In this article, we look at 5 countries with the best economy in the world. To see what metrics we used to rank these countries, you can head over to the 20 Countries with the Best Economy in the World.
5. United Kingdom
Overall Score: 2.97
GDP Ranking: 6
GDP Per Capita Ranking: 16
Economic Freedom Ranking: 28
Advanced Countries Ranking: 8
The United Kingdom is the fifth best economy in the world. In 2022, it had a nominal GDP of $3.1 trillion, which made it the sixth largest economy in the world by size. It is among some of the most advanced nations in the 21st century. It ranked 28th on the 2023 Economic Freedom Index released by The Heritage Foundation.
4. Netherlands
Overall Score: 3.03
GDP Ranking: 18
GDP Per Capita Ranking: 14
Economic Freedom Ranking: 8
Advanced Countries Ranking: 5
Netherlands ranks 18th among the 50 largest economies in the world, with a GDP nearing $1 trillion. It has a GDP per capita of $57,630. The Dutch nation scored an impressive 78 out of 100 in the 2023 Economic Freedom Index.
3. Sweden
Overall Score: 3.04
GDP Ranking: 24
GDP Per Capita Ranking: 11
Economic Freedom Ranking: 10
Advanced Countries Ranking: 4
Sweden is the fourth most advanced nation in the world. In terms of nominal GDP, the Swedish economy is the 24th largest in the world, boasting an output of $586 billion in 2022, according to figures released by the IMF. Based on the aggregation of metrics studied for this analysis, Sweden is the third best economy in the world, with a per capita GDP of over $60,000.
2. Switzerland
Overall Score: 3.51
GDP Ranking: 20
GDP Per Capita Ranking: 3
Economic Freedom Ranking: 2
Advanced Countries Ranking: 2
Switzerland ranked in the top three for three of our four metrics — GDP per capita, economic freedom, and technological advancement. It is the 20th largest economy in the world, with its size measured at $807 billion in 2022. The Swiss Franc is the eighth most traded currency in the world. The country is considered as a financial safe haven for investors.
1. United States
Overall Score: 3.66
GDP Ranking: 1
GDP Per Capita Ranking: 7
Economic Freedom Ranking: 25
Advanced Countries Ranking: 1
The United States is the country with the best economy in the world. It is the largest and the most advanced economy in the world, ranking number one on both metrics. It is the top seventh on GDP per capita, with the number recorded at $78,420 in 2022. The U.S. Dollar is considered as the global reserve currency, with more than 90% of foreign exchange reserves in central banks across the world being maintained in the greenback. Due to these reasons, the U.S. attracts the attention of millions of immigrants (see our article about 15 Best Countries to Live in the Future)
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