries across the world. Its de-dollarization policy and Belt and Road Initiative (BRI) have helped it establish strong economic ties with other emerging economies in the Afro-Eurasian region.
1. United States
GDP 2022: $25.4 trillion
The United States has been the world’s economic superpower for three decades, and therefore, it has the largest economy and the most powerful currency in the world. It also has considerable influence in the international realm by virtue of its veto power in the United Nations Security Council and World Bank.
Disclosure: None. You can also take a look at 30 Countries With Highest Rates of Population Growth and 20 Largest Economies in the World by 2050.
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