Saudi Arabia to Be Among Top 20 Economies by 2030
Saudi Arabia is expected to enter the 20 largest economies in the world by 2030, according to a report by Yahoo Finance Foundation.
Yahoo Finance used IMF data on each country’s GDP until 2028 to identify the world’s largest economies by 2030.
IMF used data on each country’s gross domestic product (GDP) until 2028, with the calculation of each country’s composite annual growth rate from 2023 to 2028, proportionate to GDP for 2030.
America tops list
The United States of America topped the list with a gross domestic product (GDP) of about $34.85 trillion.
In second place, China’s gross domestic product (GDP) stood at $31.62 trillion, at 7.5%. India also ranked third at $6.5 trillion.
Japan came fourth with $5.7 trillion, recovering well from the effects of the pandemic and showing strong growth in the second quarter of 2023, with economic growth exceeding expectations.
Germany also assumed a fifth position with $5.37 trillion, remaining Europe’s largest economy in 2030. It is the only European country whose GDP is expected to exceed $5 trillion.
The United Kingdom ranked sixth, with a local output of $4.77 billion. It suffered significantly after the pandemic, especially in terms of cost of living and the energy crisis.
Nevertheless, the composite annual growth rate is expected to be about 6% from 2023 to 2028.
France also finished seventh, with a gross domestic product of $3.6 billion although its economic outlook has recently declined due to social tensions. However, it remains one of the world’s largest economies by 2030.
Brazil came eighth, with a gross domestic product of $3 billion; it experienced a strong recovery in 2023. GDP growth forecast was revised from 0.8% to 2% for 2023.
Canada was ninth with a local output of $2.84 billion although a contraction was expected in 2024. Its economy is expected to rebound in 2025 and 2026.
Italy recorded a local output of $2.57 billion.
World’s Largest Economic Islamic State
Indonesia is the world’s largest economic Muslim nation, having been ranked 11th with a total domestic conqueror. It stands at $2.39 billion. Indonesia is expected to outperform other competitors in the coming years.
Russia followed in 12th place with a gross domestic product of $ 2.35 billion. The lowest projected GDP growth rate from 2023 to 2028 may be recorded due to sanctions.
South Korea also came in 13th place with a GDP of $ 2.30 billion. It has emerged as an advanced economy over the past few decades and is expected to continue its strong growth in the long term, making it one of the world’s largest economies by 2030.
Mexico finished 14th with a gross domestic product of $ 2.15 billion, following its outstanding economic performance. Australia’s in the 15th; her gross domestic product (GDP) stood at $ 2.13 billion. Her per capita economic activity is expected to return in 2025 as it was in 2021.
Spain finished in sixteenth place with a gross domestic product of $1.87 billion, having recently provided a boost to the eurozone in the second quarter of 2023. Turkey ranked 17th with a gross domestic product of $ 1.48 billion. It is worthy to note that Turkey’s inflation rates reached about 50% in 2023.
The highest rate of economic growth
The Netherlands also finished 18th with a gross domestic product (GDP) of $ 1.37 billio after facing challenges for its economy. The country also lowered its GDP growth forecast.
In 19th place was Saudi Arabia, with a gross domestic product of $ 1.34 billion. The Kingdom’s economic growth in 2022 was 8.7%. It is the highest proportion of all member states in the G-20.
At the bottom of the list is Switzerland with a gross domestic product of $1.21 billion. Her economy is expected to grow at a stable level in the next decade.
According to the report, the global growth rate is expected to fall to 3% in both 2023 and 2024. It is even worse than 2022 when the growth rate was 3.5%. Global inflation fell to 6.8% in 2023, compared to 8.7% in 2022.
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