World Economies Ranking 2022, world GDP table
In January 2023, the International Monetary Fund published in terms of countries' GDP, its growth dynamics and forecast values for 2022 and 2023. It is believed that the higher the GDP, the more developed the economy.
We have ranked these countries in order of priority, and we will tell you about the top ten ranking of world economies for 2022 according to GDP data and forecasts for the next 2 years.
10 countries with the strongest economies 2022
10. South Korea
• In the second half of the XNUMXth century, an economic miracle happened in South Korea – a semi-impoverished country that survived the division into two parts was transformed into one of the top economies in the world.
• The secret of success was the systematic application of the growth strategy through exports and the dominance of large business corporations. In the past few decades, South Korea has entered into many trade agreements with more than 50 countries, which account for more than three-quarters of the world's GDP.
• Now South Korea is a major manufacturer and exporter of electronic goods, telecommunications equipment and automobiles. However, growth also has a downside. Today's Korea is facing the same challenges as other advanced economies: slowing growth and an aging population.
• The COVID-19 pandemic has had a major impact on the global economy. The fall in energy prices, the near collapse of the tourism industry, the decline in trade volumes and the widespread closure of shops and catering establishments due to quarantines have led to a massive decline in GDP around the world. And although many countries have begun to recover from the blow by the third quarter, most of them will not reach the pre-COVID level of GDP by the results of 2023.
• Canada also suffered losses due to the pandemic – but its GDP rose from $1.736 to $2 trillion.
• The country has a well-developed mining industry, it is believed that it is on Canadian territory that the third largest oil reserves lie.
• Maple Leaf Country also has an excellent manufacturing and service sector, with the latter particularly active in densely populated urban areas close to the US border. And historical and geographic close ties to the US have meant that about three-quarters of the goods and services Canadians produce go to US markets.
• Italy is the EU's third largest economy, but there is a clear divide between the industrial north and the underdeveloped agricultural south.
• The country's economic growth is being severely slowed down by high (even by European standards) public debt, a very complicated and clumsy judiciary, a weak banking sector, and high youth unemployment. The situation is also complicated by the “dark sister” of the official economy – the shadow economy, which is very well developed in Italy for historical reasons.
• Tourism has been (and likely will continue to be) one of the most important branches of the French economy. The year before last, France was the undisputed leader in terms of the number of visitors worldwide.
• In the country of baguettes and berets, the economy is mixed, which means that, along with many private and semi-public enterprises, there is also state regulation in a variety of industries. The government is actively involved in some key sectors of the economy such as the defense industry and power generation.
• In 2020, India has moved from fifth place in the ranking of the best economies in the world to sixth. In 2021, the Indian treasury increased its GDP by $300 billion, which, you see, is an impressive figure.
• Interestingly, due to its large population, India has the lowest GDP per capita among the most developed economies in the world. The country's economy is a mixture of traditional agriculture and handicrafts with a rapidly developing modern industry and the rapid mechanization of the agricultural sector. India is now a major exporter of technology services and business outsourcing, plus a significant share of the economy is the service sector.
• The liberalization of the Indian economy in the early 90s stimulated economic growth, but strict business regulation, as well as widespread corruption, coupled with chronic poverty, greatly slow down the country's development.
5. United Kingdom
• The British economy has an excellent and developed service sector, especially in finance, insurance and business. True, England's trade relations with continental Europe were greatly complicated by Brexit, when the proud Britons turned their backs on the European Union and set sail on their own.
• And although the UK has not been a member of the EU for a long time, however, negotiations regarding trade relations between the island and the continent are still ongoing. How all this will end is unknown.
• Of all the countries in Europe, Germany had the most developed economy in 2021. This country is a leading exporter of automobiles, machinery, chemicals and other manufactured goods, and the German workforce is generally highly skilled.
• However, a demographic problem stands in the way of further economic growth – a low birth rate makes it difficult to replace aging workers, and high levels of immigration put a strain on the welfare system.
• In 2021, the country's GDP exceeded the $5 trillion mark. The secret of success is the close cooperation between government and industry, as well as the emphasis on the most advanced and innovative technologies.
• The economy of the Land of the Rising Sun is export-oriented, with many large Japanese enterprises united in the so-called "keiretsu" – groups, each of which is something like a monolithic economic cluster.
• As a rule, the core of "keiretsu" is a large corporation, around which small and medium-sized firms are grouped. The keiretsu system is a legacy of the traditional structure of the zaibatsu, the old industrial families. True, unlike the "zaibatsu", "keiretsu" is not so focused on the interests of an individual family, and all connections there are due to commercial interests.
• The dependence on energy imports complicates the development of the country. Japan is poor in natural resources, and after the tragedy at Fukushima in 2011, it decided to abandon nuclear energy. The second main problem is the rapid aging of the population.
• The largest Asian economy and the only exception among the countries affected by the pandemic. Chinese GDP not only remained at the same level, but even increased in volume (for comparison, in 2020, China's GDP was $14,8 trillion).
• Judging by the growth rates, which are ahead of even the US, in the coming years, China can become the world's largest economy.
• How was this achieved?
- The government of the country gradually weakened the planned control over the economy, abandoning the collective methods of agriculture and industry, allowing independent regulation of market prices, and also allowing enterprises to embark on almost independent navigation.
- As a result, China began to increase the volume of both foreign and domestic trade.
- And, combined with measures to encourage the manufacturing sector, these practices have turned China into the world's top exporter of products.
• True, the Chinese economic miracle also has a downside – these are big environmental problems. Also, the Chinese have not bypassed the traditional problems for other economies – a drop in the birth rate and an aging population.
• The GDP of most countries fluctuates depending on the phases of different economic cycles (while the dominant development remains the same). Nevertheless, it is interesting that despite all these rapid ups and short-term falls, the same countries have firmly established themselves at the top of the economic pyramid.
• For example, if we compare the top economies of countries in 2000 with their current state, only three countries appeared in the top 25 that were not on the list 20 years ago – these are Thailand, Indonesia and Nigeria.
• As for the United States, for many years this country has been leading the top 10 economies in the world in terms of GDP. America's most developed service sector includes finance, real estate, insurance, professional and business services, and healthcare.
• The economy in the country is relatively open, which contributes to an abundance of investment (both external and foreign). At the same time, the US also dominates geopolitics, which leads to the possibility, as a producer of the world's main reserve currency, to hold a huge public debt.
• In 2022, the US national debt rose to $30.1 trillion, which is 131% of the country's GDP.
• And although the country of the victorious democracy is still ahead of the next communist giant in terms of economic development, it is facing ever-increasing difficulties – growing economic inequality and the resulting social tension, problems with health care, social security and general deterioration of infrastructure.
Russia's place among the world's largest economies in 2023
• Our country is located right behind South Korea, taking 11th place in the list (as in 2021). The volume of Russian GDP in 2021 reached $1.6 trillion compared to $1.46 trillion in 2020.
• However, the decline was smaller than in most other states, largely due to various state support measures aimed at businesses and the population, as well as the limited use of nationwide lockdowns. In addition, Russia has a traditionally large public sector, which has been less affected by COVID-19 than the service sector and small businesses.
• This year, our country's GDP is predicted to grow by 2,8%, against the backdrop of a likely increase in oil production, the recovery of the global economy and the lifting of internal restrictions associated with the coronavirus pandemic.
List of GDP countries of the world 2021
• The table contains data on gross domestic product in trillions of US dollars, in terms of current prices.
|number||Country||GDP ($ trillion)||% of global GDP|
|34||United Arab Emirates||0.4||0.4|
• The ranking of countries in the world by GDP is based on forecast data from the International Monetary Fund and FocusEconomics.