United States of America is the World Largest Economy with GDP of USD 3.84 trillion followed by China and then Japan. According to International Monitory Fund’s (IMF) world economic outlook, the world economy is going to hit downturn and global growth in terms of purchasing power parity is expected to come down to three percent is 2009.
As per IMF the following countries are the Top World Economies:
The United States with a GDP (PPP) of USD 13.8 trillion is ranked no. 1 economy in the world. As per nominal GDP also, The United Stated has ranked no. 1 with nominal GDP standing at USD 14.20 trillion. However, by June 2008 the US economy fell into recession due to financial melt down. Now, US economy is on recovery path and has recorded economical growth by 1%.
Japan with nominal GDP of USD 4.909 trillion is the world’s second largest economy. However, in terms of GDP (PPP) Japan Econonomy is ranked third with USD 4.305 trillion. It is to be noted that Japan is also affected by recession and it showing a negative growth with huge fall in exports.
China is ranked third in terms of nominal GDP with GDP totaling USD 4.306 trillion but as per GDP (PPP) China Economy is ranked second with GDP totaling USD 7.903 trillion. China has shown tremendous growth in recent years but it is also feeling the pinch of recession with declining exports and reduction in manufacturing activities.
Germany is the fourth largest economy with GDP (nominal) at USD 3.652 trillion. However, in terms of GDP based on PPP Germany Economy is ranked fifth with GDP standing at USD 2.925 trillion. Recession in the European Union has taken a toll on Germany’s ranking and its GDP has fallen due to low international demand of its products and reduced income levels.
France is the world’s fifth largest economy in as per nominal GDP. France nominal GDP stands at USD 2.853 trillion. However, if we take GDP in PPP terms, France Economy is ranked as eighth largest economy with USD 2.11 trillion. IMF has made a forecast a 0.5 percent fall of the French economy in 2009.
United Kingdom is the sixth largest economy in terms of nominal GDP with USD 2.645 trillion as it's total GDP. GDP in terms of PPP makes United Kingdom seventh largest economy with GDP standing at USD 2.176 trillion. However, the United Kingdom Economy is showing a downtrend and has posted falling GDP growth since 2008.
Italy's GDP in absolute terms stands at USD 2.293 trillion. That makes Italy Economy the planet's seventh largest economy. However, in purchasing power parity terms its GDP is at $1.840 trillion and its rank is 10th. The Italian economy is witnessing a fall GDP due to recession to the tune of 0.4%
Brazil is ranked eight largest economy in terms of absolute GDP (USD 1.612 trillion). However, GDP in terms of PPP puts her at ninth place with USD 1.976 trillion as total GDP. Brazil’s Economy has also been hit by recession and industrial output fell by 6.2%.
In absolute GDP terms, Russia is at USD1.607 trillion-- is the world's ninth largest economy, but Russian Economy jumps to the 6th rank in terms of purchasing power parity-GDP which stands at USD 2.288 trillion.
Spain is the tenth largest economy with its GDP at $1.604 trillion. However, Spain Economy slips to the 12th spot in purchasing power parity ($1.456 trillion).
The Canadian GDP stands at $1.400 trillion, making it the world's eleventh largest economy. In PPP terms, however, it stands 14th in the world. Its GDP in PPP terms stands at $1.213 trillion.
India with a GDP of $1.17 trillion is the world's 12th largest economy. In PPP terms, however, Indian Economy stands at fourth position with USD 2.96 trillion. Indians have large purchasing power with is among one of the largest consumer community.