Being familiar with the largest economies in the world is essential knowledge for anyone involved in the economy. The International Monetary Fund, the World Bank, and the United Nations Statistics Division compile these estimates, which are released annually, semi-annually, and quarterly, respectively. Gross domestic product, or GDP, is the most commonly used indicator to measure macroeconomics. GDP is a measure of the total amount of industrial goods and services produced in a country over a specific time period. Consumption expenditures and investment expenditures, as well as government expenditures and the trade balance, are used to calculate GDP (exports minus imports). A rise in GDP is a sign of increased economic activity in a country, and the opposite is true for a decrease in GDP. Here, we'll take a look at the latest annual ranking of the world's most powerful economies; how this table has changed over the years; and what factors are influencing their growth. 
Brief introduction of strong economies 2021
The global gross domestic product in 2021 was 96 trillion dollars in total, of which the East Asia and Pacific region accounted for 31 trillion dollars of this figure, which is considered the largest gross domestic product by region. The United States of America, which has been the world's largest economic power since 1871, has been announced as the world's largest economy by far in 2021 with a GDP of $23 trillion. It was followed by China with a GDP of $18 trillion. Japan was declared the world's third largest economy last year with a GDP of $5 trillion, and Germany ranked fourth with a GDP of $4 trillion. The United Kingdom, with a GDP of $3.2 trillion, and India, with a GDP of $3.1 trillion, ranked fifth and sixth. In addition, France, Italy, Canada, and South Korea formed the seventh to tenth ranks of the list. The lowest rank in this list belongs to the island nation of Tuvalu, whose gross output figure is 63 million dollars and is ranked 207. To understand how large the leading countries are in the world economy, just imagine that, for example, the GDP of the United States alone is greater than the total GDP of 170 countries. 
Rank changes in the past years
The ranking of national economies has shifted dramatically over time. Around 1916, the United States surpassed the establishment of the British Empire. China has risen from ninth in 1978 to second in 2016 since achieving a market-based economy through controlled privatization and deregulation. During this time, China's economic growth accelerated, and its share of global GDP increased from 2% in 1980 to 15% in 2016. India took the title of the sixth largest economy in 2020. Similar to China, this country's growth has been fueled by the removal of economic barriers, with a particular emphasis on the service sector, which includes telecommunications, information technology, and software. In 2020, the economic growth statistics of most countries decreased sharply and became negative due to the spread of the coronavirus. For example, the GDP of the United Kingdom, Italy, and France decreased by 10% between one year after and one year before. During the same year, Turkey's economic growth statistics increased. Compared to the top 25 economies in 2000, only two countries, Thailand and Indonesia, were not on the list. Indonesia, one of only two countries, rose from the 27th largest economy in 2000 to 16th in 2021, while Thailand jumped from 32nd to 24th. China and India were ranked sixth and thirteenth, respectively, in the same year. 
Factors affecting the economic power of a country
In general, several factors are very influential in the economic growth of a country.
- Natural resources:
Natural resources are the first factor that drives economic growth and makes achieving goals much easier. Consider Dubai or other countries in the Middle East as examples. The fact that they are rich in oil resources has literally defined their economy. Other countries with valuable natural ports, such as Singapore, have also become important transit hubs. Natural resources of geography include coal reserves, iron ore reserves, and even arable land.
- Deregulation:
People have been expected to do business with one another since the dawn of time. However, some repressive governments attempt to undermine this freedom. Rules and restrictions apply, and trade is restricted. It can benefit a small group of people while harming others. However, it almost never benefits the country as a whole. It is worth noting that countries such as the United States and the United Kingdom only developed after implementing free trade policies. Economic power deteriorated as government involvement in the economy increased.
- human resources:
Human resources can be a blessing or a curse for a country depending on how they are used. For example, the majority of India's population is employed, and high-quality education has quickly transformed this poor country into one of the world's fastest-growing economies.
- Infrastructure:
Another critical factor is infrastructure preparation for employment and economic prosperity, which is known as the Chinese development model. China now has one of the lowest production costs in the world, thanks to the development of extensive infrastructure. Electricity, for example, is less expensive in China than anywhere else on the planet. Furthermore, Chinese shipping companies can ship goods cheaply across continents. As a result, China has become the world's largest exporter and second-largest economy. 
Conclusion The world's top ten economies account for approximately 66 percent of the total global economy, and the top twenty account for approximately 79 percent, implying that the remaining majority of the world's countries account for approximately 20 percent of the total global economy. This demonstrates the ten richest countries' enormous power and influence over global economic decisions. The factors that lead to a country's economic growth and continue to have a larger share of the world's wealth are relatively simple, and countries can chart their own course for growth if they so desire. However, the economic growth of any country is first determined by what happens within the country. The stronger a country's production and product supply infrastructure, the easier it will be to establish a presence and participate in global markets.
0
0