In this time of Competition, the same country won today, Which itself is economically very powerful. There are different criteria for measuring the ability of countries in the world. One of which is also GDP. GDP can be defined as two-way one is a nominal GDP and second is GDP PPP(purchasing power parity). Today in this article, we are going to talk about the world’s top five nominal GDP growth countries in 2019-2020. So, we hope you like this article.
List of top Five GDP Growth Country
Let us understand the country with the five largest GDP in the world
NOMINAL GDP: US $21.4 TRILLION
From the last 150 year (since 1871), the united state of America still maintain its first position in GDP growth. Last year it increases with a 2.4% growth rate. The population of the USA is 38.2 crore and GDP per capita is $65112. The USA is the largest producer of oil and gas and it is the world’s most strong economy with various sectors such as iron, food processing, automotive, oil, chemicals, electronics, aerospace, and consumer goods.
Sector-wise GDP In USA
- agriculture sector 0.9%
- industry sector 18.9%
- service sector 80.2%
The risk of poverty in America is 11.2%. Unemployment in America is 3.5% in December 2019. Approx 5.75 million people are unemployed in America.
NOMINAL GDP OF CHINA IS the US $14.1 TRILLION
The GDP growth of China in the last quarter of 2019 was 5.9%.
From the last few decades, china’s growth has seen very eye catching.china is the world’s largest manufacturing economy and its last 30 years’ average growth rate of GDP is 6%. China’s population is 140crores and GDP per capita is $19,504. China’s 2020 growth up to 5.9% forecast by the World Bank. It is a fast developing country because of its unique policy like increase Manufacturing and low costs for exports, low interest, Economic Capitalism, and globalized market.
Sector-wise GDP In China
- Agriculture sector 7.9%
- industry sector 40.6%
- service sector 51.6%
Population below the poverty line in china is 3.1% but still today,27.2% of people in China are earning money less than $5.50/day. The unemployment rate in China is 3.8%.
NOMINAL GDP OF JAPAN IS US $5.1 TRILLION.
The GDP growth of Japan in the last quarter of 2019 was 0.5%.
Japan is the world’s second-largest developed economy and the world’s third-largest automobile manufacturing economy. Japan’s direct competition is with China and South Korea in the manufacturing sector therefore japan wants to become highly innovative and advanced in the manufacturing sector. Its population is 12.6 crore and GDP per capita is $45546.
Sector-wise GDP In Japan
- Agriculture sector 1.1%
- industry sector 30.1%
- service sector 68.7%
Decreasing in population is the biggest problem of Japan in GDP growth. Below the poverty line in Japan is 6.1% and unemployment in Japan is 2.2% in November 2019.
NOMINAL GDP OF GERMANY IS US $3.8 trillion.
GDP growth in Germany in the last quarter of 2019 was 1.2%.
Germany is a highly developed social market economy with highly skilled workers, low corruption, and large capital stock. The population of Germany is 8.7 crore and GDP per capita is $53567.
Sector-wise GDP In Germany
- Agriculture sector 0.7%
- industry sector 30.7%
- service sector 68.6%
The risk of poverty in Germany’s economy is 18.7%. Germany is the largest economy of Europe and the world’s best vehicles like BMW, AUDI, MERCEDES, FORD, FERRARI are built in Germany. Approx 1.39 million people are unemployed in Germany.
NOMINAL GDP OF GERMANY IS US $2.9 trillion.
The GDP growth of India in the last quarter of 2019 was 5%. It was decreasing in the last five quarters. India is a developing market economy. The population of India is 132 crores and It has a high youth population. GDP per capita of India is $9027.
Sector-wise GDP In India
- Agriculture sector 15.4%
- industry sector 23%
- service sector 61.5%
The population below the poverty line in India is 27% and 3.7% among them is under the extreme poverty line. India is the largest exporter of information and technology, BPO, and software service. Unemployment in India is 6.1% and youth unemployment in India Is 22.5%.
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