The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999, the introduction of a unified currency, the Euro, brings participating European countries closer through the convenience of a shared currency and has led to a stronger European cash flow. The difference in wealth across Europe can be seen roughly in former Cold War divide, with some countries breaching the divide (Greece, Estonia, Portugal, Slovenia and the Czech Republic). Whilst most European states have a GDP per capita higher than the world's average and are very highly developed (Liechtenstein, Luxembourg, Monaco, Andorra, Norway, Sweden, Denmark, Netherlands, Switzerland, United Kingdom, Ireland, Germany), some European economies, despite their position over the world's average in the Human Development Index, are poorer. Europe in banking had total asset more than $50 trillion and its global management had asset more than $20 trillion
Europe's largest national economies with GDP (nominal) of more than $1 trillion are:
Germany (about $3.9 trillion),
United Kingdom (about $2.7 trillion),
France (about $2.6 trillion),
Italy (about $2.0 trillion),
Russia (about $1.6 trillion),
Spain (about $1.4 trillion),
Netherlands (about $1 trillion),
Other large European economies are that of Switzerland, Poland, Sweden, Belgium, Austria, Norway, Ireland and Denmark. European Union (about $16 trillion GDP) generates about 2/3 of Europe's GDP.
The EU as a whole is the second wealthiest and second largest economy in the world, below the US by about $5 trillion Of the top 500 largest corporations measured by revenue (Fortune Global 500 in 2010), 184 have their headquarters in Europe. 161 are located in the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway.
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The economy of India is characterised as a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation which is characterised as Dirigism. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China. Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century. These are the 10 richest states in India by GDP Maharashtra. Tamil Nadu. Karnataka. ... Uttar Pradesh. ... Gujarat. ... West Bengal. ... Andhra Pradesh. ... Kerala. Telangana.
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