An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location. The gross domestic product, (GDP) is a measure of the size of the economy of a country. The most conventional economic analysis of a country relies heavily on economic indicators like the GDP and GDP per capita.
The economy of a country reflects its development and progress in different sectors. Also, it is important to attract foreign investors to invest in that country. It is also the key factor in the prosperity of a country. The rise in the economy of the country promotes its image in the international market, which improves trade, business, imports and exports in the international markets. The top 10 richest economies of the world are:
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List of the world’s top 10 richest Economies of 2018
India, is officially named as the Republic of India is a country in South Asia. India is the second largest country, according to the population and has also the most populous democracy in the world. India is an ancient country with the Indus Valley Civilization. India has different sources of income mainly agriculture, production of goods, import and export. India has a net GDP per capita of $5,778 and a nominal GDP is $2.04 trillion, which makes it 10th richest economy in the world. Also read – Richest Indian Actors of Bollywood
The Russian Federation is the official name of Russia is a sovereign state in northern Eurasia. Russia is the largest country in the world according to land inhibition. Russia faced an economical crisis in 1991 during the Soviet Union and was a worse time in its marketplace. Later on it raised its economy. The main sources of income are good production, especially machinery, import and export. Russia has a nominal GDP of $2.05 trillion, which ranks it 9th richest economy in the world.
Italy, is officially named as Italian Republic is a unitary parliamentary republic in Europe. Italy is the 4th populous country in Europe with a population of 61 million. The economy of Italy is good enough yet it faces a crisis in different terms like unemployment, poverty and other such issues. The nominal GDP of Italy is $2.13 trillion, which makes it 8th richest economy in the world.
Brazil, officially named as the Federative Republic of Brazil is a South American country. It is the 5th largest country in the world according to both population and area. Brazil is also sixth largest economy by purchasing power parity. The income source varies from agriculture to goods production. It has a nominal GDP of $2.24 trillion, which, makes Brazil the world 7th richest economy.
6. United Kingdom:
United Kingdom or Britain, is officially named as the United Kingdom of Great Britain and Northern Ireland is a sovereign state in Europe. The capital of UK is London, which is considered as the financial center of the world and has a great global importance. The primary source of income of the UK is agriculture while the secondary is manufacturing. A nominal GDP of Britain is $2.85 trillion, which makes it the 6th richest economy in the world.
France, officially named as French Republic is a sovereign state of western Europe. France has a remarkable economy due to which living standard of France is high and the poverty rate is low which makes it a prosperous country. France has a high import and export all across the world. It has a nominal GDP of $2.9 trillion, which makes it 5th richest economy in the world.
Germany, officially named as the Federal Republic of Germany is a West-Central European country and has 16 constituent states. Germany is famous for its production of different materials like machinery, chemicals, vehicles etc for these productions Germany has a high export of products. It has a nominal GDP of $3.82 trillion, which stands it 4th richest economy in the world.
Japan is an island country located in East Asia. It shares its border with China, Korea, Taiwan and Russia. Japan is the world`s 10th largest country with a population of 126 million. The source of income are industrializing, goods production, import an export. It faced different incidents like atomic bombing, earthquakes which led to the economic crisis, but due to hard working people it retains its position. It has a nominal GDP of $4.77 trillion, which makes it 3rd richest economy in the world. Japan is also a Richest Asian Country.
China, officially the People Republic of China is a sovereign state of East Asia. China is the world`s most populous country with 1.38 billion people. China is famous all across the world for its product manufacturing. Thus China has high export as compared to other Asian countries. The sources of income are manufacturing, agriculture, import and export. It has a nominal GDP of $10.35 trillion, which makes it 2nd richest economy in the world.
1. United States:
United States or America, officially named as the United States of America is a federal republic comprised of 50 states. USA is famous for its technology products while it is considered as one of the best economical center in the world. USA has a high standard of living with sophisticated infrastructure. A nominal GDP of $17.41 trillion makes it the richest economy in the world.
These countries raised their economy and improving to the best and get a place in top 10 richest economy in the world in 2018. While these countries are also providing their best services to the world to make trade and business more efficient.