The United States of America
The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology.
The report stated that Asia's emerging economies will remain the fastest-growing ones and India, along with Vietnam and Philippines will lead in growth outlook through 2026. India, Vietnam, and the Philippines continue to lead, with average growth of 6.7%, 6.6%, and 6.1%, respectively, in 2023-2026, it said.
The United States is a highly developed/advanced mixed economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022.
The United States remains the largest economy in the world, though China threatens that status in the future, given its larger population and faster economic growth relative to other countries in recent decades.
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050.
China is Asia's largest economy and is projected by PwC to be the largest economy in the world by 2050.
China will be the world's largest economy in 2030, overtaking the US, while India – currently the seventh biggest – will be third, pushing Germany and Japan down a position.
Although governments do hold power over countries' economies, it is the big banks and large corporations that control and essentially fund these governments. This means that the global economy is dominated by large financial institutions.
Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
The finding of 2.4% annualized growth over the three months ending in June demonstrates that economic growth accelerated over the three months ending in June, dispelling concern among some about a fast-approaching recession.
In Syria, the population grew by about 6.39 percent compared to the previous year, making it the country with the highest population growth rate in 2023. Today, the global population amounts to around 7 billion people, i.e. the total number of living humans on Earth.
Rajah last year projected that while China would become the world's biggest economy by 2030, “its size advantage over America would be slim and it would remain far less prosperous and productive per person than the United States and other rich countries, even by mid-century.” The Japan Center for Economic Research, ...
India is expected to overtake Germany in terms of GDP in 2025 and Japan in 2027 to become the third largest economy after the U.S. and China. Modi has pledged to make India a developed country by 2047, when it celebrates the 100th anniversary of its independence.
They argue that, at the end of this century, India will have the world's largest economy, followed by China and Nigeria. Asia and Africa will dominate regional markets. The leading players of the late 20th century - North America, Europe, and Japan – will have quite minor roles by the end of the 21st century.
India is projected to overtake the US to become the world's second-largest economy by 2075, according to Goldman Sachs Research. India's GDP is expected to grow from $2.8tn in 2020 to $52.5tn in 2075, surpassing Japan and Germany on the way.
This is the result of many factors: wealth, a culture and economy that encourage innovation, education, vast state- and private-funded research programs, and a political culture that has long attracted highly educated migrants.
America's Economic Hubs
As the graphic above makes obvious, NYC's GDP towers over the rest. The Big Apple is the nerve center for a number of high-impact industries, including finance and media. Moving down the ranking, LA has a $1.1 trillion economy, followed by Chicago, with a GDP of just over $760 billion.
The integration of far-flung settlements required new technologies — steam engines, canals and railroads — setting the country on a natural course to industrial development. In sum, slavery and conquest created the foundation upon which the U.S. economy grew.