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The global economy is a system that produces and distributes value. This is almost completely based on a capitalist market economy driven by the profit motive with taxation that serves as a mechanism of income redistribution. In other words, market economies are sustaining the quality of life of approximately 7,800,000,000 people. The following ranking of economies by gross domestic product is in US dollars. It can be argued that it is more useful to rank countries in international dollars or per capita.
Rank | Country Name | GDP (US$) | 1 | United States | 21,427,700,000,000 | 2 | China | 14,342,902,842,916 | 3 | Japan | 5,081,769,542,380 | 4 | Germany | 3,845,630,030,824 | 5 | India | 2,875,142,314,812 | 6 | United Kingdom | 2,827,113,184,696 | 7 | France | 2,715,518,274,227 | 8 | Italy | 2,001,244,392,042 | 9 | Brazil | 1,839,758,040,766 | 10 | Canada | 1,736,425,629,520 | 11 | Russian Federation | 1,699,876,578,871 | 12 | South Korea | 1,642,383,217,167 | 13 | Spain | 1,394,116,310,769 | 14 | Australia | 1,392,680,589,329 | 15 | Mexico | 1,258,286,717,125 | 16 | Indonesia | 1,119,190,780,753 | 17 | Netherlands | 909,070,395,161 | 18 | Saudi Arabia | 792,966,838,162 | 19 | Turkey | 754,411,708,203 | 20 | Switzerland | 703,082,435,360 | 21 | Poland | 592,164,400,688 | 22 | Thailand | 543,649,976,166 | 23 | Sweden | 530,832,908,738 | 24 | Belgium | 529,606,710,418 | 25 | Argentina | 449,663,446,954 | 26 | Nigeria | 448,120,428,859 | 27 | Austria | 446,314,739,528 | 28 | United Arab Emirates | 421,142,267,938 | 29 | Norway | 403,336,363,636 | 30 | Israel | 395,098,666,122 | 31 | Ireland | 388,698,711,348 | 32 | Philippines | 376,795,508,680 | 33 | Singapore | 372,062,527,489 | 34 | Hong Kong SAR, China | 366,029,556,273 | 35 | Malaysia | 364,701,517,788 | 36 | South Africa | 351,431,649,241 | 37 | Denmark | 348,078,018,464 | 38 | Colombia | 323,802,808,108 | 39 | Egypt | 303,175,127,598 | 40 | Bangladesh | 302,571,254,131 | 41 | Chile | 282,318,159,745 | 42 | Pakistan | 278,221,906,023 | 43 | Finland | 268,761,201,365 | 44 | Vietnam | 261,921,244,843 | 45 | Romania | 250,077,444,017 | 46 | Czech Republic | 246,489,245,495 | 47 | Portugal | 237,686,075,635 | 48 | Iraq | 234,094,042,939 | 49 | Peru | 226,848,050,820 | 50 | Greece | 209,852,761,469 | 51 | New Zealand | 206,928,765,544 | 52 | Qatar | 183,466,208,791 | 53 | Kazakhstan | 180,161,741,180 | 54 | Algeria | 169,988,236,398 | 55 | Hungary | 160,967,157,504 | 56 | Ukraine | 153,781,069,118 | 57 | Kuwait | 134,761,198,946 | 58 | Morocco | 118,725,279,596 | 59 | Ecuador | 107,435,665,000 | 60 | Slovak Republic | 105,422,304,976 | 61 | Puerto Rico | 104,988,600,000 | 62 | Ethiopia | 96,107,662,398 | 63 | Kenya | 95,503,088,538 | 64 | Angola | 94,635,415,870 | 65 | Dominican Republic | 88,941,298,258 | 66 | Sri Lanka | 84,008,783,756 | 67 | Oman | 76,983,094,928 | 68 | Guatemala | 76,710,385,880 | 69 | Myanmar | 76,085,852,617 | 70 | Luxembourg | 71,104,919,108 | 71 | Bulgaria | 67,927,179,737 | 72 | Ghana | 66,983,634,224 | 73 | Panama | 66,800,800,000 | 74 | Tanzania | 63,177,068,175 | 75 | Belarus | 63,080,457,023 | 76 | Costa Rica | 61,773,944,174 | 77 | Croatia | 60,415,553,039 | 78 | Cote d'Ivoire | 58,792,205,642 | 79 | Uzbekistan | 57,921,286,440 | 80 | Uruguay | 56,045,912,952 | 81 | Lithuania | 54,219,315,600 | 82 | Macao SAR, China | 53,859,116,536 | 83 | Slovenia | 53,742,159,517 | 84 | Lebanon | 53,367,042,272 | 85 | Libya | 52,076,250,948 | 86 | Serbia | 51,409,167,351 | 87 | Azerbaijan | 48,047,647,059 | 88 | Congo | 47,319,624,204 | 89 | Jordan | 43,743,661,972 | 90 | Bolivia | 40,895,322,865 | 91 | Tunisia | 38,797,709,924 | 92 | Cameroon | 38,760,467,033 | 93 | Bahrain | 38,574,069,149 | 94 | Paraguay | 38,145,288,940 | 95 | Uganda | 34,387,229,486 | 96 | Latvia | 34,117,202,555 | 97 | Estonia | 31,386,949,981 | 98 | Nepal | 30,641,380,604 | 99 | Cambodia | 27,089,389,787 | 100 | El Salvador | 27,022,640,000 | N/A | World | 87,751,540,848,579 |
NotesAll data is 2019.Ranked in international dollars using the purchasing power parity (PPP) method, the economy of China exceeds the United States.
World Economy
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ReferencesThe World Bank, World Development Indicators, 2020.
A list of countries by GDP.
A list of countries by GDP per capita.
A list of countries by population.
A list of global issues.
The definition of economic relations with examples.
An overview of potential pros and cons of globalization.
An overview of what GDP includes with examples.
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