Here are figures from the CIA World Factbook -- estimates for the year 2017.
1. The economy -- wealth in Gross Domestic Production (GDP):
China: $23.120 trillion European Union: $19.970 trillion (2016 estimate) United States: $19.360 trillion India: 9.447 trillion Japan: 5.405 trillion
2. The economy -- per capita wealth in GDP:
Singapore: $90,500 Ireland, $72,000 Norway: $70,600 United States: $59,500 Japan: $42,000 South Korea: $39,400 European Union: $38,500 China: $16,600 India: $7,200 North Korea: $1,700 (estimate for 2015) Central African Republic: $700
China's higher population pushes it above the US in item 1. The figures in item 2 indicate ranking performance per person. Population size is of no advantage, and China doesn't rank as well, suggesting a lower accomplishment domestically despite it having the world's biggest economy. Neither does the US compared to Singapore, Ireland and Norway.
Ireland has been benefitting from being capital friendly — its ability to attract capital. South Korea's economic performance has been most great considering how poor and devastated the country was in 1953. China has done better since Deng Xiaoping made it more cooperative with the capitalist West — something North Korea might want to try.
Japan's success in keeping its population down (compared to India) is seen by some, myself included, as a benefit for that nation.
Copyright © 2018 by Frank E. Smitha. All rights reserved.