The United States is the world's biggest economy with a domestic product (GDP) of $13.8 trillion in 2007, followed by Japan at $4.4 trillion. China is now the third largest economy in the world.
According to the IMF's World Economic Outlook, the world economy is 'entering a major downturn' in the face of 'the most dangerous shock' to rich-country financial markets since the 1930s.
IMF expects global growth in terms of purchasing-power parity, to come down to 3 per cent in 2009. Check out the top 10 economies of the world and how the recession has hit these super powers.
United States
The United Stated with a GDP of $13.8 trillion is the world's No.1. The US economy grew in the first quarter by 1 per cent.
However, the recession has battered the economy. By June 2008, the economy fell into a recession.
In the third quarter of 2008, the GDP shrunk by 0.5 per cent, the biggest fall since 2001. The 6.4 per cent fall in spending during Q3 on non-durable goods, like clothing and food, was the largest since 1950. About 2.6 million Americans lost their jobs in 2008, the worst since the end of World War II.
(GDP in 2007, World Bank estimate)
Also read: Can Obama rescue the US economy?
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