The economic status of countries changes according to several factors. Investors use these factors to determine which countries are the top in economic status. Gross Domestic Product is a major factor in how it is determined on a list of best economies in the world.
The top ten countries considered by Gross Domestic Product or GDP are as follows :
With a small trade dependent economy Ireland is part of the EU nations that began originally circulating the Euro and their growth averaged six percent up until 2007 since the world economy fell they entered a recession as the rest of the world in 2008. However with the establishment of the National Asset Management agency a regroup on their economic recession effort failed. The eventual solution was a bailout from the EU with a 112 billion dollar loan package to improve its banking sector and avoid default.With several efforts from their draconion system Ireland finally had to ask for a bailout to recover their banking system however things are on the rise again. Recovery has been slow but Dublin has managed to trim the deficit to about 8.5 percent of their GDP. This makes ranks them tops in the world economic scene for gross domestic product.
2. New Zealand
New Zealand has come from a largely agrarian country economically to a country that is more dependent on industrialization which has made them a free market economy that competes globally. This growth has made real incomes and has made them stronger on the technological end of the industrial sector of their economic growth. They did experience a recession in 2009 as all world economies did during this time period and cutting government spending and a stimulus helped them to rebound with a two percent growth. They are currently reigning in more government spending and working on infrastructure to strengthen their economy.
3. Hong Kong
Hong Kong although it is part of China has a free market economy and Hong Kong is highly dependent on trade and finance internationally. This is a goods and services trade including exports or re-exports and this accounts for about four times GDP. Hong Kong exercises their freedom as a port and levies tax on alcohol, tobacco and hydrocarbon oil and methyl alcohol. Hong is increasing its complete integration in with China as a country their economy has remained strong through some set backs because of tourism and financial links. Hong Kong has a limited number of natural resources but they have used their trade market to open up to China and become their premier stock market. Hong Kong also remains close to the US dollar which has helped and hurt their economy with property rising and inflation rising recently but their service industry has grown rapidly in the last few years. Manufacturing has also seen a rise for Hong Kong’s economy and is growing rapidly making number three on this list for top ten economies.
Denmark has a fairly modern and high tech market economy with an agricultural sector. They also have world leading pharmaceuticals and shipping industry and resources for renewable energy. Denmark is a member of the EU and their government conforms to the EU on most of their issues. Though they rely on welfare from the government their standard of living is high and income is equally distributed. Denmark depends on import for their manufacturing and they are strong supporters of trade liberalization. Denmark began to see a falter in their economy in 2007 and since they saw decline and a small recession, however they have rebounded because government cut spending they seem to be holding their own in position number four as one of the leading economies.
Sweden has an economy built on high tech capitalism and welfare benefits. With a distribution system that has external and internal communications their labor force is highly skilled. Sweden turned down entry into the euro system because of concern over the impact it could present economically. They mainly profit off of timber, iron ore and hydropower. They have a great profit also from foreign trade. Most of their industry comes from privately owned firms which consists mainly of engineering firms that account for about fifty percent of foreign trade. Sweden has had ups and downs but rebounded successfully due to the banking sector in recent years.
With a highly industrialized mostly free market economy Finland puts out almost as much per capita ias Austria, Belgium, The Netherlands and Sweden. They depend upon trade with exporting which is about one third of their GDP. They also have a strong manufacturing industry in wood, engineering, telecommunications and electronics.
Due to their highly developed free market which is largely successful Singapore delights in an open environment for success. Their market is corruption free and produces stable pricing. Their economy based on exports in consumer electronics and IT products keeps Singapore on the rise economically.
Canadian resources rely upon its high-tech industrial society which is in the trillion dollar bracket. Canada does resemble America in their market oriented system and the way they pattern their production with an affluent standard of living. They also have a large rate of growth since WWII for mining and their service sectors have remade their nation from a rural economy to primarily a country that relies upon industrial and urban markets.
The economy in Norway has a mixture of reasons for prosperity due to their private sector and their large state sector. The government has control of the key areas of their vital petroleum sector but the major component to their success economically is large scale state majority enterprises. Norway is rich in mineral resources as well such as fish and minerals and petroleum.
10. The Netherlands
The Netherlands are the sixth largest in the European nations in the status of their economy because of its industrial prosperity and rate of moderate unemployment and inflation. They have an important role in transportation and industrial activity. They have strengths in food processing, petroleum refining and electric machinery. Their largest strengths are food processing and their industry for exports.