info@ceoworld.biz
Friday, September 18, 2020

Stats Gate

Trillion Dollar Economies In 2020: What’s Next?

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.

What’s Next?

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

RankCountryGDP (2019 Estimates in US$trillion)Projected Growth (2020)
1United States$21.44 trillion2%
2China$14.44 trillion6.0%
3Japan$5.15 trillion0.7%
4Germany$3.86 trillion1.1%
5India$2.94 trillion5.8%
6United Kingdom$2.74 trillion1.4%
7France$2.71 trillion1.3%
8Italy$1.99 trillion0.5%
9Brazil$1.85 trillion2.2%
10Canada$1.73 trillion1.8%
11Russia$1.649 trillion1.9%
12South Korea$1.63 trillion2.2%
13Spain$1.40 trillion1.6%
14Australia$1.38 trillion2.3%
15Mexico$1.27 trillion1.0%
16Indonesia$1.11 trillion5.1%

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.

Anna Papadopoulos

Anna Papadopoulos

Deputy Managing Editor
Anna Papadopoulos is a Deputy Managing Editor at CEOWORLD magazine, covering success, business, lifestyle, entrepreneurship, careers and more. Shea is responsible for driving thought leadership, using data analytics to showcase CEOWORLD magazine’s editorial imagination, and fostering knowledge sharing between magazine and readers. She can be reached on email anna-papadopoulos@ceoworld.biz. You can follow her on Twitter at @ceoworld.