In the 21st century global trade has helped many countries. However, there are still big differences among national economies.
Developed countries like the United States and Germany have strong economies and great wealth. Developing countries such as Panama, Senegal, and many others are still building their economies.
In 2017, the world’s top 10 economies included the United States, China, Japan, Germany, the United Kingdom, France, India, Italy, Brazil, and Canada. Some experts predicted that by 2050, China would replace the U.S. in the top spot. India would be second, and the United States third. The fast-growing economies of Mexico, Turkey, and Vietnam could push France and Italy down the list, too.
Technology like smartphones has made the world more connected. People in developing countries see how much better life is in developed nations. They want that kind of life, too. Some economists believe it’s important to quickly meet the developing world’s demands for a better life. Boosting economic development could help avoid creating conditions that lead to war and other dangerous situations.
