World’s Top 10 Largest Economies in 2023

The Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country’s borders during a specific period. It is often used as an indicator of a country’s economic performance and is one of the key metrics used to assess the size and growth rate of an economy.

In an article by Insider Monkey, the Philippines ranked 39th with a GDP of USD404 billion and is projected to even grow higher becoming an upper-middle economy.

In this article, we will explore the world’s top 10 largest economies in 2023.

At the 10th spot is Italy with a gross domestic product or GDP of USD2 trillion. Canada ranked the 9th largest economy in the world with a GDP of USD2.1 trillion.

Russia on the other hand ranked the 8th with a GDP of USD2.2 trillion.

In 7th place is France with a GDP of USD2.7 trillion overtaken by the United Kingdom in 6th place with a GDP of USD3.1 trillion.

India is ranked the 5th largest economy in the world with a GDP of USD3.4 trillion. India is the biggest economy in South Asia and the third largest economy in Asia.

The fourth place is Germany with a GDP of USD4 trillion. It is also one of the biggest export countries in the world.

The land of the rising sun, Japan placed third with a GDP of USD4 trillion. Japan is one of the largest exporters of cars and electronic equipment.

China placed second with a GDP of USD18.1 trillion, the biggest economy in Asia. China’s currency or the Chinese Yuan is the fifth largest currency in the world, which is now being considered by 8 other countries to replace the US dollar.

At the top spot for the largest economy in the world is the United States with a GDP of USD25.4 trillion. The country accounted for nearly 24% of the global output. The US dollar is also the most powerful currency in the world. (ASC)