When the strongest economies of the world are under discussion, the order may shift with a slight change but the key players are always the same. Due to the advancement of technology and industrial development, these countries produce a huge amount of goods and services which makes them strong on both national and international levels. The reason behind the prosperity of these countries lies in their models and mechanisms of development. The ideologies, economic models and their nature of politics make them the dominant nations of the world.
The United States of America has the top spot in the list of strongest economies in the world. US is facing many domestic problems but despite that, the GDP remains the highest among other countries. The US economy increased from 19.4 trillion dollars to $20.4 trillion last year.
After the US, China has achieved the second spot, with an economy of $14 trillion that increased to $16 trillion in 2017. Since the economic reforms in 1978, China has experienced astonishing growth in the last few decades. Within 35 years, it jumped up to second place with a GDP of $9.2 trillion.
The third rank in economic terms is owned by the Japanese economy that showed nominal GDP of $5.2 trillion in 2019. After 1990s, Japan’s economy has not been performing quite well. During 1990s, the growth rate decreased significantly, naming this decade the lost decade.
Other economies like Germany, Ireland, Italy, and other Scandinavian countries are also counted as the strong economies of the world because of their overall technological advancement and industrial development.