They are the global economic heavyweights this year, estimated to be having the current biggest economies in the world. Here is a list of the top 10 biggest economies in the world this year, according to estimates made by the International Monetary Fund (IMF) and World Economic Outlook. Included are the 2013 gross domestic product (GDP) estimates of these economies.
10. India, $2 trillion dollars
Included in this exclusive list of the biggest economies in the world today is India. This booming economy in Asia has an average growth rate of seven percent annually since 1997. Its major industries include the agriculture and services sector, with the latter becoming a main source of the country’s economic growth. India has tapped its large population who is educated and can speak English to become a top exporter of services in information technology and business outsourcing.
9. Italy, $2.1 trillion dollars
The ninth biggest economy in the world today is Italy, which is known for its highly diversified industrial sectors, developed infrastructure, and high GDP per capita.
Italy belongs to a few elite clubs of wealthiest economies, including the European Union (EU), Organization for Economic Co-operation and Development (OECD), G7, and Group of Eight (G8), which serves as a forum for the governments of the eight wealthiest countries in the world.
8. Russia, $2.2 trillion dollars
Since the fall of the Soviet Union, Russia has made various changes in its economy, making it more market-oriented and globally integrated.
Reforms in the economic sector in the 1990’s resulted in the privatization of most industries, except in the defense and energy-related sectors. Russia has become the leading oil producer in the world. It is also the second biggest producer of natural gas around the world, thanks to its natural gas reserves which is the largest in the world. The country is also known for its steel and machinery industries.
7. United Kingdom, $2.4 trillion dollars
This year’s sixth biggest economy in the world according to IMF and World Economic Outlook estimates is the United Kingdom, which has long been regarded as a leading political and financial power center in Europe. It is one of the biggest economies in the continent after Germany and France.
U.K. has been known for its robust industries in agriculture (top products include fish, poultry, sheep, and cattle), electronics and communication, metal, manufacturing, and other consumer goods.
London is regarded as the largest financial center along with New York.
6. Brazil, $2.5 trillion dollars
Regarded as the economic giant in South America, Brazil’s economy is buoyed by a number of factors, including well-develop sectors in manufacturing, mining, service, and agriculture.
With the largest economy among Latin American countries and the second biggest in the western hemisphere, Brazil continues to show its presence in the world markets. It continues to be one of the fastest-growing major global economies with an annual GDP growth average rate of five percent.
5. France, $2.7 trillion dollars
One of Europe’s economic heavyweights, France has the largest economy in the continent next to Germany and the fifth biggest economy in the world according to 2013 estimates. The country has long been regarded as among the most developed and wealthiest national economies around the world.
France has more than 30 of the world’s 500 biggest companies and is regarded as the most important headquarter locations for many of the Fortune Global 500 companies.
Some of the well-known brands in the world are owned by French companies: AXA in the world of insurance; L’Oreal in the field of cosmetics; Sanofi Aventis; pharmaceuticals; LVMH, luxury products; and Lafarge, cement; among others.
4. Germany, $3.6 trillion dollars
Regarded as Europe’s largest national economy, Germany is considered as having the fourth biggest economy this year, according to estimates made by the IMF and World Economic Outlook. Germany, regarded as the second biggest exporter in the world, has always been a major force in an increasingly globalized economy since the advent of industrialization and industrial capitalism.
Germany’s economy is a force to reckon with in terms of machinery, motor vehicles, electric equipment, pharmaceuticals, chemicals, computer products, transport equipment, agricultural products, gas, and electronic products, among others.
3. Japan, $5.1 trillion dollars
Since its disastrous defeat in World War II, Japan has made great leaps and bounds to become one of the biggest economies around the world. It is known for its technologically advanced economy, with major industries in industrial and electronic sectors. Japan’s economy is buoyed by its profitable industries in automobiles, motor vehicles, high-tech goods, semiconductors, steel and iron products, ships, textiles, processed food, robotics, and chemicals.
While relatively small compared with other countries, its agricultural sector is among the most profitable globally.
2. China, $9 trillion dollars
Over the last 30 years, China has dramatically shifted from a centrally planned economic system to a market-oriented model—and in the process becoming a major player in global economics. It is now regarded as the fastest-growing economy (with growth average rates of 10 percent over the past three decades) as well as the largest exporter in the world. Last year, it became the second biggest economy in the world next to the United States, surpassing Japan which had been occupying the spot for the longest time and India.
China is a world economic leader in terms of industrial output, mining and other metals, consumer products, telecommunications equipment, satellites, automobiles, and satellites. It is also considered a world producer of rice, wheat, fish, corn, cotton, and peanuts, among others. If you are to compare the values of the agricultural as well as industrial output of the China with the United States, they will exceed those of the latter.
China is also regarded as the second biggest importer in the world in terms of goods.
1. United States, $16.2 trillion dollars
For at least almost a century now, the United States has consistently ranked as the biggest national economy in the world. In terms of biggest overall economies, it only ranks second to the European Union, which is made up of 27 member-states in Europe.
It is also one of the wealthiest nations in the world, with a well-developed infrastructure system, high productivity, and plenty of natural resources. A third of the world’s millionaires and 40 percent of the billionaires around the world consider the United States as their home.
The United States boasts of many industries that are highly diversified and renowned throughout the world. Its major industries include petroleum, electronics, mining, steel, food processing, aerospace, and information technology, among others. Around the world, the United States is regarded as the largest manufacturer in the world, producing a fifth of the entire manufacturing output of the world. It is the third biggest oil producer and the second biggest natural gas producer. The United States is also regarded as among the most influential and biggest financial markets in the world. More than half of the currency reserves around the world have been overwhelmingly invested in the U.S. dollar, as opposed to the euro. More than one-fourth of the 500 largest firms around the world have their main headquarters in the United States.
In 2012, the GDP of the United States was $15.685 trillion, with a GDP growth of 2.2 percent.