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Amidst the Russia-Ukraine crisis, various countries have been forced to re-gauge their strengths and weaknesses. Global politics is stirring up and with all the sanctions being put in place on global trade, it could be beneficial for the general populace to have an idea about the respective strengths of the countries of the world.
Especially those who are directly or indirectly involved in the ongoing crisis.
One way to do it is to analyze the GDPs of various countries.
The GDP of a country is symbolic of the total monetary value output of a country. The GDP of a country has always been seen as a measurable aspect of a country's growth. (Although many economists would say otherwise, considering the many factors not considered in the calculation of GDP)
There is a lot happening in the world in 2022. Coming out from the pandemic, recovering back from its impact by boosting back the economy and industries, and the oncoming potential war in the form of the Russia Ukraine crisis.
Considering all of these, it might be useful for you readers to understand the actual economic situation of the various globally leading countries.
An estimate of that could be provided to you in the form of the top countries by GDP in the current year of 2022.
We'll be comparing the GDPs of the top countries by GDP with that of Russia. Let it be known that Russia currently has the 11th largest GDP in the world.
The numerical data has been extracted from the world bank.
India to become the highest GDP in Asia-Pacific by FY23, read more.
The highest GDPs of countries in 2022:
Hereby we will be listing some of the world's biggest GDPs and comparing them with Russia's.
To start with,
Russia has the 11th largest GDP in the world. This can be owed to the fact that Russia has the largest landmass in the world. Consequently, its natural resources are estimated to be over $75 trillion.
Russia is also perhaps the biggest exporter of oil, natural gas, and energy to global trade. This has driven Russia's GDP at such a rapid pace.
Russia is one of the few countries which has privatized its energy and defense-related sectors. This has also helped it generate massive revenues through the export of energy resources and defense weapons.
Russia's GDP depends heavily on its import and export activities. In fact, the total value of Russia's imports and export amount to 46.7% of its total GDP.
Russia's nominal GDP is $1.48 trillion,
Its GDP per Capita is $9,972,
And its GDP - Purchasing Power Parity (PPP) is $4.02 trillion
Now that you have a clear idea about Russia's economic metrics, let's show you the top 10 countries whose GDP is higher than Russia's.
Countries with GDP higher than that of Russia
GDP of the United States
United States has the largest GDP among all the countries in the world owing to its fast-paced entrepreneurial environment, infrastructure, decentralized government structures, and one of the most premium universities.
The country is one of the biggest world market economies and its development is fueled by its abundance of natural resources and work productivity.
USA's nominal GDP is $20.89 trillion,
Its GDP per Capita is $63,413,
And its GDP - Purchasing Power Parity (PPP) is $20.9 trillion
GDP of China
China remains to be the manufacturing powerhouse of the world, with it being one of the biggest wealth resources in the world.
China keeps sustaining its growth in infrastructure, manufacturing plants, workforce, and productivity.
Consequently, it is one of the highest growing economies in the world. With its GDP PPP being the highest in the world leaving the even USA behind.
China's nominal GDP is $14.72 trillion,
Its GDP per Capita is $10,434,
And its GDP - Purchasing Power Parity (PPP) is $17,204 trillion
GDP of Japan
Japanese flag
Japan is the world leader in the production of electronic products. Japan's workforce is said to be one of the world's most innovative and organized.
The country always has a surplus in trade and international investments and even though it is surrounded by water and comprises only 4 islands, has a very powerful economy.
Japan's work culture, traditions, and ethics are one of the most beautiful aspects of the country. Its well-educated population also highly contributes to the country's development.
Japan's nominal GDP is $5.06 trillion,
Its GDP per Capita is $39,048,
And its GDP - Purchasing Power Parity (PPP) is $5.24 trillion
GDP of Germany
Germany's economy thrives on international trade and the total value of its exports and imports contributes to around 90% of its GDP. Being one of Europe's biggest economic hubs, Germany is highly regarded because of its service industry.
Germany is known for its entrepreneurship environment and driven workforce. A very important aspect in favor of Germany's rapid industrial growth, in the beginning, was its low-wage workers which resulted in low-cost products and vast trade and exports of those products.
Germany's nominal GDP is $3.85 trillion,
Its GDP per Capita is $45,466
And its GDP - Purchasing Power Parity (PPP) is $4.45 trillion
GDP of the United Kingdom
Once a global superpower, the United Kingdom still maintains its power in the form of infrastructure, development, educated workforce, and businesses. The UK or the United Kingdom of Great Britain consists of countries like Scotland, Wales, England, and Northern Ireland. It is the 5th largest economy in the world.
Sectors such as Service, Tourism, Manufacturing, and Construction are the major factors in UK's high GDP.
United Kingdom's nominal GDP is $2.76 trillion,
Its GDP per Capita is $39,229,
And its GDP - Purchasing Power Parity (PPP) is $2.98 trillion
GDP of India
The 6th largest economy in the world, India is a rapidly growing economy owing to its IT, agriculture, and government investments.
India is one of the largest consumer markets in the world and has rapidly developing technology and manufacturing sectors.
Recent government policies and regulations have also eased up constraints on industries and businesses, simplifying the process of licensing and regulations, boosting their productivity, and decreasing capital costs.
India's nominal GDP is $2.66 trillion,
Its GDP per Capita is $1,877,
And its GDP - Purchasing Power Parity (PPP) is $8.68 trillion
GDP of France
The 7th largest economy in the world, France is regarded for its tourism sector. France is the world's most visited country and hence a large part of its GDP is contributed by its tourism sector.
The country's encouraging policies and regulations also make it a favorite hub for financial investors. France also has a thriving foreign trade.
Furthermore, the government has privatized many sectors thereby raising productivity and capital standards.
France's nominal GDP is $2.63 trillion,
Its GDP per Capita is $39,257,
And its GDP - Purchasing Power Parity (PPP) is $2.95 trillion
GDP of Italy
EPS and JPEG
The major factor in Italy's high GDP is the consumer goods sector driven by small and medium-sized Enterprises. Italy also holds a highly regarded tourism sector. Furthermore, Italy as part of Europe has a major influence on world politics, with Italy being a part of many European societies and alliances such as G7, G20, Eurozone, OECD, EU, etc.
Apart from that, household consumption, government expenditure, and exports form the majority of Italy's GDP.
Italy's nominal GDP is $1.88 trillion,
Its GDP per Capita is $30,657,
And its GDP - Purchasing Power Parity (PPP) is $2.42 trillion
GDP of Canada
Canada is an integral part of world trade, and a large portion of its GDP comes from its trading operations internationally.
Canada has also been an essential part of the WTO since 1995. The largest industries in Canada that contribute to its large GDP are Real Estate, Mining, and manufacturing.
Canada's active and well-educated population and workforce, its harmonious work culture, and its government's lenient policies regarding business setups make it a preferred hub for large investors.
Canada's nominal GDP is $1.64 trillion,
Its GDP per Capita is $42,080,
And its GDP - Purchasing Power Parity (PPP) is $1.81 trillion
GDP of South Korea
Flag of south korea waving with highly detailed textile texture pattern
South Korea has been one of the fastest-growing economies, with rapid industrialization and recovery from being a developing economy. South Korea wasn't a very powerful and well-endowed country but with economic reforms, it has managed to boost its development at phenomenal rates.
An important factor in South Korea's development has been its emphasis on education, training, research, and development.
It is currently one of the best countries in the world in the sense that it has the highest median income per family in the world.
South Korea's nominal GDP is $1.63 trillion,
Its GDP per Capita is $30,644,
And its GDP - Purchasing Power Parity (PPP) is $2.29 trillion
That's it. Including Russia, these were the top 11 countries by GDP in the world.
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