The GDP (Gross Domestic Product) is the indicator for the sum of everything that is produced and sold of final goods and services during a certain period, which can be a month, semester or in relation to the annual production. It is through the GDP that the economic dimension of a country is analyzed, generally being associated with an indicator that points to social well-being, employment opportunities, access to health and leisure.
However, there are criticisms about using GDP as an indicator of a country’s prosperity, since the calculation does not take into account the distribution of income or the degradation of the environment, which also negatively impact the lives of many people, even in the richest countries .
For GDP growth to exist, there needs to be a balance between investments, which in turn will generate more jobs and, consequently, increase people’s income and consumption. Five countries stood out in the final months of 2021, even as the world faced a global pandemic that drastically affected the economy and is now showing some recovery.
Check out which are the 5 largest economies in the world, according to data released in April 2021 by the International Monetary Fund (IMF):
Although the pandemic in 2020 triggered a brutal economic recession in the country, the United States leads the ranking of the country with the largest global economy with a GDP of US$20.9 trillion. Significant government spending on vaccination campaigns against covid-19, which has gradually allowed for a return to normality and has a direct impact on business, helped drive economic growth.
China appears in second place as the most expressive economy according to its GDP of US$ 14.7 trillion. According to China’s National Bureau of Statistics (NBS), the country’s economic recovery remains stable, even though the agency has warned of uneven internal recovery and external uncertainties.
Japan ranks third with a total GDP of $5 trillion. In a current scenario, the country’s economy grew 0.3% in the last quarter, which resulted in escaping from a technical recession after negative results in two consecutive quarters.
The first European representative of the top 5 richest countries accumulates a GDP of US$ 3.8 trillion. The last quarter of 2021 points to a growth of 1.5% compared to the first quarter of the year, according to data released by Destatis, the German statistics agency.
Queen Elizabeth’s Land ranks fifth in the ranking of the most relevant economies in the world with its GDP of US$2.7 trillion. The United Kingdom presented, in the last quarter, one of the best growths among the richest countries, with an increase of 4.8% in its GDP compared to the first quarter of 2021.
With information from InfoMoney and G1.