Verdict’s World Economy Ranking
Various economic indicators are used to measure the health of a country’s economy. For example, China is the world’s largest economy, while the US has the world’s strongest currency. Japan is the third-largest economy, while India has the fastest growing economy. Using data from the International Monetary Fund, Verdict develops its World Economy Ranking.
China has the world’s largest agricultural economy
China’s agricultural economy is of global importance, not only because of its sheer size but also because of its impact on the rest of the world. Its rapid economic growth, in particular, is believed to be challenging the Earth’s environment. Furthermore, its agricultural production and consumption patterns are affecting global patterns of resource use and production.
Since the reform, China’s agricultural GDP has been concentrated in the central and eastern regions, particularly in Sichuan and Henan. These provinces continue to be highly productive nuclei in the farming economy. In 1978, Jilin and Shandong ranked seventh and eighth, respectively. However, by 2018, the two provinces combined contributed 8.14% of the agricultural GDP. In addition, Sichuan’s agricultural production has replaced Jilin’s place as the country’s leading agricultural economy.
Although China is still the world’s largest agricultural economy, it has been experiencing a slowdown in recent years. Since 2012, China’s bulk imports of soybeans and cotton have slowed down. In 2013, the number of imported cotton to China declined from $11.9 billion to almost zero. This decline is partially attributable to the fact that China has a huge domestic cotton supply and has been stockpiling domestic cotton to meet rising demands for textiles. Moreover, China’s policy of supporting agricultural producers has resulted in stockpiling of grains and other products. In 2014, China’s corn stocks exceeded 60 percent of the world total.
The US dollar is the world’s strongest currency
The US dollar is the world’s strongest and most widely accepted currency. Its government and economy have always been strong and stable, and it makes up the majority of world currency reserves. Although countries like China and India feel that a new, single world currency is necessary for the world economy, the dollar will remain the world’s strongest currency for the foreseeable future.
The dollar has been the world’s reserve currency since World War II, and it is the most commonly used currency in international trade. The dollar’s central role in the global economy provides the United States with a number of benefits, including being able to borrow money from foreign nations easier.
Another major driver of the dollar’s strength is the massive terms-of-trade shock caused by Russia’s invasion of Ukraine. The European Union is heavily dependent on Russian energy, and the recent increase in gas prices has sent the euro zone’s terms of trade to a record low.
Japan has the third-largest economy
Japan’s economy is the third-largest in the world, after the United States and China. It has experienced remarkable growth after the Great East Japan Earthquake in 2011. Today, the country is one of the world’s leading producers of steel, motor vehicles, and electronic equipment. Its service sector accounts for the highest percentage of GDP and employment.
The Japanese government has taken steps to diversify its economy. While its natural resources are insufficient to support its huge population, it exports engineering and research-oriented industrial products, as well as raw materials and petroleum. It is also a large importer of agricultural products. The Japanese government has invested heavily in infrastructure, including road construction. It has a labor union confederation known as SOHYO, which represents 12 million workers.
While the Japanese economy is highly dependent on exports, it has also experienced periods of recession in recent years. The global economic slowdown and the Covid-19 pandemic also affected the country’s growth. However, the country is expected to bounce back in 2021, with 2.6% growth thanks to strong exports and investment.
India has the fastest growing economy
In the last year, India’s economy grew at an 8.7 percent rate, to $3.3 trillion. This impressive growth is being attributed in part to a number of government policies, including subsidized food and fuel. The government even offers free grains to two-thirds of the population.
India’s economy is one of the fastest growing major economies in the world. In purchasing power parity terms, India is the third largest economy in the world. According to the latest World Economic Outlook published by the International Monetary Fund, India will become the fastest growing large economy in the next several years. This impressive growth has benefitted the Indian population and has helped India’s economy progress towards liberalisation. Its GDP growth has increased from less than 3 percent in the 1970s to over seven percent in recent years.
But this growth is based on a range of external factors. Exports are strong, but the services sector is also a crucial source of growth. In particular, India is very competitive in back-office processing tasks and ICT services. The Indian workforce is relatively inexpensive, and many workers speak English. However, while India has the largest number of SMEs in the world, the productivity of these firms has been modest. As a result, only a small percentage of the population is directly benefiting. For India’s development to be sustainable, it needs to attract more large-scale employment.
Brazil is the ninth-largest economy in the world
Portugal first settled in Brazil in the 15th century and the country has a long history of trade. In the early 19th century, Brazil was a leading exporter of primary goods such as sugar, coffee, and gold. Today, this country has a diversified economy based primarily on manufactured goods.
In the early 21st century, Brazil’s economy was plagued by serious problems, which were exacerbated by political instability. Inflation and unemployment were persistent threats. In addition, political scandals periodically broke out. The government has made significant efforts to address the problems in its economy. It has implemented several policies to create a more stable economic environment.
Brazil is the ninth-largest economy by nominal GDP, and is the largest economy in Latin America. It was one of the world’s fastest-growing economies until the financial crisis of 2012. Since then, the country’s economy has been plagued by a number of problems. Nevertheless, it has been making a gradual recovery.
Brazil has an incredibly diverse landscape. Its coastline borders the Atlantic Ocean for nearly 4,600 miles, and the Amazon River is the second-longest river in the world. The Amazon rainforest is home to some of the world’s most unique species. The country is also an active member of international and regional organizations.
California is poised to overtake Germany as the world’s 4th largest economy
The state of California, home to more than 40 million people, is poised to overtake Germany as the fourth largest economy in the world. It trails the U.S., Japan, and China in terms of GDP, but the bump may be due to Germany’s faltering economy and a weak euro. California has a higher GDP per capita than Germany and more publicly traded companies than Germany.
Although California has a significant advantage over Germany in terms of GDP, its economic growth isn’t helping everyday Californians. The state is facing a similar energy crisis as Germany, which has made it reliant on Russian natural gas. The state’s energy grid cannot support its increasing energy demands, and its GDP is forecast to decline in the years ahead.
While the state continues to outperform the nation in terms of GDP, unemployment, and renewable energy, it isn’t helping its millions of citizens. California has the highest poverty rate in the US, with 15.4% of residents living below the poverty line. Meanwhile, California is experiencing an unprecedented surge in the number of homeless people, increasing their number from 22,500 to 173,800 in just three years.
Canada has the fourth-highest estimated value of natural resources
Natural resource industries are critical to the Canadian economy. They account for 6.2% of Canada’s GDP and are vital for many regions. For instance, many northern communities are based around nearby timber resources or mines. Canada also leads the world in producing natural resources, including crude petroleum, which is the world’s second largest oil reserve. Many major Canadian companies are based in these industries.
Canada is also a major exporter of goods. Most of its exports are to the United States. It is also one of the largest foreign suppliers of energy. The United States is Canada’s largest trading partner. Several secondary industries have developed as a result of these industries.
Oil and gas are two of Canada’s top exports. In 2016, hydroelectricity accounted for 59% of the country’s total electric production. The country ranks second in the world in hydroelectricity production. Large hydroelectric projects have increased Canada’s generation capacity over the past 50 years. Other major natural resources include timber and arable land.