The so-called trillion-dollar club, which includes economic giants the United States, Japan, Germany, and India, is the group of countries with a nominal gross domestic product (GDP) of $1 trillion or more.
Unsurprisingly, the undisputed leader of this bunch, the U.S., with a nominal GDP of $21.44 trillion, is the biggest economy in the world in 2020. Trailing closely behind is America’s arch-rival China. The Asian giant currently has a nominal GDP of $14.44 trillion in 2019, it makes up 16.38% of the global economy.
Trillion Dollar Economies: The sixteen largest economies in the world represent almost 78% of the global GDP of $86.31 billion, so it does matter these countries see eye to eye [on trade].
If we look even closer, the top 5 economies in terms of nominal gross domestic product (GDP) — the United States, China, Japan, Germany, and India — contribute a whopping 55 percent to the world’s GDP.
The IMF sees the United States GDP at 2 percent in 2020 and will decline further to 1.7 percent in 2021. The United States economy is set to grow to $25.8 trillion by 2024 with its GDP per capita at rising to $76,252 from the current $65,111.
Based on 2019 figures, the size of China’s nominal GDP was lesser than that of the U.S. by around $7.3 trillion, the gap is expected to reduce to around $4.5 trillion by 2024. China is projected to grow at 6% in 2020, and by 5.8% in 2021. The unstoppable Goliath is on the path to become a $20 trillion economy by 2024.
The trillion-dollar club
Trillion Dollar Economies And Their Growth In 2020
|Rank||Country||GDP (2019 Estimates in US$trillion)||Projected Growth (2020)|
|1||United States||$21.44 trillion||2%|
|6||United Kingdom||$2.74 trillion||1.4%|
|12||South Korea||$1.63 trillion||2.2%|
Japan contributes almost 6 percent of the global gross domestic product (GDP). Japan’s GDP touched $5 trillion in 2019 and is expected to grow at 0.7% in 2020. Japan’s economy is expected to expand to $6.26 billion by 2024 based on current growth estimates. Germany is projected to grow at 1.1% in 2020 and 1.4% in 2021, higher than 0.5% in 2019.
With a GDP of $2.94 trillion, India is the fifth-largest economy in the world and the third-largest economy in Asia. After a disappointing 2019, India’s economy is expected to expand by 5.8 percent in 2020 and 6.5 percent in 2021. India to become a $3.2 trillion economy in 2020 and reach $4.6 trillion by 2024.
By 2023-24, India and Germany would be very close to each other in terms of the size of the nominal gross domestic product (GDP), making it a close contest for the spot of the 4th-biggest world economy.