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The United States and China continue to lead the list of the ten largest economies in the world, according to the size of their gross domestic product, according to the most recent update prepared by the World Economic Forum. Germany ousted Japan and Russia left the group.
The economies of the United Kingdom and Japan, two of the largest in the world, had a common denominator in the period October-December 2023: they contracted for the second consecutive quarter, which in economics is known as a “technical recession.”
In the United Kingdom, gross domestic product contracted 0.3% in the final quarter of last year, after falling 0.1% between July and September, according to the statistics department; Japan showed a fall of 0.4% annually between October and December, the second in line.
It means that the behavior of its production of goods and services is not going through the best moment, although statistics show that these periods are generally superficial and short-lived.
The United Kingdom and Japan are the only G7 countries whose economies, for now, are in recessionary territory. With these movements as a backdrop and macroeconomic data updated 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 place, 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 climbed almost the same steps that Canada went down.
The big news was that Russia left the list to make way for Brazil, which in 2024 reached ninth place among the countries with the highest production of goods and services.
According to the WEF, the world's four main economies represent half of global GDP, a proportion that increases to two-thirds when data from the ten countries in the group are taken.
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