What is the World No.1 country?
I know that USA the No.1 powerful country in the world; then, what is 2nd and 3rd country?
Are still Japan and China following 2nd and 3rd? Is India still a developing country?
What is GDP?
Gross domestic product (GDP) is the most common measure for the size of an economy, and it measures the value of total final output of goods and services produced by that economy in a certain period of time.
Lets find out the GDP.
GDP Rankings - 2024 IMF
|
Rank |
Country |
GDP (in Trillions USD) |
|
1 |
United States |
26 |
|
2 |
China |
19 |
|
3 |
Japan |
4.4 |
|
4 |
Germany |
4.0 |
|
5 |
India |
3.9 |
|
6 |
United Kingdom |
3.1 |
|
7 |
France |
3.0 |
|
8 |
Italy |
2.1 |
|
9 |
Canada |
2.0 |
|
10 |
South Korea |
1.8 |
Why USA is the No.1 Ranked?
1. Robust Consumer Market:
With a population of approximately 330 million, the U.S. boasts one of the world's largest and most diverse consumer markets. This diversity fosters a wide range of products and services, stimulating active consumption and economic growth.
2. Economic Freedom:
The U.S. government effectively regulates markets, providing a conducive environment for trade and investment. This economic freedom encourages business operations and attracts foreign investments, bolstering economic superiority.
3. Innovation and Technology:
The U.S. is renowned for its advancements in technology and innovation. Significant investments in research and development by both private enterprises and the government have led to technological progress and the emergence of new industries, further strengthening the economy.
4. Service Sector Dominance:
The service industry, encompassing finance, commerce, technology, healthcare, and education, plays a pivotal role in the U.S. economy. This sector attracts investments and drives economic expansion.
My Thoughts
As a Korean, I do not understand this GDP Report. Koreans are not rich; then, where all the money goes? I look around my country; young people are hard to find jobs, old people are no financial support to live and no babies are born recently.
I hope all the economy goes well; all the country is wealthy.
