10 countries with the highest GDP in 2020: US is No 1, find out where India ranks
- No 4: Germany | GDP: $4.00 trillion (Image: Reuters)
- No 3: Japan | GDP: $4.97 trillion (Image: Reuters)
- No 2: China | GDP: $13.4 trillion (Image: Reuters)
- No 1: United States | GDP: $20.49 trillion (Image: Reuters)
GDP per Capita
| # | Country | vs. World PPP GDP per capita ($17,100) |
|---|
| 1 | Qatar | 752% |
| 2 | Macao | 675% |
| 3 | Luxembourg | 629% |
| 4 | Singapore | 550% |
India's nominal per capita income was US$1,670 per year in 2016, ranked at 112th out of 164 countries by the World Bank, while its per capita income on purchasing power parity (PPP) basis was US$5,350, and ranked 106th. Other estimates for per capita Gross National Income and Gross Domestic Product vary by source.
In IMF's latest Economic Outlook, Bangladesh has overtaken India in GDP per capita. This more than doubles the level of contraction — from 4.5% — that the IMF had projected for India just a few months ago.
India's per capita net national income or NNI was around 135 thousand rupees in financial year 2020. In contrast, the gross national income at constant prices stood at over 128 trillion rupees. The same year, GNI growth rate at constant prices was around 6.6 percent.
Current-dollar GDP increased 38.0 percent, or $1.64 trillion, in the third quarter to a level of $21.16 trillion. In the second quarter, GDP decreased 32.8 percent, or $2.04 trillion (tables 1 and 3).
The Korean economy is simply stronger and enjoys a more consistent track record of growth. Because of this, South Korea will soon be richer than Japan on a per-capita basis. That's despite the former spending the past few decades catching up. A chart showing South Korea's GDP per capita compared to Japan's since 1990.
In response to chronic deflation and low growth, Japan has attempted economic stimulus and thereby run a fiscal deficit since 1991. These economic stimuli have had at best nebulous effects on the Japanese economy and have contributed to the huge debt burden on the Japanese government.
Why is Japan so rich ??The most striking fact about the economy of Japan is that the extraordinary prosperity has been achieved in the conditions of an almost total absence of minerals. The country has developed one of the world's most powerful economies based entirely on imported raw materials.
Today Japan has a GNI per capita of $39,526. Japan's economic growth over the past half-century has led to a marked improvement in the country's quality of life and public health. The current life expectancy at birth in Japan is 84.0 years, nearly the most of any nation.
Of course there are slums. There's one in Tokyo and one in Osaka. The Osaka one is way worse.
Japan is one of the largest and most developed economies in the world. It has a well-educated, industrious workforce and its large, affluent population makes it one of the world's biggest consumer markets.
Russia is not currently classified as a developed country, though it once reigned alongside the United States as a world superpower. The country's economy fell apart with the 1991 implosion of the Soviet Union.
Japan's industrialized, free market economy is the second-largest in the world. Japan has few natural resources, and trade helps it earn the foreign exchange needed to purchase raw materials for its economy.
The economy of North Korea is a centrally planned economy, where the role of market allocation schemes is limited, although increasing. As of 2020, North Korea continues its basic adherence to a centralized command economy.
South Korea is known for its rise from one of the poorest countries in the world to a developed, high-income country in just a few generations. This economic growth has been described as the Miracle on the Han River, which has brought South Korea to the ranks of countries in the OECD and the G-20.
Poverty in North Korea is extensive, though reliable statistics are hard to come by due to lack of reliable research, pervasive censorship and extensive media manipulation in North Korea. It is estimated that 60% of the total population of North Korea live below the poverty line in 2020.
The economy of the Philippines is the world's 29th largest economy by nominal GDP according to the International Monetary Fund 2020 and the 13th largest economy in Asia. The Philippines is one of the emerging markets and the 3rd highest in Southeast Asia by GDP nominal after Thailand and Indonesia.
South Koreans work hard, are paid well and enjoy a stable currency and a high standard of living. The cost of living in South Korea is quite reasonable, in general, though capital city Seoul is quite expensive. Housing is typically South Korean residents' biggest expense.
It was not crazy expensive, easy to get around and the food is just the best. We spent 17 days in South Korea exploring Seoul and Busan. If you're planning on visiting South Korea, you can get a good idea of how much you'll spend on your trip from this breakdown. *1000 won equals roughly 1 USD (easy to remember).
This mean's South Korea's nominal GDP was around 54 times greater than that of North Korea. Over the past decade, South Korea's nominal GDP has increased continuously from around 1,322 trillion South Korean won in 2010.
| South Korea | North Korea |
|---|
| - | - | - |
| - | - | - |
In 2019,
South Sudan once again reported the lowest per-capita GDP ever, closely-followed by
Burundi and
Malawi.
The 20 countries with the lowest gross domestic product (GDP) per capita in 2019 (in U.S. dollars)
| GDP per capita in U.S. dollars |
|---|
| South Sudan | 275.18 |
| Burundi | 309.87 |
They're in totally different stages of social development, Mexico is a upper-middle economy, closer to the middle than the upper quarter, India is a middle income economy (according to the World Bank), closer to the middle-low than the upper-middle. Also, life expectancy in Mexico is like 10 years longer than in India.
Average salaries in San Francisco have risen by 31% since 2018, with the city taking the crown for the highest-paying city in the world this year, according to Deutsche Bank research.
Democratic Republic of Congo
