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GDP (Gross Domestic Product) measures a country’s economic health by referring to the total market value of all products and services produced in a given year. The real GDP is useful in rating nations economically. So let’s take a look at the top economies of the world.
1. United States
The US real GDP is estimated to be $20.94 trillion. The American service industry is far more established and technologically advanced. This fact accounts for around 80% of the total output. As a result, the largest organisations and firms providing services in the industries of technology, retail, banking, and healthcare play a key role on the global stage.
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2. China
Over the last several decades, the Chinese economy has grown at an astounding rate. This fact has helped the country achieve the much-coveted second spot in the world’s top economies. China’s actual GDP in 2020 was $14.72 trillion.
3. Japan
The Japanese economy presently ranks third in terms of real GDP forecast, with an estimated value of $5.05 trillion. Japan’s economy expanded fast in the 1960s, 1970s, and 1980s. Japan has worked hard to expand its economy during the past decade.
4. Germany
Germany is fourth among the world’s top five economies, with a real GDP of $3.84 trillion. Despite a temporary dip in 2009, Germany’s economy rebounded with a 4.0% increase a decade ago.
5. United Kingdom
From 1999 and 2008, the average yearly growth rate of the UK’s GDP was 2.8%. With a real GDP of $2.76 trillion, the United Kingdom will remain among the world’s top economies.
