Despite the recent economic crises globally that some countries blame on COVID-19 and the Russia-Ukraine War, most of the world-renowned countries have stood the test of time. Surprisingly, most of those countries on this list suffered many deaths due to COVID-19 and its implications. These countries are still lucrative to make business there despite the economic turbulence globally. Here’s the list of the world’s top ten largest economies in the world, according to the World Bank.
Related media: Largest Economies In The World 1600-2022 | Top 15 Countries By GDP
#10. South Korea 🇰🇷
Location: Asia; Capital: Seoul; Population: approx. 51 million people as of 2022;
GDP: US$1.63 trillion; Currency: Won
The tenth largest economy in the world is South Korea. Its remarkable feat is very encouraging. South Korea was considered a poor developing country but in the 1960s, there was a drastic change and since then, they have given up the fight to prosperity.
Its far-reaching economic reforms have made South Korea one of the most developed and industrialized countries in the world. South Korea has been able to do so because of how they have placed importance on education, innovation, research, and development.
The country has a highly skilled workforce producing and exporting electronics, telecommunications equipment, and motor vehicles. South Korea has also established a network of free trade agreements covering about fifty-eight countries accounting for more than three-quarters of the world’s gross domestic product (GDP).
However, South Korea also now faces some challenges such as slower growth and an aging workforce.
#9. Canada 🇨🇦
Location: North America; Capital: Ottawa; Population: approx 39 million people as of 2022;
GDP: US$1.64 trillion; Currency: Canadian Dollar
Canada is a major foreign investment country and one of the major economies in the Americas; also a key member of the World Trade Organization (WTO). It has a mainly service-based economy. Canada’s trade with foreign partners is very strong due to its regional Free Trade Agreements (FTAs).
Canada is also blessed with a well-educated workforce, and a multilingual population and thus making it have a thriving economy. Canada’s government also has a support scheme for business starters and this has also made Canada a preferred business destination.
#8. Italy 🇮🇹
Location: Europe; Capital: Rome; Population: approx. 59 million people as of 2022;
GDP: US$1.88 trillion; Currency: Euro
Italy is the eighth largest by GDP in the world. Despite being among one of the aged populations in the world, it has managed to be among the top ten largest economies of the world and a key member in Europe. Italy’s success is attributed to the consumer goods industry.
#7. France 🇫🇷
Location: Europe; Capital: Paris; Population: approx. 68 million people as of 2022;
GDP: US$2.63 trillion; Currency: Euro
One method that has boosted the French economy is tourism. The Eiffel Tower is one of the most visited sites in the world; making France the most visited destination in the world.
The French economy is also a mixed economy that has many private and government businesses across the country. The government of France is involved in the labor force and has created equal opportunities in the country. There is also foreign trade investment that has helped to improve France’s economy.
However, too many government policies have made France have a high unemployment rate and huge public debt as compared to most of the countries in this list.
#6. India 🇮🇳
Location: Asia, Capital: New Delhi; Population: approx. 1.4 billion people as of 2022;
GDP: US$2.66 trillion; Currency: Indian Rupee
India is a country that practices democracy on the largest scale. Though India has made the list as the sixth largest economy, it has the lowest per capita GDP on this list because of the population size of India. India’s GDP has been so because of corruption, bottlenecks, rigid business regulations, and traditional farming methods.
In recent times, there have been improvements making India’s economy still part of the top ten largest economies in the world. There have been growth in the industrial and technology sectors and also flexible governmental policies.
#5. United Kingdom 🇬🇧
Location: Europe; Capital: London; Population: approx. 68 million people as of 2022;
GDP: US$ 2.76 trillion (GB£ … trillion); Currency: British Pound
The fifth largest economy in the world is the United Kingdom. The currency of the UK is the pound sterling. The GDP of the UK is $2.76 trillion. UK’s capital is London. The UK has a population of about 68 million population. The UK is among the countries ranked high in doing business.
#4. Germany 🇩🇪
Location: Europe; Capital: Berlin; Population: approx. 84 million people as of 2022;
GDP: US$ 3.85 trillion; Currency: Euro
Germany is a very sound European country to live in. It has a population of 84 million people. Its capital is Berlin. Germany’s currency is the euro. The GDP for Germany is $3.85 trillion making Germany the fourth largest economy in the world. Germany is notable for its service industries, comprising telecommunication, healthcare, and other services. Germany is number one in entrepreneurship.
#3. Japan 🇯🇵
Location: Asia; Capital: Tokyo; Population: approx. 125 million people as of 2022;
GDP: US$ 5.06 trillion; Currency: Yen
The third largest economy in the world is Japan. It is quite amazing that Japan with an aging population makes this list. Japan’s population is over 125 million. Out of this number, over 28 percent thus about 36 million people are 65 years and over.
Japan’s official currency is the yen. Its capital is Tokyo, and it is one of the world’s most populated cities. Japan’s GDP is $5.06 trillion. Japan is one of the world’s most innovative countries and is well known for electronic goods and automobile manufacturing.
#2. People’s Republic Of China 🇨🇳
Location: Asia; Capital: Beijing; Population: approx. 1.4 billion people as of 2022;
GDP: US$ 14.72 trillion; Currency: Yuan
The second-largest economy in the world is China. Yeah, China is making good use of being the country with the largest population in the world effectively. Over 1.4 billion people live in China. China’s capital is Beijing. China is a country that was perceived to produce inferior goods but recently, they have improved in their quality massively.
Recently, China products are spread all over the world with its products present in major US and Europe outlets. China is now known to be one of the fastest-growing economies in the world. China’s GDP is worth $14.72 trillion. China’s currency is the yuan.
#1. United States Of America 🇺🇸
Location: North America; Capital: Washington, D.C; Population: approx. 330 million people as of 2022;
GDP: US$20.89 trillion; Currency: US Dollar
The United States has enjoyed superiority as the largest economy in the world for decades. Most people see this country as their dream country and do their possible best to immigrate to the US. The land of dreams and opportunities as the US is called is not only a political superior but also an economic lord.
The US has a population of over 330 million with its capital as Washington D.C. This population has a GDP of $20.89 trillion. The United States has a well-structured working environment that has helped them to achieve this feat for many years. It has flexible working hours as citizens and migrants can easily take two jobs.
Also, the high remuneration encourages them to work harder. The US also has a well-structured university that many brains globally go to and they end up working in the US.
Let us know which of these countries you’ll choose to do business with.
Source: World Bank
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Written by: Joseph Mensah, Fri, Feb 24, 2023.