Since it initiated market reforms in 1978, the Asian giant has seen an economic growth averaging 10% annually.

It  Per capita is a Latin term that translates to "by head" and that is interpreted as meaning per person. Canada displaced Russia to take the 10th spot in 2015 and has retained its position since then. South Korea entered the trillion-dollar club in 2004, propelled by international trade and industrialization. The same are expected to touch $1.50 trillion and $3.18 trillion, respectively, by 2023. Russia's economy is $4.2 trillion as measured by its 2018 gross domestic product. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. During 2006–2010, the nation grew at an average 4.5%, moderating to around 2.8% in 2011–2013. When the economies are assessed in terms of purchasing power parity, the U.S. loses its top spot to its close competitor China. U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion China Nominal GDP: $14.14 trillion - China GDP (PPP): $27.31 trillion Japan Nominal GDP: $5.15 trillion- Japan GDP (PPP): $5.75 trillion Germany Nominal GDP: $3.86 trillion - Germany GDP (PPP): $4.44 trillion India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion U.K. Nominal GDP: $2.83 trillion - U.K. GDP (PPP): $3.04 trillion France Nominal GDP: $2.71 trillion - France GDP (PPP): $2.96 trillion Italy Nominal GDP: $1.99 trillion - Italy GDP (PPP): $2.40 trillion Brazil Nominal GDP: $1.85 trillion - Brazil GDP (PPP): $3.37 trillion Canada Nominal GDP: $1.73 trillion - Canada GDP (PPP): $1.84 trillion Russia Nominal GDP: $1.64 trillion - Russia GDP (PPP): $4.21 trillion South Korea Nominal GDP: $1.63 trillion - South Korea GDP (PPP): $2.14 trillion Spain Nominal GDP: $1.4 trillion - Spain GDP (PPP): $1.86 trillion Australia Nominal GDP: $1.38 trillion - Australia GDP (PPP): $1.32 trillion Mexico Nominal GDP: $1.22 trillion - Mexico GDP (PPP): $2.57 trillion Indonesia Nominal GDP: $1.11 trillion - Indonesia GDP (PPP): $3.50 trillion Netherlands Nominal GDP: $902.36 billion - Netherlands GDP (PPP): $969.23 billion Saudi Arabia Nominal GDP: $779.29 billion - Saudi Arabia GDP (PPP): $1.86 trillion Turkey Nominal GDP: $743.71 billion - Turkey GDP (PPP): $2.29 trillion Switzerland Nominal GDP: $715.36 billion - Switzerland GDP (PPP): $548.48 billion Everything You Need to Know About Per Capita and Its UsesHistory and Criticism of Brazil, Russia, India and China (BRIC)

The global crisis triggered a recession, followed by weak domestic demand and huge public debt.

Over the past four decades, South Korea has demonstrated incredible economic growth and global integration to become an industrialized economy. The economy of the U.K. is primarily driven by the services sector, which contributes more than 75% of its GDP, with manufacturing the second prominent segment, followed by agriculture. In 2005, Russia was in eighth place. The country has made incredible progress in the past couple of decades to establish itself as a hi-tech, industrialized nation. Japan slips to the fourth spot when GDP is measured in terms of PPP; GDP (PPP) is $5.75 trillion in 2019, while its GDP per capita is $40,850 (24th spot). During the next decade, Russia witnessed growth at a healthy pace of 7%.

Among top 50, Economic rank of Philippines would move up by In terms of sectors, agriculture has traditionally played a crucial role, however, with time the contribution of this sector has fallen to about 3%. Manufacturing remains as one of its crucial sectors and is being given due push via the governments' initiatives, such as "Make in India." Australia is the 14th-largest economy, with a nominal GDP of $1.42 trillion. The share of Turkey's middle-class increased from 18% to 41% of the population between 1993 and 2010, according to the World Bank, and the country joined the upper-middle income group in the late 2000s. Investopedia uses cookies to provide you with a great user experience. With a nominal GDP of $2.07 trillion, Italy is the world’s eighth-largest economy. While the economy has broken the deflationary spiral, economic growth remains muted. Its per capita GDP of $46,260.71 is ranked 20th globally, while its GDP of $1.84 trillion in terms of PPP pulls it down to the 17th spot. It was a victim of the Asian financial crisis in 1997.

Its GDP per capita at $3,871 is way higher than it was in 2000 at $857. Australia is also a land rich in natural resources, as well as a major exporter of energy and food.
The economy grew by 2.2% and 2.5% in 2016 and 2017, respectively. With a nominal GDP of $1.87 trillion, Brazil is the ninth-largest economy in the world. In 2020, the gap is expected to reduce to $7.05 trillion, and by 2023, the difference would be $5.47 trillion. However, the IMF says this slipped to 1.5% and 0.5% in 2018 and 2019, respectively.
The size of its GDP in terms of purchasing power parity is $4.44 trillion, while its GDP per capita is $46,560 (18th place). The country’s economy benefits from its stable political system, sound infrastructure, and favorable tax rates. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France. Although the contribution of its agricultural sector has declined to around 17%, it still is way higher in comparison to the western nations. However, over the years, the role of services has gradually increased and that of manufacturing as a contributor to GDP has declined relatively.