First Amendment:
The United States and China continue to top the list of the ten largest economies in the world, according to the size of their gross domestic product, according to the latest update prepared by the World Economic Forum. Germany expelled Japan and Russia dropped out of the group.
The economies of the United Kingdom and Japan, two of the world's largest, had one thing in common from October to December 2023: they contracted for the second quarter in a row, what is known in economics as a “technical recession.”
In the United Kingdom, GDP contracted by 0.3% in the fourth quarter of last year, after falling by 0.1% between July and September, according to the Department of Statistics; Japan showed a decline of 0.4% annually between October and December, the second in a row.
This means that the behavior of its production of goods and services is not going through the best moment, although statistics indicate that these periods are generally superficial and short-term.
The United Kingdom and Japan are the only two G7 countries whose economies are currently in recession territory. Against the backdrop of these movements and the update of macroeconomic data at the beginning of 2024, the World Economic Forum (WEF) updated the ranking of the ten largest economies in the world.
Japan leaves the podium
With an annual GDP of $28 trillion and $19 trillion, respectively, the United States and China retained first and second places, compared to the same list published by the World Economic Forum in August 2023.
In third place is no longer Japan, but Germany, while India, the United Kingdom and France also defended their previous positions. Italy has climbed almost the same steps as Canada.
The big news was that Russia dropped off the list to make room for Brazil, which in 2024 reaches ninth place among the countries with the highest production of goods and services.
According to the World Economic Forum, the world's four major economies account for half of global GDP, a proportion that rises to two-thirds when data is taken from the ten countries in the group.
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