The Covid-19 pandemic has shaken up the ranking of the world’s largest economies after sending many countries into their worst economic recessions in recent history.
The United States, China, Japan and Germany still take the top four spots as the world’s largest economies — but some rankings have shifted as a result of the pandemic while one country fell off the top 10 list, according to CNBC analysis of the International Monetary Fund’s economic forecasts.
CNBC compared nominal gross domestic product in U.S. dollars across countries provided in the IMF’s World Economic Outlook database.
Nominal GDP estimates the market value of all finished goods and services produced in an economy but doesn’t strip out changes in price levels, or inflation — and can therefore overstate or understate the real economic value.
Still, nominal GDP values denominated in a common currency are a way of measuring and comparing economic sizes of different countries, and provide a glimpse of how developments — such as the pandemic — affect economies differently.
Here are the major changes in the ranking of the world’s 10 largest economies before and after the Covid outbreak.
India, which became the world’s fifth largest economy in 2019, slipped to sixth place behind the U.K. last year.
Brazil went from the ninth largest economy in 2019 to the 12th largest last year, becoming the only country that fell out of the top 10 ranking.
With Brazil dropping out of the 10 largest economies in the world, South Korea moved up to 10th place and is expected to remain there until at least 2026, CNBC analysis showed.