who has the second largest economy in the world
List of countries by GDP (nominal) Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output.[13][14] Since China's transition to a market-based economy through privatisation and deregulation,[15][16] the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016 as economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016.[14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s.[17] When supranational entities are included, the European Union is the second largest economy in the world. It was the largest from 2004, when ten countries joined the union,[18] to 2014, after which it was surpassed by the United States.[19]
United States The United States is the world's oldest surviving federation. The federal republic  is a representative democracy, "in which majority rule is tempered by minority rights protected by law".[28] The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States (OAS), and other international organizations. The United States is a highly developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for approximately a quarter of global GDP.[29] The U.S. economy is largely post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world.[30] The United States is the world's largest importer and the second largest exporter of goods, by value.[31][32] Although its population is only 4.3% of the world total,[33] the U.S. holds 33% of the total wealth in the world, the largest share of global wealth concentrated in a single country.[34] The United States ranks among the highest nations in several measures of socioeconomic performance, including average wage,[35] human development, per capita GDP, and productivity per person.[36] The United States is the foremost military power in the world, making up a third of global military spending,[37] and is a leading political, cultural, and scientific force internationally.[38]