The Gross Domestic Product (GDP) is the total value of all goods and services produced by a country during a specific period of time. GDP is an important parameter that can be used to compare the economies of the countries in the World. However, the nominal GDP cannot reflect the actual purchasing power of a country as the cost of living and inflation rates are different in different countries. Hence Gross Domestic Product Purchasing Power Parity (GDP-PPP) is used. GDP PPP per capita, i.e., Total GDP divided by the total population of a country will give a measure to compare the Standards of Living.
According to the data from International Monetary Fund (IMF), the 10 largest economies in the World by nominal GDP in 2022 are the United States ($24.35 trillion), China ($19.91 trillion), Japan ($4.91 trillion), Germany ($4.26 trillion), India ($3.53 trillion), United Kingdom ($3.38 trillion), France ($2.94 trillion), Canada ($2.22 trillion), Italy ($2.06 trillion), and Brazil ($1.83 trillion).
According to the data from International Monetary Fund (IMF), the 10 largest economies in the World by GDP Purchasing Power Parity in 2022 are China ($30.18 trillion), the United States ($24.35 trillion), India ($11.75 trillion), Japan ($6.11 trillion), Germany ($5.27 trillion), Russia ($4.37 trillion), Indonesia ($3.99 trillion), United Kingdom ($3.75 trillion), Brazil ($3.68 trillion) and France ($3.68 trillion).
Source: World Economic Outlook Database, April 2022. IMF.
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