Global Domestic Product (GDP) – a buzzword that economies and analysts all over the globe keep their eyes on. An indicator of economic health, GDP denotes the financial muscle of a nation. In 2020, the world faced an unparalleled economic crisis due to the global pandemic. Let us deep dive into the world of numbers and take a comprehensive look into the GDPs of countries in 2020.
Before we delve into the specifics of different locations, it is important to define GDP. Simply put, it is the final value of all goods and services produced by a nation during a specific period. The GDP of a country gives a broad snapshot of a nation’s economic position in the world.
GDP Comparison: Top 5 Economies
In 2020, the list of the top five nations by GDP ranking was headlined by the United States, followed by China, Japan, Germany, and India. Despite a global contraction in GDP growth, the United States held its rank at the top, showcasing its resilient economy.
United States: With a GDP of approximately $21.4 trillion, the United States accounted for almost a quarter of the world’s GDP, thereby demonstrating its economic superpower status.
China: Despite being hit early in the year with the pandemic, China and its GDP of around $15.4 trillion followed closely, continuing to play catch-up with the western superpower.
Japan: Japan, with a GDP of roughly $4.9 trillion, held on to its third position.
Germany: The foremost European economy, Germany, placed fourth on the list with a GDP of $3.9 trillion.
India: India, with its evolving economy, secured a place amongst the top five with a GDP close to $3.1 trillion.
GDP Trends of Other Major Economies
While the top five economies retained their positions on the world stage, other major economies did not fall behind.
United Kingdom: The United Kingdom, grappling with both Brexit and the Pandemic, saw its GDP drop to roughly $2.8 trillion.
France: France’s GDP hovered around $2.7 trillion.
Italy and Canada: Italy and Canada had their GDP roughly on par at around $2 trillion, underlining their strong and stable economies.
Bringing our attention to the emerging economies, 2020 showcased their potential in terms of GDP growth. Brazil, Russia, and Indonesia are three such countries that demonstrated resilience and growth.
Brazil: Despite political and health turmoil, Brazil demonstrated economic resilience with its GDP surpassing $1.8 trillion.
Russia: Russia, a global power in terms of resources, held a GDP around the $1.7 trillion mark.
Indonesia: A strong contender in South East Asia, Indonesia’s GDP was around $1.1 trillion, reflecting its growing global influence.
The year 2020 will go down in history as one that shook the world economically. However, the GDP numbers also spotlighted the resilience and adaptability of economies worldwide. It is noteworthy that this analysis of the 2020 GDP of various countries underscores how nations rose to the challenge, fought back, and worked towards economic recovery. It will be interesting to observe how 2021 unfolds and shapes these economies further.