New World Order: Ranking the Largest Economies by GDP
Below is a list of the 10 largest economies in the world according to the World Bank, ranked by GDP, which is the total value of all finished goods and services produced within a country.*
|Country||GDP (in $trillions)|
Notably, Russia comes in at number 11 with a GDP of $1.65 trillion, which is less than 10% of the United States GDP. The Russian military budget is estimated to be about $62 billion, again, less than 10% of U.S. military spending, which was $686 billion for fiscal 2019.** These figures are notable given the outsized impact Russia has, and demonstrates how technology can level the playing field in global politics.
To put the U.S. defense budget into context, at $686 billion, it’s about equal to the GDPs of Denmark and the Philippines combined.
David R. Evanson is a financial journalist in Philadelphia.
* Anonymous, (2019). GDP (current US$). The World Bank. Retrieved December, 2019
** Ellyatt, Holly, (April, 2019). Russia drops out of top 5 global military spenders while US and China up the ante. CNBC. Retrieved December, 2019