Top 10 Biggest Economies in The World
GDP or Gross Domestic Product is the total value of goods and services produced by a country in a year. GDP per capita takes this domestic product and divide it by the population in the country. GDP is extremely important when comparing the economies of different countries. A number of organizations makes these kind of comparisons. International Monetary Fund and the World Bank. It is a matter of surprise that all of the countries in this list has a considerable number of its population who are living under the poverty line! From my point of view, a country could not call itself rich when there is even 1% of its people who cannot get food. Therefore, countries like Australia, Finland, and Norway that has 0% of the population below the poverty line are the real rich ones.
Poverty in India is prevalent as 30% of its population is under the poverty line. There were many initiations from the Indian government to end starvation like offering subsidized goods as well as birth control. What is frustrating is that India is in our top ten list of countries with good economies. Its purchasing power is about 2 trillion dollars, while the GDP per capita is as low as 4000 dollars.
More than 11% of Russia’s population is under poverty line knowing that 45% of its populations ages between 24 and 54 years. The country’s unemployment rate is about 5.8% of the country’s population. The country’s GDP per capita is about & 18, 100, and its purchasing power is 2.1 trillion dollars.
About 30% of the Italian population is under poverty line. While 43% of the country’s population is above 24 years of age, 35% of the Italian youth are unemployed. The Italian economy, nevertheless, is about 2.2 trillion dollar, and the GDP per capita is 26,600 dollars.
The Brazilian purchasing power is of 2.2 trillion dollars. Though they are able to be number 7 in this list, the Brazilian economy has declined since the 1960s. According to the CIA’s official records, Brazil is not using the number of its population optimally. The GDP per capita is about $12,100 for a population that is above 202 million.
6 United Kingdom
With more than 63 million people, the United Kingdom has a purchasing power of 2.8 trillion dollar, and a GDP per capita of 37.300 dollar. Still, 16% of its population live under the poverty line. It is a bit strange that UK has even poverty since it is a strong country with a long history.
With a poverty rate of about 7%, France’s purchasing power is worth 2.9 trillion dollar. While 12% of the country’s population is above 55 years old, and 38% is above 24 years old, its GDP per capita is about 35.700 dollar.
With a purchasing power of 3.9 trillion dollar and a GDP of about 39, 500 dollar per capita, Germany is the fourth in our list. Nonetheless, the poverty rate is about 15.5%, which is higher than other countries that follows it in the list. This could be explained if we know that the unemployment rate in such a big country is about 23% of the total population.
With a huge population of about 127 million, it is amazing that Japan is ranked third. Its purchasing power is about 4.8 trillion dollar, and the GDP per capita is 37, 100 million dollar. 38% of the population is above 24 years old, and 24% is above 65 years old.
The Chinese purchasing power is about 10 trillion dollar and the GDP per capita is mere 9,800 dollar.
1 United States
With 17.5 trillion dollars in purchasing power, United States GDP per capita is about 52, 800 dollar. It has poverty rate of 15%, nearly like many developing countries!