When evaluating the state of the global economy, it really helps to know who the major players are and how their businesses and resources can effect the businesses and resources in other countries. On GradMoney, I like to talk about the economies and the respective data of many different nations to give you as sense of what is happening and why they are important. This is a helpful list to support the logic of which countries and discuss and why.

So what are the strongest economies in the world as of now? Take a look to learn more about the major players and their importance when looking at articles and reports on each. This list is based on estimates for 2017 from the IMF’s World Economic Outlook Database (April 2017). For more information, you can also check out strongest economies in the world as of now.

1. United States 

The United States economy remains the largest in the world in terms of nominal GDP. The $19.42 trillion U.S. economy is 25% of the gross world product. The United States is an economic superpower that is highly advanced in terms of technology and infrastructure and has abundant natural resources. However, the U.S. economy loses its spot as the number one economy to China when measured in terms of GDP based on PPP. In these terms, China’s GDP is $23.19 trillion exceeds the U.S. GDP of $19.42 trillion. However, the U.S. is way ahead of China in terms of GDP per capita in nominal terms as well as PPP.

2. China 

China has transformed itself from a centrally-planned closed economy in the 1970s to a manufacturing and exporting hub over the years. Since it initiated market reforms in 1978, the Asian giant has achieved economic growth averaging 10% annually (though it’s slowed recently) and, in the process, lifted almost half of its 1.3 billion population out of poverty and become the undisputed second-largest economy on Earth. The Chinese economy has already overtaken the U.S. economy in terms of GDP, based on another measure known as purchasing power parity (PPP), and is estimated to pull ahead of the U.S. steadily in the following years. However, the difference between the economies in terms of nominal GDP remains large with China’s $11.8 trillion economy. 

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