Strongest Economies in the world
Hello Guys,
I just stumbled on a massive data source, the world bank makes a lot of important data available here, I just came across this and you can be sure I am going to dig into that data and see what insights I can share so you can keep supporting me :)
In this post, I am going to look at the GDP(Gross Domestic Product)data. According to investopedia,the GDP is basically the sum total of goods and services manufactured in a counrty during a specific period. It is therefore a very strong indicator of the strength of an economy. As always I am just going to be focusing on the data, hopefully an economic expert finds this post and educates all of us better on economic strengths of countries :)
Top 10 Economies 2016
| Rank | Country | GDP |
|---|---|---|
| 1 | United States | $18,569,100,000,000.00 |
| 2 | China | $11,199,145,157,649.20 |
| 3 | Japan | $4,939,383,909,875.27 |
| 4 | Germany | $3,466,756,880,460.62 |
| 5 | United Kingdom | $2,618,885,692,029.18 |
| 6 | France | $2,465,453,975,282.24 |
| 7 | India | $2,263,522,518,124.03 |
| 8 | Italy | $1,849,970,464,191.78 |
| 9 | Brazil | $1,796,186,586,414.45 |
| 10 | Canada | $1,529,760,492,201.35 |
So there you have it,the countries above have the highest GDP's and by extension the strongest economies in the world. It is important to note here that GDP is different from GDP per capita, the latter is basically GDP divided by a country's population,therefore it gives an indication of the standard of living of residents of that country.I would probably look at the GDP per capita Data later. What is data without visualization :) See visualization of GDP of the top 10 economies in the world below:
From the visualization above it is clear that USA and China are currently setting the pace
Where were these top economies 20 years ago?
I bet you thought I was done after reading the last paragraph afterall I already did justice to the topic :), well I am still here, lets see where the top 10 countries were 10 years ago. The table below shows the countries with the highest GDP 20 years ago:
| Rank | Country | GDP |
|---|---|---|
| 1 | United States | $8,100,201,000,000.00 |
| 2 | Japan | $4,833,712,542,207.10 |
| 3 | Germany | $2,503,665,193,657.40 |
| 4 | France | $1,614,245,416,078.98 |
| 5 | United Kingdom | $1,392,979,719,188.77 |
| 6 | Italy | $1,308,929,305,684.53 |
| 7 | China | $863,746,361,646.34 |
| 8 | Brazil | $850,425,828,275.79 |
| 9 | Spain | $640,998,292,394.59 |
| 10 | Canada | $628,546,387,972.13 |
You can see from the table above, USA still had the largest GDP 20 years ago but where was China? 8th??, Hold on India wasnt even in the top 10 20 years ago. I think this shows just how much both of these countries have improved over 20 years.
| Country | GDP 1996 | GDP 2016 | % Increase |
|---|---|---|---|
| China | $863,746,361,646.34 | $11,199,145,157,649.20 | 1297% |
| India | $387,656,017,798.60 | $2,263,522,518,124.03 | 584% |
As you can see from the table both China and India have had massive GDP growth over the past 20 years.
Thanks for reading my post.Let me know your view on this post in the comments, I read and appreciate every comment.Each post I make takes considerable time and effort,please support me by upvoting and resteeming if you enjoyed it.Keep an eye on my blog for my next post. You can also follow me @datageek
I am from India and surprised after seeing my country in 7 the position. I don't know about past position but India is growing. I am surprised about the Japan a small country with great GDP other countries should take Japan as inspiration.
The reason Japan is so far up on the list although they hardly have any mineral resources is their attitude towards work. Every worker always tries to improve the country. Students in Japan have a horrible life. While we enjoy our summer they have to study during their holidays because in the next grade they dont start where they stopped. The students are told what they have to know after the holidays. With them not having that much free time leads and constantly learning leads to being very disciplined.
Yeah I tried to point out in the post how much India has grown over the past 20 years. India was not in the top 10 20 years ago
Japan is no inspiration they are in full debt.
All this GDP is just deptpaper.
too short sighted. You have to compare it to gross public debt and average gdp and purchase power.
Awesome!Glad to have the first comment on the post from an expert. Would look into factoring this into the data analysis but in your opinion, do you think adding this data would have a significant sway on the rankings?I mean would it be enough to displace any country from the ranking I applied in the post
GDP in total sounds like everyone got richer, but this is NOT the case. New created value in Western countries stays with the Top 5%.
On paper germany is a rich country but we have a lot of baggers plus alot of intellectual poverty. Not forgetting the public debt of about 85% of GDP. Everyone can be rich, if he can borrow an invinit amount of money, like some states do.
I understand you but I try to focus as much as possible on the data "on paper" hehe, I would factor in the other metrics you have mentioned like public debt and gdp per capita , would see what changes.
weldone done with your job. I always learn from your post thanx
Do you use what you learn for gossips?
lol
Nice article
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Don't understand
Change is the only constant things. And to be consistent is another factor to be examine. China and India has proven to be A nation that possess same.
Well done bro. Upvoted