Top 5 Predicted Biggest Economies In The World
The economy is one of the major areas of any country. Without an economy, no country can survive. A country with a strong economy can offer its citizens both basic and luxurious amenities and offers a good lifestyle. Out of 195 countries in the world, here is the list of the top 6 growing economies. The International Monetary Fund has released the list of the world’s biggest economies in 2029. Out of 32 countries, we are here with the top 5 predicted biggest economies.
India- The Unstoppable Country
In the list of the world’s biggest economies in 2029, projected by IMF India stands in the third position with $6.44 trillion after the USA and China. India is a Developing nation. It is considered a low-middle-income economy. The Indian economy has been through many phases and changes in the system are one of the major reasons for the boost in the Indian economy. India follows the mixed economy system where the private sector can gain profit and social welfare can also be accomplished. Since the time of independence in 1991 the governments followed the soviet model where more priority was given to social welfare because the economy was not growing after the cold war from 1991 India adopted the policy of LPG(Liberalisation, Privatisation, and Globalisation) which contributed to the growth of the economy. India is one the fourth position of the world’s largest consumer market. India is in 8th position as the world’s largest importer and 10th position as the world’s largest exporter.Predictions stated that the growth in India during the fiscal years 2024-25 will be 6.6 %. The industrial and service sectors will remain powerful.
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Top 5 Biggest Predicted Economies of The World
1)The United States of America
The United States of America is the most powerful and developed country in the whole world. The US still holds the no.1 sport in the list of biggest economies and will continue till 2029 with $34.95 trillion. The US is a highly developed nation and follows an advanced mixed economy system. The American economy is strong because of its high productivity, strong infrastructure, and natural resources.
2)China
China and India gained independence almost during the same time but China’s economy has grown and developed more early and fast as compared to the Indian economy. China holds the 2nd spot in the list of world’s biggest economies in 2029 with $24.83 trillion. China is a developing nation with a socialist and mixed economy. Since 2016 it has been the world’s largest economy. China has a strong economy because it is the world’s largest exporter and the largest manufacturing economy.
3)Germany
India’s economy has surpassed the economy of Germany and now Germany is predicted to be in the 3rd spot in the world’s biggest economies in 2029. Germany comes under the category of developed nations with a social economy. Germany has the largest economy in Europe. It is the world’s largest exporter of goods and has the world’s largest service sector which contributes to the GDP.
4)Japan
Japan is on the fourth spot among the world’s biggest economies in 2029. Japan is also a highly developed nation with a social economy. Japan is one the 4th spot in the world’s largest economy. Japan is one of the most innovative countries and is the second largest automobile manufacturer which contributes to the growth of the economy.
5)United Kingdom
The United Kingdom is predicted to be in the 5th spot in the world’s biggest economies in 2029. The United Kingdom is a developed nation with a social economy. The country has a globalized economy. It is the fifth largest exporter in the world. London is one the second spots of the world’s largest financial center. The service sector of the UK is very strong and adds 82% to the GDP of the country.
