Key Highlights
- – The top four global economies are now the United States, China, Japan, and Germany.
- – International Monetary Fund’s economic predictions, some countries rankings have changed.
- – India is behind the UK.
COVID-19 Reshaped the Economic Situation
The Covid-19 pandemic has upended the world’s economic rankings, throwing multiple nations through their worst economic downturns in recent years. International Monetary Fund‘s economic projections, the United States, China, Japan, and Germany continue to be the world’s biggest economies although some lists have changed as a result of the pandemic, and one country has dropped out of the top ten list.
Related: How Small Businesses Can survive the rigorous COVID-19 Pandemic?
Changes in the Rankings of the World’s 10 Biggest Economics
Below pictures highlight the pre-pandemic and post-pandemic ranking of countries
SOURCE: International Monetary Fund’s World Economic Outlook database (April 2021)
India from Fifth to Sixth, Behind the United Kingdom
India, which became the world’s fifth-largest economy in 2019, fell to the sixth position last year, in 10 Biggest Economics behind the United Kingdom. According to IMF numbers, the South Asian nation will not reclaim the fifth position in the global economic ranking until 2023. In 2020, India was subjected to stringent lockdowns as the country tried to control the coronavirus. The IMF predicted that its economy will decline by 8% this fiscal year. Although the fund anticipates 12.5 percent growth in India in the current fiscal year, which ends in March 2022.
Related: Probable effects of Indian Economy Slowdown amid COVID-19
Brazil is not in the top 10, South Korea Took the Position
Brazil’s economy dropped from ninth-largest in 2019 to 12th largest last year, making it the only nation to fall out of the top ten. The South American country will not enter the list. The South American country will remain outside the world’s top ten economies until at least 2026. According to the IMF, the economy contracted 4.1 percent last year and is expected to rise 3.7 percent in 2021. South Korea took the position. Solid semiconductor exports aided its economy’s 1 percent contraction in 2020.
Also read: The Coronavirus Effect: Seesaw in the Global Job Markets
