The two constant names that pop up in our minds every time someone says ‘biggest economies’ are China and the United States of America. These two countries keep on changing positions but never go below the second place. In 2019, China was leading the board by holding the first position in the world’s largest economy list. As per the World Bank, China had an adjusted gross domestic product (GDP) of even higher than $22.5 Trillion.
The International Monetary Fund is monitoring China’s economy, and they have predicted that in 2020 a slower growth of its economy of about 1.2 percent due to the current pandemic situation of coronavirus. Whereas the United States resting in second place is projected to face a GDP decrease of $20.6 Trillion, which makes around 6 percent.
While the economies are fighting with pandemic crises, Asian countries that are ranked as top 8 largest economies are showing great growth. However, European countries, including the United Kingdom and Germany, are likely to face an economic crisis in 2020.
The International Monetary Fund has projected that by 2024, China and the United States will still rule the board from top but, Indonesia will move ahead of Germany. And a longer prediction of 2030 shows that India will probably become the world’s second-largest economy by leaving the United States behind it. China, however, will remain the largest economy of the planet till then as well.
Infographic by: Statista.com