The world's largest economies

India

India's industrial growth numbers suggest that the economy has come out of the distressed state; however economists argue that 2009 could be a tough year for India, after witnessing a speedy growth over the past several years.

With inflation posing a serious threat and global financial uncertainty still hovering, achieving growth targets could be a challenge.

Meanwhile, the government has repeatedly said that it is taking necessary monetary and fiscal action to protect growth in India.

The Indian economy is currently the 12th largest in the world. That is, India's gross domestic product stands at $1.217 trillion.

However, in terms of purchasing power parity, India is the world's fourth largest economy. Its GDP in purchasing power parity terms is at $3.388 trillion.

India is the one of the world's fastest growing economies, yet its annual per capita income remains low at $1,070. That puts the country in the 163rd spot.

These are the year 2008 figures, released by the World Bank.

By definition, GDP is a basic measure of a country's overall economic performance. It is the market value of all final goods and services made in a country within a year.

Meanwhile, PPP is an economic theory that estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency's purchasing power.

Read on to find out the world's largest economies...

1. United States

The American GDP stands at $14.204 trillion, making the country the world's largest economy.

In terms of purchasing power parity too, the United States is the world's leading economy.

However, its per capita income at $47,580, per year, pegs it at the 14th spot in the world.

2. Japan

Japan, with a GDP of $4.909 trillion, is the world's second largest economy.

However, in terms of purchasing power parity, Japan is ranked third by the World Bank. It's GDP in PPP terms is $4.354 trillion.

Japan's per capita income (annual) is $38,210, making it the 30th highest in the world.

3. China

Asian giant China is the world's third largest economy with a GDP of $4.326 trillion; but in purchasing power parity terms it ranks second at $7.903 trillion.

It is the world's fastest growing major economy and its massive acquisition spree has taken the world by a storm.

China's per capita income stands at $2,940 per year, placing it in the 127th spot.

4. Germany

Germany is the world's fourth largest, with its GDP at $3.652 trillion.

But in PPP terms, Germany is the world's fifth largest economy. It's GDP in PPP terms is at $2.925 trillion.

Its per capita income is the 22nd highest in the world, at $42,440.

5. France

The French GDP stands at $2.853 trillion, making it the world's fifth largest economy; but in terms of PPP, it is the world's 8th largest (GDP in PPP terms, $2.112 trillion).

The per capita income of the French at $42,250 makes them the 23rd richest people in the world.

6. United Kingdom

Britain is the world's sixth largest economy. Its GDP stands at $2.645 trillion.

In purchasing power parity terms, the United Kingdom's GDP stands at $2.176 trillion making it the seventh largest in the world.

The rich nation's per capita income stands at an impressive $45,390, placing it on the 18th spot.

7. Italy

Italy's GDP in absolute terms stands at $2.293 trillion. That makes it the planet's seventh largest economy.

However, in purchasing power parity terms its GDP is at $1.840 trillion and its rank is 10th.

Italians' per capita income is the 32nd highest in the world at $35,240.

8. Brazil

The Brazilian economy too has been growing at a scorching pace. It is the world's eighth largest economy with a GDP of $1.612 trillion.

But in terms of purchasing power (GDP - $1.976 trillion), it ranks 9th.

Its per capita income of $7,350 places it on the 82nd spot in the world.

9. Russian Federation

In absolute GDP terms, Russia-- at $1.607 trillion-- is the world's ninth largest economy, but it jumps to the 6th spot in terms of purchasing power parity which stands at $2.288 trillion.

Its per capita income is at $9,620, the 75th highest in the world.

10. Spain

Spain is the tenth largest economy with its GDP at $1.604 trillion. However, it slips to the 12th spot in purchasing power parity ($1.456 trillion).

With a per capita income of $31,960 per year, its people are the 37th richest in the world.

11. Canada

The Canadian GDP stands at $1.400 trillion, making it the world's eleventh largest economy.

In PPP terms, however, it stands 14th in the world. Its GDP in PPP terms stands at $1.213 trillion.

Its people enjoy a comfortable life with a per capita income of $41.730, which is 25th highest in the world.