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[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
The global contribution to world's GDP by major economies from 1 AD to 2008 AD according to Angus Maddison's estimates [1]. This historical list of the ten largest countries by GDP compiled by British economist Angus Maddison shows how much the membership and rankings of the world's ten largest economies has changed.
China. China represented 1.61% of the world's economy in 1987 (lowest point), rising to 18.4% (nominal) and 19% (PPP) in 2022. It accounted for 25.4% of global GDP in 1 CE, 29% of world global output in 1600 CE, 17.3% of the world's economy in 1870, and 33% in 1820 (its highest point). China's share of global GDP varied from a quarter to a ...
The economy of the Russian Empire covers the economic history of Russia from 1721 to the October Revolution of 1917 (which ushered in a period of civil war, culminating in the creation of the Soviet Union). Russian national income per capita increased and moved to closer to the most developed economies of Northern and Western Europe from the ...
The economy of Russia is a high-income, [27] industrialized, [28] mixed market-oriented economy. [29] It has the eleventh-largest economy in the world by nominal GDP, the sixth-largest economy by GDP purchasing power parity (PPP) according to the IMF, [5] and fourth-largest economy by GDP (PPP) according to World Bank. [30]
Steady economic growth began in the 1890s, alongside a structural transformation of the Russian economy. [2] By the time World War I started, more than half the Russian economy was still devoted to agriculture. [2] By the early 20th century, the Russian economy had fallen further behind the American and British economies. [2]
The first set of data on the left columns of the table includes estimates for the year 2023 made for each economy of the 196 economies (189 U.N. member states and 7 areas of Aruba, Hong Kong, Kosovo, Macau, Palestine, Puerto Rico, and Taiwan) covered by the International Monetary Fund (IMF)'s International Financial Statistics (IFS) database.
The Russian economy ultimately shrank by 2.1% in 2022, far less than had been earlier predicted by the Russian economic ministry, World Bank, and Institute of International Finance. [ 260 ] [ 261 ] Sanctions imposed by the U.S., Europe, and other countries adversely affected the Russian economy, [ 260 ] [ 261 ] and Russia's manufacturing ...