US ranked 1st in globe nominal GDP

As per the latest World Economy Ranking 2023, the US is ranked 1st in the globe in nominal GDP, (US$ 25.035 trillion) while China has the 2nd largest GDP(US$ 18.321 trillion) in the world growing at a faster rate than the US.

As a result of its diverse economy the US has maintained its position. By multinational firms like Apple, Microsoft, and Amazon the economy has been improved. Well-developed infrastructure, solid banking, and a skilled labor population benefit the US economy.

According to the UN, India’s GDP would expand by 5.8% this year, significantly above the average growth rate of 1.9 percent worldwide. India’s GDP is expected to reach $3.9 trillion in 2023 end, making it the world’s fifth-largest economy.

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Traditional farming, handicrafts, contemporary industry, technological services, and business outsourcing are all combined to form its economy.

The other eight countries with the highest GDP are 3. Japan, (US$ 4.301 trillion) 4. Germany, (US$ 4.031 trillion) 5. India, (US$ 3.469 trillion) 6. UK, (US$ 3.199 trillion) 7. France, (US$ 2.778 trillion), 8. Canada, (US$ 2.2 trillion), 9. Russia, (US$ 2.113 trillion) and 10. Italy, (US $ 1.99 trillion).

According to an analysis of GDP data for all countries from 2020 to 2026, the global GDP increased from 103.86 trillion in 2022 to 112.6 trillion in 2023.

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