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- In 2020, the IMF said the seven largest economies in GDP terms based on market exchange rates were the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada. These countries are also known as major advanced economies or the Group of Seven (G7).
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The country classification in the World Economic Outlook divides the world into two major groups: advanced economies and emerging and developing economies. Please refer to the introduction to the WEO's Statistical Appendix for details.
As of 2023, advanced economies comprise 57.3% of global GDP based on nominal values and 41.1% of global GDP based on purchasing-power parity (PPP) according to the IMF.
- What Are Advanced Economies?
- Understanding Advanced Economies
- Advanced Economies vs. Non-Advanced Economies
- Special Considerations
Advanced economy is a term used by the International Monetary Fund (IMF) to describe the most developed countries in the world. While there is no established numerical convention to determine whether an economy is advanced or not, they are usually defined as having a high level of per capita income, a very significant degree of industrialization, a...
The term "advanced economies" is generally used in a casual sense, referring to countries with decent standards of living, a substantial accumulation of industrial capital, modern technologies, and institutions that are firmly embedded within the global economy. It is also a formal classification used by the IMF for its World Economic Outlook(WEO) ...
In an advanced economy, population and economic growth tend to be stable and investmentis weighted more toward consumption and quality of life. Developing or emerging market economies, on the other hand, tend to spend big on infrastructure and other fixed assetprojects to power economic growth. They export a lot of their goods to consumers living i...
When Advanced Economies Sneeze
The health of advanced economies may have a cascading effect on other countries and the global market as a whole. This is due to the interrelated nature of advanced economies with each other and the developing economies that have trade and investment relations with them. If recessionsor other sustained declines hamper the flow of investment by an advanced economy, it can put the growth of other countries at risk. For example, when past financial crises struck the United States, the effects ca...
Economic Status Not Set in Stone
In 2010, 34 nations were classified by the IMF as advanced economies. Ten years later that number had moved up to 39, indicating that developing economies can be promoted. The IMF periodically reviews each country, meaning it can also downgrade a nation from advanced economy status when it sees fit.
- Daniel Liberto
The first list includes estimates compiled by the International Monetary Fund 's World Economic Outlook, the second list shows the World Bank 's data, and the third list includes data compiled by the United Nations Statistics Division.
- Australia. GDP (2022): $1.68 trillion. Population (2022): 25.98 million. GDP per Capita (2022): $64,491. HDI (2021): 0.951. Australia is a developed country. The Land Down Under has widespread industrialization and provides quality healthcare for the majority of its citizens.
- Belgium. GDP (2022): $578.6 billion. Population (2022): 11.67 million. GDP per Capita (2022): $49,582. HDI (2021): 0.937. Belgium is a developed country. The Kingdom of Belgium has a life satisfaction rating of 6.5.
- Brazil. GDP (2022): $1.92 trillion. Population (2022): 215.31 million. GDP per Capita (2022): $8,917. HDI (2021): 0.754. Brazil is a developing country. Though it has several characteristics of a developed nation, including the largest economy in South America or Central America, Brazil is still considered a developing country due to its lower GDP per capita, higher infant mortality rate, and other factors.
- Canada. GDP (2022): $2.14 trillion. Population (2022): 38.93 million. GDP per Capita (2022): $54,966. HDI (2021): 0.936. Canada is a developed country. As the 9th-largest world economy based on GDP, Canada has a diverse economic base.
May 29, 2024 · The U.S., China, Germany, Japan, and India are some of the top economies in the world, based on gross domestic product (GDP). GDP is an estimate of the total value of finished goods...
