The Economic Status of the World
A country is defined not only in its culture but economy as well. In the study of economics, a business defines it status by how well it is able to supply the demands of people, and sell a demand at a price that is both by consumer and seller. The growth of our world’s economy has largely changed over the past few decades. The constant modernization has made each country required to be tightly competitive and so each country has defined it power through their economic status. Every year, economists thoroughly research on a country’s economic status. Here are the top 10 earners of the world as sourced by the CIA World Factbook:
- United States – Uncle Sam has been consistent in the top ranking. Its population count as of 2011 is more than 300 million but their purchasing power is about 14 trillion, despite unemployment rate of 9.6%
- China – The ranging population of China does not stop them from being one of the world’s most powerful economical countries. Their unemployment rate only is 4.3%, as of 2009 and the purchasing power totals to 10.09 trillion.
- Japan – Their population is not that huge as compared to the first two countries but they are contributing more than 70% in the services sector as of the year 2010. This makes their purchasing power more than 4 trillion.
- India – This country ranks the fourth even if unemployment rate went up to 10% in the year 2010. Despite this, they can still purchase goods at 4.06 trillion, and contribute largely to industrial, agricultural and services sector; respectively 26%, 18% and 55%.
- Germany – Their economic standing roots from contributing largely in services as they come in second to Japan of bringing 71%. With that, they are able to have a GDP of close to 3 trillion.
- Russia – Their buying power is about 2 trillion and their population is not as large as everyone else, considering that their country’s geographical size is huge. With that, they are able to use their available resources to provide more than 36% in the industrial sector.
- United Kingdom – The United Kingdom’s limited population still has an unemployment rate of 7% but their GDP defines how largely they can purchase due to their contribution in the services sector, which is close to 80%.
- Brazil – It is ranked the 8th country to have a strong economic status since their GDP is 2 trillion with a 200-million population as of 2011. Like the top countries, their GDP largely contributes to the service sector, which is about 67%.
- France – Also a country that is largely based on the services sector, it has a purchase power parity of 2 trillion, where population is small and unemployment rate is 9%.
- Italy – Due to its small population and purchasing power, Italy is on the top 10 list. Their purchasing power parity is about 2 trillion where it contributes 72.8% in services sector.