Top 10 countries with highest GDP rate in 2020 - World Updatez with MK

Top 10 countries with highest GDP rate in 2020

Increase in GDP shows good economic strength of a country while decrease in GDP shows bad economic strength of the country.
What is GDP ?
GDP stands for Gross Domestic Production. Simply, It is the production of total goods and services of a country in one year. It is a statistical analysis for measuring economic development and growth of a country. 
Ultimately increasing GDP increases wages for consumers of that country.

Types of GDP -
1. Real GDP
2. Nominal GDP

Real GDP - real GDP is simply the constant price or the adjusted measure value for all the goods and services produced by a country within one year.

Nominal GDP- nominal GDP is simply the current price or the assessment of current price value of the economic production of a country in one year.

List of top 10 countries with highest GDP  rate in 2020.
It is the annual list released which shows statistical analysis of top countries with highest GDP rate.

10. Canada -
Canada is world's tenth highest GDP country by Nominal and 16th largest GDP by PPA . 
The nominal GDP was 1.73 trillion USD in 2019 which is increased to 1.81 trillion USD in 2020.

 Why canada is wealthy ?
Due to the abundance of energy resources such as oil, petroleum and natural gases, Canada has quickly become a world leader in energy resources. It is also a leading country in agriculture , technology and manufacturing.

9. Brazil -

Brazil is the ninth highest GDP country by Nominal and eighth highest GDP by PPP.

TheNominal GDP in 2019 was 1.84 trillion US dollars which is increased to 1.89 trillion USD in 2020.

Why Brasil fastest growing economy?         Due to Sharpen increase in import and export of goods and expension in domestic demand. It has three main sources of income agriculture, industries and services.

8. Italy -

Italy is the eighth highest GDP country by nominal and 12th largest GDP by PPP .
The nominal GDP in 2019 was 1.98 trillion USD which is increased to 2.01 trillion USD in 2020.

Reason for Italy's economy.
The main reason behind  Italian economy is the manufacture of high-quality consumer goods produced by small and medium enterprises.

7. United kingdom -

It is the seventh highest GDP country by norminal and ninth largest on PPP.
The GDP in 2019 was 2.74 trillion USD which is decreased to 2.71 trillion USD in 2020.

Source of economy for UK - 
The reason of UK behind good economy is the main focus over services rather then manufacturing. They pay and invest mostly in services then any other source.
Manufacturing and agriculture are also good sources.

6. France -
It is the sixth largest GDP country by Nominal and tenth largest by PPP.
The GDP in 2019 was 2.70 trillions USD which is increased to 2.77 trillions USD in 2020, ahead of UK in list of top GDP countries in 2020.

Reason of France good economy.
France makes most of it's money by exporting airplanes, cars & medicines. 
Other sources of income are chemical , metallurgy industries.

5. India -
It is the fifth highest GDP country by Nominal and third largest country by PPP.
The GDP in 2019 was 2.93 trillions USD which is increased to 3.20 trillions USD in 2020, ahead of france . India's economy is much affected in 2020 but overall Economy is increased.

Source of good economy in india -
India is developing marketing country.
The main source of incomes is Agriculture , almost all the indian economy comes from agriculture source. Almost all types of crops are grown here which is exported in large amount to different countries.

4. Germany -
It is the Fourth largest GDP Country by Nominal and fifth highest Country by PPP.
The GDP in 2019 was 3.86 trillions USD which is increased to 3.98 trillions USD in 2020, ahead of India.

Reason behind strong economy-
Germany is highly developed country. The importance of its economy is industries. It is the highest among G7 countries.
In Germany the share of industries is 22.7% gross value added to it.

3. Japan -
It is the third highest GDP country by Nominal and fourth largest country by PPP. The GDP in 2019 was 5.15 trillions USD which is increased to 5.41 trillions USD in 2020.

Why japan has good economy?
Japan had super economic growth.
It is a highly developed country but not a developing country.
It self outgrew all its goods and services on a large scale, which is the main reason behind its good economy. Ony Domestic goods and services are used in Japan their export rate is more then the import rate.

2. China -
It is the second largest GDP country by Nominal and first largest country by PPP in the world 2020. The GDP of china in 2019 was 14.14 trillions USD which is increased to 15. 26 trillions USD in 2020.
Leading ahead of Japan, china becomes the second largest GDP country.

Reason of China's great Economy -
Economists of china  generally attribute much to the  rapid economic growth. The two main factors for its good economy  are large scale capital investment (large domestic savings and foreign investment) and rapid productivity growth.

1. USA -
 United states of America is the  first highest GDP country in the world by Nominal and second largest GDP country by PPP. The GDP of USA in 2019 was 21.43 trillions USD which is increased to 22. 31 trillions USD in 2020.

Sources of USA's great Economy -
The source of income behind the great economy of USA is agriculture and its rich food resources which are exported in the world . This contributes to its economy by 40 billion USD. Recently on March 27 Donald Trump  signed the 2 trillion USD Coronavirus Aid, Relief, and Economic Security Act (CARES) .

The pendemic act of Coronavirus highly affected the world wide nations economy, which ultimately decreased the economy of all countries, due to which , we can see large changes in the list of highest GDP countries of the world. Later on 2021 this list might get changed.

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