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In 2024, the <keyword id="7952869" type="General" weightage="20" keywordseo="largest-economies-in-the-world" source="Orion">largest economies in the world</keyword> are the United States, China, Germany, Japan, and India, based on their GDP. GDP, or Gross Domestic Product, is an important measure of how big a country's economy is. One common way to calculate GDP is by adding up all the money spent on new consumer goods, new investments, government spending, and the value of exports minus imports. This article will look at the <keyword id="22151442" type="General" weightage="20" keywordseo="ten-biggest-economies" source="Orion">ten biggest economies</keyword> in the world in 2024, according to <a href="https://www.forbesindia.com" data-type="tilCustomLink" target="_blank">Forbes</a>, based on their GDP.<br /><br /><cmsannotation type="cmsannotation" annotationid="World's largest economies by GDP" comment="subhead" text="World's largest economies by GDP"><span data-til="noop">World's <keyword id="8471222" type="General" weightage="20" keywordseo="largest-economies-by-GDP" source="Orion">largest economies by GDP</keyword></span></cmsannotation><br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rank<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Country<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">GDP (USD billion)<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">GDP Per Capita (USD thousand)<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">1<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">United States Of America (U.S.A)<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">28,783<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">85.37<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">China<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">18,536<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">13.14<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Germany<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4,590<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">54.29<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Japan<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4,112<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">33.14<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">5<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">India<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3,942<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2.73<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">6<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">United Kingdom (U.K.)<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3,502<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">51.07<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">7<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">France<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3,132<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">47.36<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">8<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Brazil<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2,333<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">11.35<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">9<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Italy<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2,332<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">39.58<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">10<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Canada<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2,242<br /><br /></td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">54.87<br /><br /></td></tr></tbody></table><br /><cmsannotation type="cmsannotation" annotationid="1. United States of America (U.S.A.)" comment="subhead" text="1. United States of America (U.S.A.)"><span data-til="noop">1. United States of America (U.S.A.)</span></cmsannotation><br />The United States has been the world's largest and richest economy since 1960. Its economy is very diverse, with important sectors like services, manufacturing, finance, and technology driving its growth. The country benefits from a large consumer market, encourages innovation and entrepreneurship, has a strong infrastructure, and offers good business conditions.<br /><br /><cmsannotation type="cmsannotation" annotationid="2. China" comment="subhead" text="2. China"><span data-til="noop">2. China</span></cmsannotation><br />China's economy has grown significantly, rising from fourth place in 1960 to second place today. Its economy mainly relies on manufacturing, exports, and investment. China benefits from a large workforce, strong government support, improved infrastructure, and a rapidly growing consumer market.<br /><br /><cmsannotation type="cmsannotation" annotationid="3. Germany" comment="subhead" text="3. Germany"><span data-til="noop">3. Germany</span></cmsannotation><br />Germany's economy is heavily based on exports and is famous for its expertise in engineering, automotive, chemical, and pharmaceutical industries. It benefits from a skilled workforce, strong research and development, and a strong focus on innovation.<br /><br /><cmsannotation type="cmsannotation" annotationid="4. Japan" comment="subhead" text="4. Japan"><span data-til="noop">4. Japan</span></cmsannotation><br />Japan's economy is known for its advanced technology, strong manufacturing, and service industries. Key sectors include automotive, electronics, machinery, and finance. Japan is also recognised for its strong work ethic, innovative technology, and high-quality exports.<br /><br /><cmsannotation type="cmsannotation" annotationid="5. India" comment="subhead" text="5. India"><span data-til="noop">5. India</span></cmsannotation><br />India is the 5th largest economy in the world in 2024. Its economy is diverse and growing quickly, driven by key sectors like information technology, services, agriculture, and manufacturing. India benefits from a large domestic market, a young and tech-savvy workforce, and a growing middle class.<br /><br /><cmsannotation type="cmsannotation" annotationid="6. United Kingdom (U.K.)" comment="subhead" text="6. United Kingdom (U.K.)"><span data-til="noop">6. United Kingdom (U.K.)</span></cmsannotation><br />The United Kingdom's economy includes a mix of services, manufacturing, finance, and creative industries. London is a global financial centre that attracts foreign investments. Trade partnerships and globalisation also contribute to the UK's economic growth.<br /><br /><cmsannotation type="cmsannotation" annotationid="7. France" comment="subhead" text="7. France"><span data-til="noop">7. France</span></cmsannotation><br />France's economy is diverse, focusing on industries like aerospace, tourism, luxury goods, and agriculture. France is known for its strong social welfare system, good infrastructure, and significant investment in research and development.<br /><br /><cmsannotation type="cmsannotation" annotationid="8. Italy" comment="subhead" text="8. Italy"><span data-til="noop">8. Italy</span></cmsannotation><br />Italy has a well-developed economy and is the third-largest in the European Union. The country is known for its strong and innovative business sector, as well as its competitive and hardworking agricultural industry.<br /><br /><cmsannotation type="cmsannotation" annotationid="9. Brazil" comment="subhead" text="9. Brazil"><span data-til="noop">9. Brazil</span></cmsannotation><br />Brazil's economy includes many sectors like agriculture, mining, manufacturing, and services. It's well-known globally for its agriculture, which means growing and selling crops and exporting them. The economy grows because of things like how much things cost, how much people in the country buy, and how well they build roads and buildings.<br /><br /><cmsannotation type="cmsannotation" annotationid="10. Canada" comment="subhead" text="10. Canada"><span data-til="noop">10. Canada</span></cmsannotation><br />Canada's economy depends a lot on its plentiful natural resources like oil, gas, minerals, and timber. It also has a strong services sector, which means businesses that provide services rather than goods, a well-developed manufacturing industry, and a strong commitment to encouraging new ideas and improvements in technology.<br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/thelife/personalities/article/top-10-most-richest-women-in-the-world/articleshow/110941545.cms" data-type="tilCustomLink" target="_blank">Top 10 richest women in the world in 2024</a><br />

Top 10 largest economies in the world in 2024

<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Sorry, America. China just overtook the US to become the world's largest economy, according to the International Monetary Fund.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Chris Giles at the Financial Times </span><span style="font-size: 15px; line-height: 1.5em;"></span><a href="http://ftalphaville.ft.com/2014/10/07/1998332/moneysupply-the-new-world-economy-in-four-charts/">flagged up the change</a><span style="font-size: 15px; line-height: 1.5em;">. He'd also alerted us back in April this year that it was </span><span style="font-size: 15px; line-height: 1.5em;"></span><a href="http://www.ft.com/cms/s/0/d79ffff8-cfb7-11e3-9b2b-00144feabdc0.html">all about to happen</a><span style="font-size: 15px; line-height: 1.5em;">. </span></p>
<p>Basically, the method used by the IMF adjusts for purchasing power parity, <a href="http://www.imf.org/external/pubs/ft/fandd/2007/03/basics.htm">explained here</a>. The simple logic is that prices aren't the same in each country: a shirt will cost you less in Shanghai than San Francisco, so it's not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. <a href="http://www.economist.com/content/big-mac-index">The Economist's Big Mac Index</a> is a great example of these disparities.</p>
<p><span style="font-size: 15px; line-height: 1.5em;">So the IMF measures both GDP in market exchange terms, and in terms of purchasing power. On the purchasing power basis, China is overtaking the US right about now and becoming the world's biggest economy.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">We've just gone past that cross-over on the chart below, according to the IMF. By the end of 2014, China will make up 16.48% of the world's purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion):</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="IMF, Google Public Data Explorer" title_caption="Adjusted for purchasing power, the IMF thinks China's economy is now the world's largest." class="zoomin" href="https://static-ssl.businessinsider.com/image/5434f54a6bb3f7fd5406f095-960/screen shot 2014-10-08 at 09.25.43.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>IMF, Google Public Data Explorer</span></p><p class="caption">Adjusted for purchasing power, the IMF thinks China's economy is now the world's largest.</p></div><p></p></div></div><span style="font-size: 15px; line-height: 1.5em;">It's not all sore news for the US. It'll be some time yet until the lines cross over in raw terms, not adjusted for purchasing power. By that measure, China still sits more than $6.5 trillion lower than the US, and isn't likely to overtake for quite some time:</span></span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="IMF, Google Public Data Explorter" title_caption="But in terms of the raw market value of China's currency, it still has a long way to go." class="zoomin" href="https://static-ssl.businessinsider.com/image/5434f8f569beddfb2f06f089-960/screen shot 2014-10-08 at 09.40.31.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>IMF, Google Public Data Explorter</span></p><p class="caption">But in terms of the raw market value of China's currency, it still has a long way to go.</p></div><p></p></div></div><br /></span></p>

China Just Overtook The US As The World's Largest Economy

Here’s a list of top 10 largest economies of the world

<br /><ul><li><strong><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is set to overtake the UK in 2019 in the rankings of the world’s largest economies. <br /></strong></li><li><strong>The India economy may witness a growth of 7.6% in 2019 whereas the UK economy will only see a growth of 1.6% if it deals with the no-deal <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword>, according to a prediction by PwC. <br /></strong></li><li><strong>India is going to move from the seventh position to the fifth position while the UK is going to slip in the list of global economic leaders, expected PwC. </strong></li></ul>India is on track to surpass the UK in the rankings of world’s largest economies, amid Britain’s potential exit from the <keyword id="6355110" type="LOCATION" weightage="20" keywordseo="european-union">European Union</keyword>, according to<a href="https://www.dailymail.co.uk/news/article-6510139/UK-economy-slip-7th-biggest-world-2019-PwC.html"> a recent prediction </a>by Pricewater house Coopers (PwC). <br /><br /> "India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is therefore all but certain to continue to rise in the global GDP league table in the coming decades." <br /><br />According to PwC, the global economy is expected to slow in 2019 as G7 countries return to long-run average growth rates, <br /><br />"The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. This phase is now over, and in 2019 we expect the G7 economies to return to growth rates close to their long-run averages," the report said. <br /><br />India is likely to witness an economic growth of 7.6 percent in 2019 whereas UK will settle at 1.6 percent if the country manages to deal with the no-deal Brexit in March. Moreover, India is also going to move up from seventh to the fifth position in the coming years, reported Reuters<a href="https://uk.reuters.com/article/uk-britain-economy-rank-idUKKBN1OI00L"> citing</a> the PwC projections on global economic trends. <br /><br />On the flip side, the UK, which was estimated to be the fifth largest economy in the world in 2018 by the IMF will move down to seventh place in the rankings, behind India and France. <br /><br />The prediction warns about the challenges that Britain is going to face once it steps out of the European Union. <br /><br />However, the government of the UK has assured that it will be a global leader once the make an exit from EU. <br /><br /><em>(With IANS inputs)</em><br /><br /><strong>See also: </strong><br /><a href="https://www.businessinsider.in/the-indian-rupee-just-clocked-its-highest-one-day-gain-since-2013-as-global-oil-prices-plummeted-to-a-yearly-low/articleshow/67158268.cms">The Indian rupee just clocked its highest one-day gain since 2013 as global oil prices plummeted to a yearly low</a><br /><br /><a href="https://www.businessinsider.in/sri-lankas-parliament-reassembles-with-the-same-prime-minister-but-the-political-crisis-might-not-be-over-just-yet/articleshow/67160971.cms">Sri Lanka’s Parliament reassembles with the same Prime Minister but the political crisis might not be over just yet</a><br /><br /><a href="https://www.businessinsider.in/latest/from-indian-prime-minister-narendra-modi-to-his-rival-rahul-gandhi-a-look-at-the-top-10-indian-twitter-accounts-that-made-2018-interesting/articleshow/67171978.cms">From Indian Prime Minister Narendra Modi to his rival Rahul Gandhi — A look at the top 10 Indian Twitter accounts that made 2018 interesting</a><br />

India may become the world's fifth largest economy in 2019: Report

<p>Brazil is in free fall.</p><p>Data released on Monday showed that economic activity in the world's 7th largest economy fell 8% this <a href="http://www.reuters.com/article/brazil-economy-activity-idUSL2N16M0D9">January from a year before.</a> That makes it the 11th month in a row that activity has fallen.</p><p>This is going to be a difficult problem to solve, since Brazil's government is a complete mess right now.</p><p><a href="http://www.reuters.com/article/us-brazil-rousseff-protests-idUSKCN0WF0IX">Millions of Brazilians took to the streets</a> over the weekend, peacefully protesting corruption that has reached the highest levels of the country's government. It all stems from a 2014 corruption sting called Operation Car Wash, that showed the ruling party was engaged in widespread corruption of Petrobras, the country's massive quasi-state oil company.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Demonstrators attend a protest against Brazil's President Dilma Rousseff, part of nationwide protests calling for her impeachment, at Copacabana beach in Rio de Janeiro, Brazil, March 13, 2016.</p></div><p></p></div></div></p><p>Last week, beloved former President Luiz Inacio Lula da Silva was taken into custody and questioned about ill-gotten gains connected the scandal. Over the weekend, protestors called for Lula's successor, Dilma Rousseff, to resign. She also faces impeachment proceedings in the country's legislature. Analysts expect Brazil's economy to contract by 3.5% in 2016, but the estimates keep rolling in, and they keep going lower.</p><p>Meanwhile, the real, Brazil's currency, has been a whipsaw. After climbing <a href="http://www.bloomberg.com/news/articles/2016-03-14/brazil-real-falls-as-commodities-drop-offsets-protest-movement">to a 7 year high, it fell 0.9% </a>against the US dollar on Monday, mirroring oil and iron ore prices, two huge exports for the country.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Yahoo Finance</span></p><p class="caption">The Brazilian Real dropping against the US Dollar</p></div><p></p></div></div></p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-krugman-investment-tips-2016-2">Paul Krugman gave us his top 3 investment tips</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xudmZhMTE6S5SEv1FarlRUAQbNObnowO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

More wretched news in the world's 7th largest economy

<br /> A report from mobile-app analytics company <keyword id="1646890" type="COMPANY" weightage="100" keywordseo="App-Annie">App Annie</keyword> has placed India at the fourth rank when it comes to largest <keyword id="3475737" type="UNKNOWN" weightage="100" keywordseo="app-economies">app economies</keyword>, while adding that Indians have also rapidly increased the amount of time spent on apps.<br />
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When it comes to the number of total app downloads per year, India is behind only China, US, and Brazil, with the number set to grow by 92% and reach 7.7 billion downloads by the end of this year. This number would further reach 20.1 billion by 2020.<br />
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In comparison, China, which is ahead of India, has a slower growth rate expected this year; however, the absolute figure would still be more than six times more than that of India. <br />
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"With the introduction of affordable smartphones and better infrastructure supporting mobile, and given India's population, the growth here is expected to be significant," Junde Yu, MD of App Annie APAC, told <a href="http://economictimes.indiatimes.com/tech/software/india-is-worlds-fourth-largest-app-economy-report/articleshow/53092793.cms">TNN</a>. He added that the most important thing driving the app economy as of now is not the number of downloads or the revenue; rather, it is the amount of time users spend on these apps.<br />
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The amount of time spent by Indians on apps in the first quarter of 2016 grew more than twice when compared from the first quarter of 2014. While retail apps saw the time spent growing by 11.5 times during the same period, video-streaming apps saw it growing 7.4 times.<br />
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<em><a href="http://www.focusteck.com/wp-content/uploads/2016/04/secret-of-mobile-apps.jpg">Image source</a></em>

India becomes world's fourth-largest app economy, says report

NEW DELHI: India has displaced <keyword id="6355311" type="COUNTRY" weightage="60" keywordseo="Japan">Japan</keyword> to become the world’s third biggest <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword> in terms of purchasing power parity (PPP), according to a <keyword id="6354424" type="ORGANIZATION" weightage="40" keywordseo="World-Bank">World Bank</keyword> report released on Tuesday.<br />
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The 2011 round of the bank’s International Comparison Program (ICP) ranked India after the US and China. The last survey in 2005 had placed the country on 10th place.<br />
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PPP is used to compare economies and incomes of people by adjusting for differences in prices in different countries to make a meaningful comparison.<br /> India’s share in <keyword id="524625" type="UNKNOWN" weightage="40" keywordseo="world-GDP">World GDP</keyword> in terms of PPP was 6.4% in 2011 compared with China’s 14.9% and the US’ 17.1%, the latest ICP showed. The survey covered 199 economies.<br />
“The United States remained the world’s largest economy, but it was closely followed by China when measured using PPPs. India was now the world’s third largest economy, moving ahead of Japan,” the report said.<br />
<br /> Despite high inflation in India in recent years, prices in the country are still well below those in advanced economies, explaining the higher raking for India on the PPP measure. But according to the <keyword id="6366068" type="ORGANIZATION" weightage="40" keywordseo="INTERNATIONAL-MONETARY-FUND">International Monetary Fund</keyword> (IMF), India’s economy is 12th largest and only about a third of Japan’s in terms of absolute unadjusted dollars. “The economies with the lowest prices are either in Africa or Asia and the Pacific and include India, which has the third-largest economy,” the report noted.<br />
<br /> “Because economies estimate their <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> at national price levels and in national currencies, those GDPs are not comparable. To be compared, they must be valued at a common price level and expressed in a common currency,” the report said, giving out the rationale for the PPP adjustments.<br />
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For example, people in a country with higher average per capita income may not necessarily have a better quality life than a country with lower average per capita income.<br />
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This makes it a good tool to compare poverty levels across countries.<br />
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“One major use of PPPs is poverty assessment using the World Bank’s international poverty threshold of $1.25 per day per person. National poverty assessments differ because the purchasing power of national currencies differs from one economy to another,” the report said.<br />
In terms of per capita GDP, even in PPP terms, India ranks very low at 127 in the 199-country ranking.<br />
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“The largest economies were not the richest, as shown in the ranking of GDP per capita. The middle-in­come economies with large economies also had large populations, setting the stage for continued growth,” the report noted.<br />
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In the latest ranking, India’s economy was 37.1% of the US economy compared with 18.9% in 2005.<br />
The report said in terms of spending power, the differences have come down.<br />
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“The spread of per capita actual individual consumption as a percentage of that of the United States has been greatly reduced, suggesting that the world has become more equal,” it said but cautioned some of this could be due to changes in the methodology.

India Displaces Japan To Become Third-Largest World Economy In Terms Of PPP: World Bank

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">The shadow of the Earth falls across the face of the Moon, with a six-pointed decorative star on a Christmas tree in the foreground, above Russia's far eastern city of Vladivostok during a full lunar eclipse December 21, 2010.</p></div><p></p></div></div>UK construction machinery firm JCB has said that it will <a href="http://www.bbc.com/news/uk-england-stoke-staffordshire-34314653#?utm_medium=twitter&amp;utm_source=twitterfeed">cut 400 jobs</a> around the world, mostly due to a massive slowdown in business in Russia, China, and Brazil.</p><p>This is a horrible sign for three of the biggest economies in the world. </p><p><span><strong>"In the first six months of the year, the market in Russia has dropped by 70%, Brazil by 36% and China by 47%,"</strong> said JCB CEO Graeme Macdonald in a press release.</span></p><p><span>"Parts of Europe are also struggling, with France down by 26%. Even the strong growth in the UK and North America has softened due to a fall in market confidence over the summer, which has been prompted to an extent by low oil and commodity prices in countries which depend on these resources to drive economic growth."</span></p><p>JCB makes construction and agricultural machinery and competes with US rival Caterpillar for much of that business. Caterpillar said in its second quarter earnings statement that continued economic weaknesses in China and Brazil <a href="http://www.caterpillar.com/en/news/corporate-press-releases/h/caterpillar-reports-second-quarter-2015-results.html">"haven't helped confidence</a>."</p><p><span>Brazil, Russia, and China were all countries that consumed and exported a ton of commodities like steel, copper, and oil. Commodities prices started falling at the end of last year. The Bloomberg Commodities Index has fallen by almost 26% over the last year.</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bloomberg.com</span></p><p class="caption">The Bloomberg Commodities Index over one year.</p></div><p></p></div></div></span></p><p><span>China is especially dependent on new buildings being built to drive its economy. That has led to over-building, with the real estate market slowing in recent months.</span></p><p><span>Russia's slowdown is largely to do with the slumping oil price, and sanctions the world placed on it after Russian troops moved into Ukraine.</span></p><p><span>Brazil is another story. It's a big commodity exporter, so the commodities price plunge has been rough on the country. It's also going through another domestic disaster, as a corruption scandal at $40 billion quasi-state owned oil company Petrobras has reached the highest levels of the Brazilian government.</span></p><p><span>Now President Dilma Rousseff's approval rating is sitting at 7%, the country's currency has lost a quarter of its value since the start of the year, and inflation is around 10%.</span></p><p><span>Brace yourselves.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/russia-incinerates-illegally-imported-goods-2015-8">Russia just destroyed 300,000 pounds of bacon and cheese</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Jxc25ydjpuk4GizE2NI0ELs20GHss5ky" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Another sign that things are going horribly wrong in 3 of the world's largest economies

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Reuters</span></p><p class="caption">Brazilian President Dilma Rousseff.</p></div><p></p></div></div>It's chaos in Brazil.</p><p>President Dilma Rousseff's chief political opponent, Eduardo Cunha, has started the ball rolling on her impeachment.</p><p>"Members of Congress are expected to take weeks until they reach a final decision, meaning that high levels of political uncertainty will continue to pose a significant challenge," writes <span>Thomaz Favaro </span>, an analyst at consultancy Control Risks.</p><p>That, perhaps, is an understatement.</p><p>Rousseff is accused of breaching fiscal discipline in 2014 and 2015. Specifically, the opposition alleges that Rousseff - who won reelection in 2014 by the slimmest of margins - made the country's economic situation seem better than it was before and after the vote.</p><p>But the reality is more complex. For over a year, Brazil has suffered from a major economic crisis. Government revenues and the country's GDP rate are contracting, inflation has hit about 6.5% and is expected to rise next year, and the country is projected to run a 7.5% fiscal deficit in 2016.<div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Societe Generale</span></p></div><p></p></div></div></p><p>This is all, in part, due to the fact that the nation's main exports - commodities - have seen their prices collapse over the last year.</p><p>Rousseff's disaster is also, in part, due to <a href="https://www.washingtonpost.com/news/worldviews/wp/2014/11/17/operation-carwash-in-brazil-causes-normally-staid-business-meeting-to-go-off-script/">"Operation Car Wash" - the investigation that, starting in March 2014</a>, uncovered the deepest corruption scandal in the country's history embedded within the state oil company, Petrobras. The scandal has reached the highest levels of government, including beloved ex-President Luis Inacio Lula da Silva.</p><p>Think briefcases of cash, money laundering, kick-backs - the works. Optimistic pollsters now put Rousseff's approval rating at 10%. At protests over the spring, some Brazilians were calling for a <a href="http://www.businessinsider.com/brazil-protesters-call-for-military-intervention-2015-3">return to rule by military junta</a>.</p><p>Which explains why, in some quarters, the possible impeachment of a twice-elected leader is being viewed as progress. On the news that Rousseff may be ousted, Brazil's stock indices, the battered Bovespa Index, is up 3.5%.</p><p>The Bovespa over two years:</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Yahoo Finance" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5660659384307668008b70e9-960/screen shot 2015-12-03 at 10.53.16 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Yahoo Finance</span></p></div><p></p></div></div></p><h2>Everyone is just dreadful</h2><p>Cunha, leader of Brazil's lower legislative house, is also being investigated for corruption associated with the Petrobras scandal. As such, some political analysts believe that this is his attempt to deflect attention from his alleged connection to what has, since last year, attacked the psyche of Brazilians, eroding their confidence in the democracy that brought them so much prosperity more than a decade ago.</p><p>"It is difficult to say whether the opposition has the required strength to pass and send the impeachment process to the Senate, but the process could still delay the legislative agenda even if the government survives. At the very least, it continues to raise investor anxiety and uncertainty over policy direction," wrote analysts at Societe Generale in a recent note.</p><p>Delay is the last thing Brazil's legislative agenda needs. The country must somehow strike a balance between cutting costs and allowing for growth. That's a difficult task in difficult times and nearly impossible during all-out political war.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Reuters</span></p><p class="caption">A giant inflatable doll depicts Brazilian President Dilma Rousseff during a protest against her and the Workers' Party in Brasilia, Brazil, September 7.</p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/frank-perkins-hixon-jr-insider-trading-story-investment-banker-mistress-child-2015-11">How a successful investment banker used insider information to bankroll his mistress and child</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I3cGV5eDpNp-um-fuwDxzHgv3f6qYrGH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

It's all-out political war in the world's 7th-largest economy

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/metadata/Index/BlackRock-Fink/25bdec23f09c4b9b958df50a16bceca5/4/0">Mark Lennihan/AP</a></span></p><p class="caption">Larry Fink</p></div><p></p></div></div>BlackRock CEO Larry Fink says negative interest rates are lining up savers and the economy for "potentially dangerous financial and economic consequences."</p><p>In his <a href="https://www.blackrock.com/corporate/en-gb/investor-relations/larry-fink-chairmans-letter">annual letter</a> to shareholders published Sunday, the head of the world's largest asset manager singled out the risk of sub-zero rates on the economy.</p><p>Japan and some countries in Europe have lowered benchmark interest rates below zero to encourage borrowing and spending, and so stimulate their economies.</p><p>In short, Fink argued that the lower rates are, the more money savers need to put aside to meet their retirement income and other goals. </p><p>This in turn lowers how much discretionary income they have left to spend. And as the backbone of the US economy, lower consumer spending could be a drag on growth.</p><p>Here's Fink (emphasis ours): </p><p style="padding-left: 60px;">Not nearly enough attention has been paid to the toll these low rates - and now negative rates - are taking on the ability of investors to save and plan for the future. People need to invest more today to achieve their desired annual retirement income in the future. For example, a 35-year-old looking to generate $48,000 per year in retirement income beginning at age 65 would need to invest $178,000 today in a 5% interest rate environment. In a 2% interest rate environment, however, that individual would need to invest $563,000 (or 3.2 times as much) to achieve the same outcome in retirement.</p><p style="padding-left: 60px;"><span><strong>This reality has profound implications for economic growth: consumers saving for retirement need to reduce spending if they are going to reach their retirement income goals and retirees with lower incomes will need to cut consumption as well. A monetary policy intended to spark growth, then, in fact, risks reducing consumer spending</strong>.</span></p><p>The Federal Reserve has said it has <a href="http://www.businessinsider.com/yellen-semi-annual-testimony-day-2-2016-2">considered whether negative rates would work</a> in the US as a monetary policy tool, although it's unlikely it would resort to using them. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/property-brothers-the-secret-to-selling-your-home-for-the-most-money-possible-2016-4">The secret to selling your house for more money</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tyYzdvMjE6T3kPJBvUJ6dX38CkDc4HcH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world's largest investor says negative rates are breeding a disaster for the economy

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Brazil's former President Lula da Silva talks during a news conference after a meeting with Rio de Janeiro's Governor Pezao in Rio de Janeiro</p></div><p></p></div></div>Brazil has lost it, and not because its economy is in the throes of a recession.</p><p>Brazil has lost it because it seems like everything it has known about itself for the past 15 years is dead, and one recent event has crystallized that confusion - the arrest of former President Luiz Inacio Lula da Silva.</p><p>Lula was the country's golden boy. The leader who got along well with both the United States and Venezuela's Hugo Chavez. The man who brought millions out of poverty and embodied a modern Brazil that had the potential to live up to its motto - "order and progress."</p><p>On Friday he was <a href="http://www.bbc.com/news/world-latin-america-35725415">arrested and questioned by police for three hours</a>, finally implicated in the scandal that brought the entire country to its knees back in 2014. The authorities in the sting called it Operation Car wash.</p><p>Operation Car Wash is an investigation into corruption at Petrobras, Brazil's quasi-state-backed oil company. <a href="https://www.washingtonpost.com/news/worldviews/wp/2014/11/17/operation-carwash-in-brazil-causes-normally-staid-business-meeting-to-go-off-script/">Starting in March 2014</a><span>, the investigation uncovered that Lula's ruling party used the company as its own personal slush fund. (Think brief cases of cash exchanged, kick backs, luxurious <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> travel.) <br /><br />The scandal had all the hallmarks of a the third world country that, Brazilians (and many global investors) thought, Lula had helped them evolve out of.</span></p><p><span>But not so. </span></p><p><span>"There is evidence that the crimes enriched him and financed electoral campaigns and the treasury of his political group," <a href="https://twitter.com/CFR_org/status/705783722885451776">authorities said after his detention.</a></span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Brazil's President and Workers' Party (PT) presidential candidate Rousseff  waves next to Brazil's former President Luiz Inacio Lula as they attend a campaign rally in Sao Paulo</p></div><p></p></div></div></span></p><h2><span>"FORA!" (That means, "OUT!")</span></h2><p>Political chaos is the last thing the country needs during economic hard times. Brazil's GDP is expected to contract 3.5% in 2016, inflation has hit almost 11%.</p><p>But political chaos is what Brazil has. Last weekend President Dilma Rousseff (who belongs to Lula's Workers Party) had a nasty shock when the head of her party and his wife admitted to taking bribes.</p><p>"<span>While authorities are still digesting this information, this clearly brings the scandal substantially closer to the President and Vice President," wrote analysts at ACG Analytics. "The chances for impeachment or a determination by the Supreme Electoral Court invalidating the results of the 2014 elections are increased by this development."</span></p><p><span>That would be true chaos. What's more, the opposition isn't in a great position either. E<span>duardo Cunha, the head of Rousseff's opposition and <span>leader of Brazil's lower legislative house, started impeachment proceedings against the president back in December.</span></span></span></p><p><span><span><span>The thing is, Cunha is also being investigated for corruption associated with the Petrobras scandal. </span></span></span></p><p>With Lula's arrest, Rousseff is fighting for her life with her allies as well. The PT wants to return to its values. They want Rousseff to forget belt tightening and budget cuts and use stimulus to get the economy going again. As <a href="http://www.bloomberg.com/news/articles/2016-03-04/who-s-running-brazil-chaos-builds-as-rousseff-ducks-her-allies">Bloomberg</a> points out though, Rousseff's more market friendly allies in the legislature don't want that.</p><p>You can't please both those parties. In fact, in Brazil it may be that you can't please anyone right now.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/end-of-restaurant-tipping-2016-2">The days of restaurant tipping are dying</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="41eHQ3eDop1mR-TJUbJQ9iuJT1QafRIP" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

This is the ultimate sign that the world's 7th largest economy has lost it

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Edgar Su/Reuters</span></p></div><p></p></div></div>Maersk is warning about two important parts of the global economy. </p><p>In its earnings results on Friday, the Danish shipping conglomerate, which is the world's largest, restated its expectation for declines across most of its businesses this year.</p><p>And, it warned about the damage that changes to US trade policy could cause to the global economy.</p><p>"Currently we are challenged by market headwinds, as I started out talking about, in the form of low growth and excess capacity in both our industries and that has led to declining prices and declining revenue," said group CEO <span>Søren Skou during the earnings call. </span></p><p>The company said its second-quarter results were unsatisfactory even though it escaped a loss. Its profit tumbled from $1 billion a year ago to $100 million because of lower prices for oil, freight shipment, and tanker charters.</p><p>Changes to US trade policy could join that list. Maersk CFO Trond Westlie said that any policy tweaks could damage global trade, according to <a href="http://www.bloomberg.com/news/articles/2016-08-14/world-s-biggest-shipping-firm-warns-against-u-s-protectionism">Bloomberg</a>.</p><p>Republican presidential nominee Donald Trump has <a href="https://www.donaldjtrump.com/positions/us-china-trade-reform">proposed</a> negotiating America's trading relationship with China to keep jobs and factories from moving overseas. Also, Democratic presidential nominee Hillary Clinton has said the Trans-Pacific Partnership did not do enough to boost American jobs.</p><h2>'Significantly below last year'</h2><p>The company said it outperformed relative to its industries in the second quarter, achieved in huge part by cost cuts. But its updated outlook underscores that its industry continues to be slammed by the declines in commodities and shipping activity. </p><p>It expects 2016 profits to be "significantly below last year" at $3.1 billion. Maersk Line, the container-shipping company, also expects results to be worse year-over-year. The container-terminal, drilling, and shipping-services businesses are forecast to decline.</p><p>Maersk Oil now expects positive earnings for the year, upgraded from a Q1 estimate for breakeven and the only upwardly revised forecast.</p><p>To deal with the industry-wide downturn, Maersk is also exploring strategic options that could involve selling some parts of the company. According to <a href="http://www.reuters.com/article/us-shipping-maersk-idUSKCN0Z72B2">Reuters</a>, the company is fighting to keep its No. 1 position as mergers and acquisitions create bigger competitors. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/warren-buffett-sister-giving-away-millions-2016-8">Warren Buffett's sister needs your help giving away millions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="gwcjJjNTE6-mzciQmSHk6Bvdz1giNo4S" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world's largest shipping company has 2 dire warnings for the global economy

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>David Rogers/Getty Images</span></p></div><p></p></div></div>How are people feeling about the economy?</p><p>If you were to listen to the managements and CEOs of some of the largest companies in the US, you would assume that the world is melting down.</p><p>In a roundup of the most recent season of quarterly earnings calls, the Goldman Sachs strategy-research team identified the uncertainty of customers as one of the key themes of S&amp;P 500 managements' commentaries.</p><p>For example, the largest asset manager in the world, BlackRock, noted the lack of conviction among investors.</p><p>"Clients do not know what to do with their money," said CEO Larry Fink during the call.</p><p>"They are afraid and they are pulling back, as evidenced by more than $55 trillion in bank deposits sitting in the United States, China, and Japan alone. And even as markets have rallied recently, many clients have missed that upside and find themselves feeling even further behind."</p><p>Even beyond economics, it appears that CEOs are sensing unrest and worry among Americans. Starbucks CEO Howard Schultz highlighted the social unrest in the US in his firm's earnings call. Here's Schultz (emphasis added):</p><p style="padding-left: 60px;">"I think we have a situation where you have a very uncertain election. <strong>You have domestic civil unrest with regard to race. And I think the issues around terror have created a level of anxiety. And so, we're no longer looking at just an economic downturn.</strong> There are a number of things that we are facing as citizens, and I think the direction of the country."</p><p>Schultz also added that this is weighing on sales and that "every consumer brand" is impacted.</p><p>Steve Easterbrook, the CEO of McDonald's, also <a href="http://www.businessinsider.com/americans-are-dining-out-less-2016-7">noted many of the same themes</a> as Schultz.</p><p>"I think generally, there's just a broader level of uncertainty in consumers' minds at the moment, both trying to gauge their financial security going forward," said Easterbrook. "Whether through elections or through global events, people are slightly mindful of an unsettled world."</p><p>Economic data, such as consumer confidence and <keyword id="6354851" type="ORGANIZATION" weightage="60" keywordseo="Retail">retail</keyword> sales, has slowed in the last week, but this is a very recent development. Citi's Economic Surprise Index, a measure of whether economic data is beating or falling short of expectations, is still in positive territory and has been for over two months.</p><p>So to be fair, these may be just ways to try and place the blame for less-than-stellar earnings or setting up weakness in future quarters by blaming it on something other than their own business.</p><p>The widespread concern from such giants, however, is certainly not something to ignore.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/empty-olympic-stadiums-today-athens-sarajevo-beijing-2016-8">What abandoned Olympic venues from around the world look like today</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Vscm85NTE6Jvvo3bX9wNq5uyw6gvbiuZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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