The year 2020 is all geared up to witness it’s even share of instability and ambiguity. The presidential election of the USA, Brexit, trade disputes and ongoing COVID-19 pandemic will factor in the growth of global economy. How will all this impact the growth rate of wealthy economies across the globe? The United Nations recognizes 251 countries in the world, only a few qualify to be termed as “rich”. It all comes down to the GDP of the nations that facilitate the “rich” tag. Let us have a look at the top 10 richest nations across the globe.
Slovenia, a central European country is globally known for its mountains, ski resorts, and lakes. The nation depends on industries like electronics, ferrous metallurgy, lead and zinc smelting to fuel its economy. The agricultural aspect of the nation’s economy is driven by hops, wheat, coffee, sheep, poultry, and cattle farming. It is anticipated that business investment shall continue to grow, however at a slower pace in contrast to the last few years.
Chile located along the western coastline of South America is home to approximately 18 million people. The GDP of the nation is mostly governed by mining, manufacturing, wholesale and retail trade. The key agricultural crops include apples, onions, pears, and grapes. On the account of its large-scale structural reform, the nation has witnessed substantial growth over the last ten years. A journal published by the World Bank states that the percentage of the country’s population who live in poverty have reduced to 6.4 percent in 2017 from 30 percent in 2000. The economic growth of Chile in 2020 is assessed to face bolstered growth owing to the increase in copper prices.
The economic growth of Israel is anticipated to grow at a steady pace, the same rate as witnessed in 2019. Based on its economic and industrial development, Israel is considered the most advanced country of Middle and Southwest Asia. Israel relies on high-tech industry and tourism to help power its economy. The exports market of the nation is predicted to witness significant growth in the future on account of its plan to sell gas exports to Egypt
Poland, a Central European country, is the fifth most populous member state of the EU. This nation is one of the most dynamic economies in the world, concurrently gaining a very high rank on the HDI. Poland is the only European nation to have avoided the 2008 recession. The structural reforms in service sector, health care, education, and the pension system have rendered larger-than-expected fiscal pressures. Increased private consumption and expansion of investment activities have led to considerable growth in recent years. The year 2020 is anticipated to witness a slight pace drop on account slowdown in European growth.
Hungary, a central European nation is predicted to face significant growth in the year 2020. The GDP of this nation is largely driven by metallurgy and construction materials and agricultural products that include corn, wheat, and sunflower seeds. Private investment is foreseen to witness a surge along with large real estate development projects. Owing to an increase in disposable income, purchasing power and private consumption are boosting. However, economic growth is stalling in comparison to the growth rate of 2019 as the impact of weaker international growth.
Ireland, a west European island is predicted to witness its economic expansion on account of
Consumer wage increase across the nation. The key driver for GDP growth in 2020 is likely to be a growing investment. The nation is acknowledged for its dairy products, potatoes, and beef. The prime industries that contribute to Ireland’s economic growth are pharma, chemical, medical devices, computer hardware, and software, However, It is worth mentioning that is a growth drop in comparison to 2019 figure due to Brexit (fewer business investments) and weak global growth.
The sultanate of Oman is one of the few global economies predicted to witness a better GDP rate in 2020 in comparison to earlier. Natural gas and crude oil production lead to the nation’s economy. Lemon, dates, and bananas are important agricultural products. The government investments in the Khazzan gas field coupled economic diversification programs are key drivers. Youth unemployment acts as a grave challenge for economic growth.
Malta, a tiny nation in the Mediterranean Sea is an archipelago that covers only 122 square miles. The IMF has predicted a significant GDP growth for the nation in 2020 driven by increasing private consumption, employment growth, and continual progress in the international service sector. The nation produces potatoes, grapes, wheat, and tomatoes, in addition to pork, dairy, and poultry. The tourism industry along with the electronic, construction, and pharma industries keeps the national economy afloat. Even though, the nation is anticipated to witness robust economic growth, however, the economic growth may dip a little due to external factors like weaker global growth, Brexit and political instability
China, known as the second-largest economy of the world, is predicted to witness a significant GDP growth in 2020. While the growth rate is much higher than other countries, the growth rate is anticipated to be a 30-year low for China. This economic downshift is partially due to feebler demand in both domestic and international markets, rising traffic because of the trade war with the US. Nonetheless, the implementation of substantial structural reforms is likely to create sustainable growth prospects in the future.
India tops the GDP growth list; it has been predicted that GDP will significantly increase in 2020. This nation has beheld dynamic economic expansion over the past 20 years. Persistent growth in the services sector and gigantic inbound investments from international companies are the key drivers of the growth. Even though the trade war between the two world powers, the USA and China has adversely impacted the economic growth of India, however, due to its robust economic growth India can offset the negative impact.
** The top 10 rankings are based on GDP predictions for 2020.
The COVID-19 pandemic may introduce major shifts in global economic growth.