The global economy is always changing and evolving, with new actors emerging and existing companies expanding their reach. An economy’s strength determines its ability to generate riches, provide a good quality of living for its population, and contribute to the global marketplace.
According to GDP estimates, the United States of America, China, Japan, Germany, and India will have the world’s largest economies in 2023. GDP is a significant indicator for analyzing the size of a country’s economy. The traditional technique for calculating a country’s GDP is the expenditure method, which entails aggregating expenditure on new consumer items, new investments, government outlays, and the net worth of exports.
Now, let’s take a look at the top 10 largest economies/ richest countries in the world in 2023, sourced from IMF data:
| Rank & Country | GDP (USD billion) | GDP Per Capita (USD thousand) |
|---|---|---|
| #1 United States Of America (U.S.A) | 26,854 | 80.03 |
| #2 China | 19,374 | 13.72 |
| #3 Japan | 4,410 | 35.39 |
| #4 Germany | 4,309 | 51.38 |
| #5 India | 3,740 | 2.6 |
| #6 United Kingdom (U.K.) | 3,160 | 46.31 |
| #7 France | 2,924 | 44.41 |
| #8 Italy | 2,170 | 36.81 |
| #9 Canada | 2,090 | 52.72 |
| #10 Brazil | 2,080 | 9.67 |