The US has retained its pole position as the largest economy with a GDP of $13.8 trillion in spite of the ill-fated slump. Following are names of the largest countries in terms of their GDP.
1. The United States
The United Stated with a GDP of $13.8 trillion is the world’s No.1. A growth of 1 percent was registered by the US economy in the first quarter. However, the U.S has also been badly affected by recession. By June 2008, the economy fell into a recession. About 2.6 million Americans lost their jobs in 2008, the worst since the end of World War II.
With a GDP of $4.37 trillion, Japan is the second largest economy in the world. However it moved further into recession in the fourth quarter as it suffered a great fall in exports. Japan’s GDP has fallen at an annual rate of 0.4 per cent from July to September 2008, marking the second consecutive quarter of negative growth. According to Bank of Japan, the economy will suffer a setback of 1.8 per cent this financial year.
China has moved ahead of Germany to become the world’s third largest economy after the United States and Japan. It witnessed a growth rate in GDP to the extent of 13 per cent in 2007. China revised the growth rate of its gross domestic product (GDP) for 2007 to 13 per cent from 11.9 per cent. As per the final verification the GDP totaled $3.76 trillion. However China has also been impacted by recession to a great extent.
After holding the third position for several years, recently Germany has been pushed to the 4th position. Its GDP stands at $3.29 trillion. German economy’s GDP fell owing to falling exports by half a percent in July, August and September, which was the second straight quarter of decline. The European economy also witnessed its first recession in 15 years. Europe is facing the worst financial crisis since the great depression. The GDP in the 15 euro nations sank by 0.2 per cent during August, September and October 2008.
5. United Kingdom
United Kingdom, the fifth largest economy fell by 0.5 per cent July and September. Its GDP stood at $2.72 trillion. The economy shrank in the third quarter for the first time since 1992.
France holds the sixth position among largest world economies with a GDP of $2.56 trillion. The economy of France shrank by 0.3 percent in the second quarter of the year. However, the gross domestic product grew by 0.1 per cent in the third quarter of 2008. A 0.5%percent fall of the French economy has been forecast by the International Monetary Fund in 2009.
Italy is the 7th largest economy in the world with a GDP of $2 trillion. The Italian economy shrank in the third quarter of 2008 for the second consecutive quarter. Its GDP fell by 0.5 per cent before a quarter, after a revised drop of 0.4 per cent in the second quarter.
With a GDP of $1.42 trillion, Spain is the eighth largest economy. It got trapped under a recession for the first time in 15 years. The economy of Spain fell for the first time since 1993. While the gross domestic product of Spain fell 0.2% in the third quarter from the second quarter, it rose 0.9% from the third quarter a year earlier.
Canada is the 9th largest economy in the world with a GDP of $1.32 trillion. In the next 2 quarters Canada is expected to register negative growth. The unemployment rate of Canada is set to hit a high of 7.4 per cent in 2009.
With a GDP of $1.31 trillion, Brazil is the 10th largest economy in the world. Brazil is also badly hit by recession. Its industrial output fell by 6.2 per cent in November. Brazil’s unemployment rate dropped to its lowest point in seven years.