Changes in the economic cycle do affect the economy throughout the world. However, to note that this top economy does not seem to be affected easily from the position it currently occupies. The following is a list of the countries with best economy in the world.
1. United States of America
The first from the list of countries with best economy is the United States of America still leads in the first position with a nominal GDP of $19.39 trillion. The United States has occupied the highest position in the world economy since 1871. Which made it known as an economic superpower.
Almost a quarter of the global economy is caused by the United States economy alone covers. Supported by sophisticated infrastructure and technology and abundant natural resources.
President Donald Trump’s economic policies with the tagline Make America Great Again seem to be able to improve the country’s economic performance after the 2008 financial crisis. Some of Trump’s policies include making tax cuts on a large scale.
Such as cutting corporate taxes, eliminating real estate taxes, and reducing individual taxes. Another policy is to create 25 million jobs in the manufacturing sector. Then, free trade but still protecting the US industry, one of them by applying import duties for Chinese products by 45%.
2. People’s Republic of China
The GDP is 12.01 trillion owned in China. In the past few decades, China has experienced exponential growth over. In 1980, China ranked 7th as the country with the largest economy with a GDP of $305.35 billion. While the size of the United States at that time was $2.86 trillion.
Starting market reforms in 1978, an average economic growth of 10% per year is owned by the Asian giant. In late years, the rate of economic growth has slowed but remains high compared to other countries.
China broke the close economic constraints that had plan centrally to evolve into the world’s manufacturing and exporting center. China is famous as the “world factory” because of its enormous manufacturing and export base.
However, over the years, the role of services in the country has gradually increased and manufacturing as a contributor to GDP has declined relatively. The persistence of the Chinese people in trading should be recognized and become a recommendation for those who are successful in their trade.
It is the principle and commitment of the family that makes their trade fly fast. This makes China’s per capita income quite high at 91 thousand USD per year.
Products from China are almost able to control several countries in the world. The intelligence of the Chinese is that, even though many products made are imitation, the quality can still be the same as the original.
The Japanese economy currently has ranked third in terms of nominal GDP, while it slipped to the fourth position when comparing GDP with purchasing power parity (PPP). The economy has faced hard times since 2008 when it first showed symptoms of a recession.
Unconventional stimulus packages combined with subclass bond yields and weak currencies have further strengthened the economy. The economic growth of around 1 percent in 2016 and continues to around 1.2 percent in 2017.
However, it is estimated that it is still below 1 percent over the next five years. Japan’s nominal GDP is $4.84 trillion, GDP (PPP) is $5.42 trillion, and GDP (PPP) per capita is $ 42,860.
That’s the top 3 of countries with best economy in the world. It certainly happens with the strengths of important people in it. Is your country include?