2021 is about to end. This year, the global GDP ushered in a rapid recovery and recovery, and positive GDP growth has become a trend. As of now, the GDP of the major economies in in the first three quarters has been released. The top ten global GDP this year have been ranked in order. Which countries are they and how is the specific GDP performance?
Among the top ten economies in the world, there are three obvious trends: the GDP gap between China and the United States narrows again, the United Kingdom surpasses India and settles firmly in fifth place, South Korea surpasses Russia and enters the top ten, and the GDP rankings of other economies are not much different from the past.
First of all, let’s look at the narrowing of the gap between China and the United States. In 2020, my country’s GDP reached 70% of the United States for the first time. Japan was the only one who could reach this level before. Now my country has done so, and this gap is still narrowing. In the first three quarters of this year, my country’s GDP once again reached 75% of the United States, and will hit a new high for the whole year.
According to statistics, the total GDP of the United States in the first three quarters of this year approached US$17 trillion, which actually reached US$16.9 trillion, firmly sitting in the position of the world's largest economy, with positive GDP growth, with a growth rate of more than 5%; during the same period, my country's total GDP was US$12.72 trillion, still the world's second largest economy, reaching 75.2% of US GDP, an increase of 5.2 percentage points.
So, it can be seen that the GDP gap between the two countries is continuing to narrow, and in addition, my country's GDP growth rate is much higher than that of the United States, so it is only a matter of time to catch up with the United States. Originally, it was expected that in 2030, but now the impact of the epidemic is likely to be ahead of schedule. Moreover, in the long run, the RMB is a trend of appreciation. From the perspective of exchange rate , the pace of GDP surpassing the United States will be faster.
followed by Japan and Germany, the third and fourth largest economies in the world respectively. Since Japan was overtaken by my country, it has always been ranked third in the world. Germany has not surpassed Japan for so many years. You should know that Germany is the largest economy in Europe. It can be seen that if Japan's GDP is placed in Europe, it will also be the number one existence.
In the first three quarters of this year, Japan's GDP was US$3.68 trillion and Germany's US$3.14 trillion. The gap narrowed significantly, but the growth rate was similar, with Germany being 3%, and Japan being only 2.4%. Japan's economic growth rate is the lowest among major economies. Like Japan, Germany, as the leader of the European economy, its growth rate is also very weak now.
Then, look at the UK, India and France. India had already surpassed the UK to rank fifth in the world, but the arrival of the epidemic has made India retreat again. In the first three quarters of this year, the UK's GDP was US$2.38 trillion, ranking fifth in the world, India was US$2.2 trillion, ranking sixth, and France was US$2.19 trillion, ranking seventh in the world.
However, in terms of economic growth, India has the highest growth rate, leading the UK and France, with GDP growth exceeding 9%, while Britain and France both exceed 7%. According to the annual growth rate forecast, India is expected to return to the fifth place in the world this year.
followed by Italy and Canada, ranking eighth and ninth in the world respectively, with almost no change in the ranking. Italy has always followed France and is also the fourth largest economy in Europe. In the first three quarters of this year, GDP was US$1.54 trillion, and GDP growth rate was synchronized with Britain and France, and it also exceeded 7%. Canada was US$1.46 trillion, with a growth rate of 4.4%.
Finally, let’s take a look at the performance of South Korea and Russia. In the first three quarters of this year, South Korea’s GDP reached US$1.34 trillion, ranking tenth in the world, successfully entering the ranks of the top ten economies in the world, with a GDP growth rate of 4%. Although South Korea’s population is only more than 50 million, its GDP volume is not small, and even Russia cannot surpass it in the short term.
In the first three quarters, Russia's GDP was US$1.23 trillion, ranking 11th in the world, falling out of the top ten in the world, with GDP growth rate of 4.6%, slightly higher than South Korea, but its economic size was inferior to South Korea, which does not seem to match its international status and influence. Therefore, some experts believe that Russian ruble is undervalued and GDP should be calculated based on purchasing power parity.
To sum up, the top ten global GDP in the first three quarters of 2021 are: the United States, China, Japan, Germany, the United Kingdom, India, France, Italy, Canada and South Korea.The GDP growth rate of China and India exceeds 9%, and China is even close to 10%, leading the way. The data for the last quarter will not have results next year, but the overall ranking is basically stable and there will be no big changes.
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