Top 20 Strongest Economies in the World 2022: Indonesia Makes the List

The International Monetary Fund (IMF) recorded the global Gross Domestic Product (GDP) at US$101.56 trillion as of November 2, 2022. Globally, Indonesia is among the top 20 largest economies.

This International Monetary Fund revealed that only 18 countries have a GDP exceeding US$1 trillion. The United States (US) remains the world's strongest economy with a GDP of US$25.04 trillion. China continues to pursue second place with a GDP of US$18.32 trillion, followed by Japan in third place with a GDP significantly lower than the US and China, at US$4.3 trillion.

Meanwhile, Indonesia is ranked 17th in the list of countries with the largest GDP in the world. Indonesia is recorded to have a GDP of US$1.29 trillion. Its position is flanked by Spain and Saudi Arabia.

The following is a list of countries with the largest GDP in the world (as of November 2, 2022) according to the IMF:

1. United States: US$25.04 trillion
2. China: US$18.32 trillion
3. Japan: US$4.3 trillion
4. Germany: US$4.03 trillion
5. India: US$3.47 trillion
6. United Kingdom: US$3.2 trillion
7. France: US$2.78 trillion
8. Canada: US$2.2 trillion
9. Russia: US$2.13 trillion
10. Italy: US$2 trillion
11. Iran: US$1.97 trillion
12. Brazil: US$1.89 trillion
13. South Korea: US$1.73 trillion
14. Australia: US$1.72 trillion
15. Mexico: US$1.42 trillion
16. Spain: US$1.39 trillion
17. Indonesia: US$1.29 trillion
18. Saudi Arabia: US$1.01 trillion
19. Netherlands: US$990.58 billion
20. Turkey: US$853.49 billion

In its October 2022 edition of the *World Economic Outlook* report, the International Monetary Fund (IMF) predicted that the global economy will decline until 2023.

The IMF views that until next year, the global economy will still be burdened by high inflation, the impact of the Russia-Ukraine war, and the prolonged impact of the Covid-19 pandemic in several regions.

"Global economic growth is projected to slow from 6% in 2021 to 3.2% in 2022, and 2.7% in 2023," the IMF predicted.

However, the general decline in the global economy is more influenced by the decline in the economies of developed countries such as the United States (US) and European countries.

In more detail, the IMF projects that Indonesia's economy will grow quite significantly this year, then decline slightly in 2023. The good news is that, although declining, Indonesia's economy is projected to still be able to grow in the range of 5% until next year.