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TOP 10 ECONOMIES OF THE WORLD
1. UNITED STATES
Ø Largest economy in world in terms of nominal GDP. Ø Economic superpower, highly advanced in technology & infrastructure & has abundant natural resources.
Ø Services sector, Manufacturing & Agriculture contributes 80%, 15% & 2% of output respectively. Ø 2nd largest manufacturer in world & a leader in automobiles, aerospace, machinery, telecommunications & chemicals.
Ø Housing market & several banks collapsed in 2008, resulting in the deepest & longest downturn in U.S. economy. Ø Expansionary monetary policies supported the economy.
Ø Currently emerging from a period of considerable turmoil
Ø Initiated Market Reforms in 1978.
Ø Transformed from centrally planned closed economy to manufacturing & exporting hub.
Ø Achieved average 10% growth annually for over a decade (2002-13).
Ø Lifted almost half of its 1.3 billion population out of poverty.
Ø Second largest economy .
Ø Equal contribution from Manufacturing & Services (45% each) with a 10% contribution by Agriculture sector.
Ø Slowed recently to a growth between 6-7%.
Ø Exports projected to grow only by 1.9% in 2016.
Ø World’s 3rd largest economy (Nominal GDP).
Ø Average growth rates of 10% in 1960s, 5% in 1970s, & 4% in 1980s.
Ø Tokyo Stock Exchange crashed in 1990-92.
Ø 1.5% growth throughout 1990s.
Ø Labour force shrunk 0.17% a year since 2000.
Ø Built up Manufacturing & Processing industries to convert raw materials imported from abroad. Ø Labour force shrunk 0.17% a year since 2000.
Ø Weakness include human capital, low rate of female participation in labour force.
Ø Strength includes excellent infrastructure, healthy workforce, strong innovation ecosystem, adoption of new technologies & high quality research institutions.
Ø Europe’s largest & strongest economy.
Ø Exporter of machinery, vehicles, household equipment & chemicals.
Ø Strengths include highly sophisticated businesses, skilled labour force, rapid uptake of new
Ø Economy facing challenges ranging from Brexit, Greek debt crisis to the refugee crisis.
Ø Funded lion’s share of large rescue packages for fellow Eurozone members.
Ø Growth has slowed, but unemployment rate is one of Europe’s lowest.
5. UNITED KINGDOM
Ø Services sector contributes more than 75% of GDP.
Ø Manufacturing second imp. contributor & Agriculture contributing a minimal1%.
Ø 60% of U.K’s food needs is produced domestically.
Ø Strengths include solid institutions & best universities.
Ø Weakness include high government deficits.
Ø Economic Prospects are highly uncertain after the Brexit event.
Ø Pound depreciated from 1.6 to 1.24 against USD
Ø 6th Largest economy.
Ø GDP (PPP) per capita of $ 42, 384.
Ø Low poverty & high standard of living.
Ø Primary exports are machinery & transportation equipment, aerospace equipment & plastics.
Ø Primary imports are machinery, automobiles &
Ø Germany is closest trading partner.
Ø Chemical industry is a key sector.
Ø 70% of GDP stemming from Services sector.
Ø One of Global Leaders in automotive, aerospace, railway sector, cosmetics & luxury goods.
Ø Stagnant growth between 2012 & 2014.
Ø High unemployment rate.
Ø Growth picked up in 2015 with a growth of 1.2% & a forecasted growth of 1.5% for 2016 & 1.7% for 2017. 7.
Ø Economic liberalisation since 1991 moved country towards market-based economy.
Ø Highly dependent on Agriculture.
Ø Services sector picked up in recent years.
Ø By 2008, India becomes one of the world’s fastest growing economies.
Ø Bright spot in global landscape.
Ø Developing economy with 7% plus growth.
Ø Major initiatives like Make in India, Digital India, Demonetisation of old currency, GST Implementation, FDI reforms cites the growth & robustness of economy.
Ø Prominent economy of the Eurozone.
Ø Services & Manufacturing sectors are major pillars.
Ø Agriculture contribution is comparatively low & employs around 4% of total workforce.
Ø Suffers from a huge public debt estimated to be about 133% of GDP, banking system is close to a Ø High unemployment.
Ø Suffers from political instability, economic stagnation & lack of structural reforms.
Ø Saw a positive economic growth in 2015.
Ø Largest economy of Latin America & 2nd largest in the Americas.
Ø Services, manufacturing & agricultural sectors contribute around 68%, 26% & 6% respectively . Ø One of the fastest growing major economies from 2000 to 2012.
Ø Growth decelerated in 2013.
Ø Negative growth rate of 3.2% during recession in 2015.
Ø Government is making progress on fiscal reforms.
Ø GDP contracted by 3.8% in 2015, & is expected to fall at least 3% more in 2016.
Ø Realignment of regulated prices combined with pass-through exchange rate depreciation have caused an inflation peak in 2015. 10.
Ø Highly service oriented economy.
Ø High growth in manufacturing as well as in the oil & petroleum sector.
Ø One of the world’s wealthiest nations.
Ø Member of OECD & G7.
Ø Logging & Oil industries are 2 important areas.
Ø Sizable Manufacturing sector, with automobile & aircraft industries being important.
Ø 8th largest commercial fishing & seafood industry in the world.
Ø Closely tied to US economy.
Ø Leading exports include oil, minerals, automobiles, manufactured goods, & forest products.