The G8

[canguy22]

for the latest data check the page wikipedia nominal gdp estimates.

the source of that information is at the bottom of the page. the imf updates the data a couple times a year.

[canguy22]

@rider4343 2010 nominal gdp estimates from the IMF 2010 nominal gdp estimates imf 1 usa 14,799.564 2 china 5,364.869 3 japan 5,272.943 4 germany 3,332.803 5 france 2,668.794 6 UK 2,222.629 7 Italy 2,121.119 8 Brazil 1,910.495 9 Canada 1,556.035 10 Russia 1,507.590 11 Spain 1,424.687 2015 Canada 1.97 trillion Spain 1.59 trillion keep in mind this is with Canada being a much larger exporter and major energy producer.

[guneetsaini36]

INDIA IS NUMBER 4 .......U IDIOT

[covmatak]

china is growing economically, but the country is still under-developed.

[AlbertodeBenito]

¿Qué pasa con EspaÑa?

Estamos en el G-20 y estaremos pronto en el G-8, somos la 8ª Economía del MUNDO. Y lo escribo en español porque es la primera lengua del MUNDO.

WATH HAPEND WIHT SPAIN?

We are in the G20 and we will are in the G8 in a low time. because we are the 8th larguest economy. SORRY FOR MY ENGLISH

[Itachi18x]

china may be a economic superpower , but u know ,the country is instabil....

EU is the next true superpower

[Phead128]

@Itachi18x

EU is just a bunch of countries together. It's not a single, unified state. So clearly, it has no leadership, and if one country says no, who is to stop them? No one!

[dharminder9]

india and china are fastest growing right now

[neoflyboy]

Spain = bestiality against bulls ("toros")

ETA (Euskadi Ta Askatasuna) = "Spanish terrorism cell"

There is some homework for Spain before trying to lead the world "his way". May be in 50 years. Anyway Spain is part of the European Union and they are present in all the G8 meetings :P

[basqueracing]

fredom for the basque country

[Nopleravet]

Spain in the G8 NOW

[canguy22]

and take what country out ? the one with a nominal gdp 99.7 % as big as spain's but that exports 70 % more, has nominal gdp per capita 36 % more, has a bigger stock exchange, more fortune 500 companies and 5 biggest banks with a market value almost the same as spains 5 biggest banks ?

canadian banks own US banks.

canada us trade from january to august 2008

416.02 billion dollars

eu us trade from january to august 2008

442.774 billion dollars.

[NorthwesternerGuy]

1. Spain. Spain has the strongest bank system of the fucking world.

In fact, the European Union is nothing without the strong bank system of Spain. Spain has open the European markets to 45.000.000 million people (our population)

EU without Spain is basically nothing. Zero, right? They may trust in their solid bank system hahaha And all the processes of nationalisation of their banks like in banana-republics hahaha

The G8 = Spain is first. Then, you may include the rest.

[NorthwesternerGuy]

Hummm Canadians are hurted because Spain has beaten them... Such a tiny country like Spain ^^ Shame on you.

[canguy22]

gdp per capita

canada 43674

spain 32090

nominal gdp Canada is within 0.3-0.4 % of spain's.

the only country that exports more than Canada that's not in the g8 is the netherlands (nominal gdp is about half of canada's).

the 5 largest banks in canada have almost the same market value than the 5 largest banks in spain.

canada's fortune 500 insurance companies have a market value about 9 times more than Spain's.

[SonicGeneration]

Spain isn't first, it could be in the top 5 though, and Spain is a good country in it's own way, and London is more important, and is the most expensive city in the world, Europe could manage on a thing thread without Spain, for a while, ok?

[abusiveWORLD]

spain = terro land

[NorthwesternerGuy]

true. the spanish security forces have a huge tradition fighting against terrorism. that's another reason why we must be in the g8

[NorthwesternerGuy]

EU without Spain = 0

[CULAVE]

canguy22 cont.... my asking, who are you supporting in the Canadian Election. Harper, Dion or someone else? Cheers

[canguy22]

i don't know.  I would never vote for a party that has no chance of winning the election, I want my vote to help determine who becomes prime minister.

Canada has done okay with Harper leading and he leads with authority.

I think it depends what happens in the US, if the democrats win then a conservative leader in Canada would help balance things out.

[CULAVE]

canguy22- Thanks for your reply. I can see your'e a realist. Indeed if the GOP wins (and its clear they won't) a Liberal victory in Canada would also balance things out, but with that said, I think Harper will secure victory. Although I can still see him being close to President Obama, as Washington and Ottawa are naturally allies. It can be argued power influences benevolence to society more than principles do in the murky world of politics.

[cannuckistan]

Canguy..canada's a potemkin village economy wholly dependant on the export of 'stuff' we dig out of the ground and sell to the rest of the world; stuff like oil, potash for fertilizer, Where are our great companies?? What products do people from abroad associate with our supposed 'genius'. People with advanced degrees from foreign (even US) universities have to settle for selling real estate for want of opportunities to use their training. Canada's overrated.

[maxou5757]

For the population Canada have, I think they have one of the best economy in the world. Imagine China, Russia or India with about 33 millions of population, their economy would suck hard.

[maxou5757]

1.USA

2.United Kingdom

3.GERMANY

4.FRANCE

5.JAPAN

6.ITALY

7.CANADA

8.China,India or Brazil

[kashsoldier]

yes india, china, brazil and south africa(as a representative of africa) got to be included. No need to kick any present members out !!

[CULAVE]

light-hearted random suggestion of most significant countries in the world (everything considered); (no order)

Russia, USA, China, Canada, UK, France, Brazil, Germany, Australia, Spain, Mexico, Nigeria, India, Turkey, South Africa, Pakistan, South Korea, Poland, Japan, Italy

no order* not serious analysis*

[canguy22]

there's still a big difference between those countries.

nominal gdp Canada is 82 % the size of Mexico and Australia nominal gdp added together.

Italy is the same as Spain and Turkey added together.

Canada's population is about 3 % of India's but it's nominal gdp is about 30 % larger and it exports almost 3 times more.

Australia has a larger nominal gdp than Mexico but it has 20 % the population.

Netherlands exports more than Canada, UK, South Korea, Russia.

[CULAVE]

I can't understand why Spain isn't in

[canguy22]

Spain exports almost 40 % less than Russia and Russia has the smallest exports out of the G8 countries.

Russia and Canada are important energy producers.

Canada trades more with the world's largest economy than China and Japan added together.

Toronto's stock exchange is the 7th biggest in the world

Canada's per capita gdp is larger than the 10 largest economies except the US and maybe the UK.

Spain's nominal gdp is only .4 % bigger than Canada's which should be considered a margin of error.

[CULAVE]

canguy22- Cheers- I agree with most of your comments and youve certainly been comprehensive in your research. Canada is an important global player but I strongly disagree India and China aren't. It isn't just population- and rapidly growing economies (esp China)- they also have major natural resources and nuclear weapons so militarily they are very powerful. I think population is significant. People matter and China/India account for about a third of the world total. If you don't mind my cont...

[boggypete17]

the european continent rules!

[123market456]

for a few more years and then its going to be ruled by Asia and North America.

[boggypete17]

no north america will fall before europe

[CULAVE]

boggypete- lets hope neither falls. Europeans and Americans should work together. We have more common ideals than people think.

[canguy22]

@boggypete17

what do you mean North America will fall before Europe ? Europe has done everything to exploit each of its nations to its advantage (making the EU, being able to say the EU is the biggest economy in the world/US+Canada is 8% bigger), if North America did that it would add $3 trillion (Canada 9 Mexico 14) to the US, and Canada has lots of oil and controls the world's gold companies and has the 8th biggest stock exchange (meaning the currency for America would be very strong).

[CULAVE]

boggypete17- We need to be truly united first. Despite its many streangths, a lot of Europeans are still deeply suspicious of the EU, which is interesting because its marginally the worlds largest economy. Unfortunately more Americans love the US and more Chinese love China than Europeans love Europe.

[mikkel1591]

Proud to be European. We are the continent with the most contries with the biggest econimes.

[jjhony85]

because you looted all of the world for many years.

[123market456]

that's sooo true and after all that they went and fought with each other... how dumb! lol!

[CULAVE]

123market456- But thats the streangth of European unity. After centuries of bloodshed, we are now at peace and prosperous. The continent that made the modern world can potentially lead it. And if Obama doesn't get into the White House, the US is doomed.

[BaasOnderBaas]

germany is the best. the country got destroyed in wo2 and now they got a big economey.

[Sebbomatrix]

g8 usa germany are the best

because usa has the best enconomy

germany is export champ and does the most for africa

what i want to say everyone is the best in something

but that is the sence of the g8 to find a way together

[dani1978el]

That is not true. Germany is the secon country only in absolute terms, because it has many population, but the german rent per capita (GDP per person) is not so high. In the list of european countries, Germany is just above Spain.

[mcaj007]

@godblesskiddchris: "what, indian per capita income was higher than that of britain in the 17th century?? wtf son"

Google "List of regions by past GDP" and this is what you'll see. I've compared the % of world's GDP India & UK shared starting from 1st century:

1st: India(32.9%), Western Europe(10.8%)

10th: India(28.9%), Western Europe(8.7%)

15th: India(24.5%), UK(1.1%)

16th: India(22.6%), UK(1.8%)

17th: India(22.4%), UK(2.9%)

18th: India(16.0%), UK(5.2%)

[AllieCaulfield]

thanks for the great comments

but you should really post them as replies to the people you are commenting on

godblesskiddchris

canguy22

[canguy22]

@mcaj007

a list like that with nominal gdp would should also be considered since ppp gdp tends to prop up developing countries (with low gdp per capita). in 1970 using the values of the currencies that year rather than some other number that could be a lot different is going to give flawed results.

[mcaj007]

@canguy22: "India is 4 places behind Canada at 1.25 tillion US dollars, not sure how you can call it the next world power when it's nominal gdp is ranked next to South Korea's"

Nominal GDP is directly related to population size, hence it's extremely low for India. But, what matters the most is PPP (Purchasing Power). India's PPP is 3rd highest at 4.7 trillion and beats every single G8 country (except US). Canada is at 14th with 1.21 trillion, below Mexico(1.24) and South Korea(1.25)

[canguy22]

is that why the 8 largest economies based on nominal gdp are all in the G8 and the largest economies based on ppp (China, India, Brazil) were never even considerd ?

ppp gdp is the one that gets inflated based on population, by ppp gdp the countries at the top are mostly developing nations with extremely low gdp per capita. Nominal gdp is the value of an economy at today's market exchange rates. you can't get more accurate than that.

[canguy22]

China, India, and Brazil have been at the top in terms of ppp gdp for a long time, the fact they were never even considered for membership says that it doesn't really mean much.

[CULAVE]

canguy22- China is in the Security Council though

[canguy22]

1 in every 5 people in the world lives in China.

China exports more than the US (countries like India that have a lot of people but aren't on this council don't export a lot like India (27) Brazil (24).

[canguy22]

which list do you think people should be looking at ? the one that has China with an economy twice as large as Japan, Iran with one about the same size as Australia, ? look at it this way, if one country has a gdp 3-4 times larger according to ppp than nominal gdp it's probably inflated since nominal gdp takes all goods produced in a country in a year and values them in current exchange rates. countries at the top of nominal lists have ppp gdp's very similar to their nominal gdp's.

[jdbwwiaphn]

It is obvious that this is not about economy, is about politics. If you think about GDP then Spain might get the place of Canada, if you think about GDP per capita then Italy must be out. But the truth is that power is not only GDP. Another point is that there are too much european countries in the G8 and even there is a UE representator so obviously USA, Canada, Russia... don't want Spain there. China and India are by far more important than many of the G8 members.

[canguy22]

according to academic ranking of world universities the 4th best university in the world outside of the US is in Canada (the other 3 are in the UK and Japan) and Canada has 2 universities that rank higher than any in all the countries outside of the US, Switzerland, Japan, and the UK.

it has to be a balance of trade (exports and imports), nominal gdp, strength of currency, stock market size, resources.

Canada is 8th or 9th in exports and imports, 2nd in oil currency is stronger than Australias

[canguy22]

Canada produces more nuclear power than China and has more nuclear reactors than China, Germany, and India. Given its abundance of uraniam, other resources and that its nuclear technology program is the 2nd oldest in the world, that makes it pretty important, a country that must be at the table when nuclear power is discussed.

[AllieCaulfield]

Why do you care so much about canada being at the table, in the past we were Britains lapdog now we walk hand and hand with the US. No one cares what Canada thinks anyway.

[canguy22]

No ones cares what Italy thinks either and they're there. I'm just giving you the facts of why Canada deserves to be there.

Compared to China (in terms of ppp gdp), and the US why should anyone care what Britain does either ? Compared to the biggest 3 economies in the world everyone else is small. Among those countries Canada is solid all around no matter what stat you're looking at.

[canguy22]

the world economy depends on what happens in the US, and the American economy is highly dependant upon Canada. If China suddenly decides it wants to invest heavily in taking over Canada's resources, don't you think the US is going to be concerned ?

[canguy22]

If Canada acts with boldness they'll have the final say in what happens in their country, that means whether or not Canada sees itself as important the rest of the world needs to know where it stands on certain issues.

20 percent of the world's freshwater and maybe even more of the world's trees, Canada's very important when it comes to global warming too.

[godblesskiddchris]

actually the candian economy is highly dependant upon the US, without the US canada would be a shit-hole

[canguy22]

If Canada wasn't there supplying the US with the stuff they do, Mexico would probably have a larger economy than Britain. Canada occupies more than one third of North America, prime real estate right next to Europe. Someone would've invested heavily in Canada's resources if the US didn't. If the US wasn't there Canada would've gotten more immigrants from Europe in the early 1900's and could've had a population closer to 100 million. Either way Canada would've done very well.

[canguy22]

3 toronto stock exchange would be the 3rd largest in Europe by market cap and is the 7th largest in the world.

4 being the largest trading partner of the largest economy in the world cements Canada as one of the 8 most important economies.

5 China's nominal gdp is still smaller than Germany's, and it has about 1.5 billion people. How does that make it a rich country ? forget about ppp gdp it's meaningless if you're looking to rank countries based on power and wealth.

[canguy22]

Canada's still there because

1 it's the 8/9th leading exporter/importer among the worlds nations, far ahead of countries like Spain, Brazil, and others whose nominal gdp is similar.

2 Canada's nominal gdp as of 2006 was larger than Spains. according to the forecasts Spain will be about 10 billion dollars larger in 2007 but in 2008 Canada's economy is expected to grow a lot giving it back the 8th place on the world gdp list

[AllieCaulfield]

That may be true but not really the point of the video. Why is Russia included and India and China are not? The G8 is about western powers trying to maintain control over the global economy.

[canguy22]

Russia has more active nuclear warheads than the US and almost twice as many in total. Russia 16000 US 10000 The rest of the world has maybe 1000. There's no way Russia can be ignored, they could single handedly give the middle east enough nuclear weapons to match the US. The global economy cannot function without the world's most powerful nation (in temrs of nuclear power) at the table.

[AllieCaulfield]

Soon everyone will have nukes, China already does.

[canguy22]

it would take a long time for any country to match Russia and the US in total number of weapons. Only countries like Canada and Australia have the resources to make a lot of them in a short amount of time, but they aren't interested. Russia's stockpiles are already there.

[CULAVE]

True. Anyway if anyone attacked Canada on a big scale, the UK and probably the US and France would automatically respond with force- maybe not nuclear but a very big force.

[canguy22]

also Spain and Canada's economy are so close in size they switch positions every other year. Canada beats Spain out in the other economic indicators (exports, imports) so it gets the nod. Also the IMF is just as reputable as the world bank, but no mention of the IMF stats on the video.

[godblesskiddchris]

commpare canada's population to that of spain

[canguy22]

45 million for Spain, 35 million for Canada,

Canada economy 1.3 trillian 2006, IMF estimates for 2008 is 1.53 trillion

Spain economy 1.3 trillian 2006, IMF estimate for 2008 is 1.52 trillian.

[godblesskiddchris]

yeah see spain's population is bigger, i was implying that canada has a better economy, because it makes the same amount of money with less pop.

[jdbwwiaphn]

It doesn't care the GDP per capita, that doesn't imply power over the world. In that case only european countries would be in the G8 and Luxembourg would be the powerest country in the world.

[canguy22]

Another reason why I think China and India still don't deserve to be there : if they allowed them in they'd be admitting that all you need is population to be a powerful country. India is dirt poor, think of it this way its economy is the same size as Mexico's and it has about 10 times more people. That's ridiculous, if a country needs a billion people just to beat out countries like Australia (20 million), then it shouldn't be anywhere near the G8

[AllieCaulfield]

I think you really miss the point of the video.

[canguy22]

it's about the G8 being out of date, trying to imply the India being democractic for 50 years gives it some sort of an edge over other countries.

India has 17% of the world's population, 2.2% of the land area, 1.4% of the world's GDP and only 0.6% of the world trade. This means that 98.6% of the World's GDP [Buying Power] & 99.4% of the World's Trade is not with India! Democracy hasn't done much for India considering its gdp per capita is half of what it is in communist China.

[CULAVE]

canguy22- India is an interesting country. Its undoughtably powerful in many respects and considering its population, a vibrant democracy- however there remains serious human rights abuses even if they're not New Delhi orchestrated.

[canguy22]

Diff. between China and Russia, Russia has all the nuclear weapons, and a much higher gdp per capita. Both aren't really democratic but Russia has a wealthier working class. Agreed though that China has a much brighter future but that's mostly due to its high ppp gdp, a flawed measurement of gdp which for some reason fact books quote most of the time.

[marcit4marc]

Not far from now, the US might be waiting to join the club started by India, China and Rusiia ;)

[AllieCaulfield]

what a different world that will be.

[godblesskiddchris]

hahaha. i don't think the US would want to join such a club. look at china's per capita income and then india's and russia's. all of them combined probably wouldn't equal half of the american per capita income. know what i'm saying?

[marcit4marc]

The same was true about Britain's, France's and Germany's per capita GDP in comaprsion with the per capita GDP of India in the beginning of the the 17th century. But it changed in the space of a couple of centuries. Likewise, the per capita GDP of India and China will increase rapidly.

[godblesskiddchris]

i guess you'll have to wait a couple of centuries then

[marcit4marc]

yea but one of these couple of centuries has already passed. so i may have to wait for 30-50 years :)

[godblesskiddchris]

what, indian per capita income was higher than that of britain in the 17th century?? wtf son, you were OWNED by britain for a long time, britain was the first to become industrialized etc. by the way there is no such thing as "per capita GDP". do you even know what GDP stands for

[marcit4marc]

Yea I meant per capita income. But you get per capita GDP if u divide GDP by population. Anyway, India and China were the highest income countries before Britain got industrialised and civilised. Like britain overtook China and India, they will overtake USA. "Because change happenzzz"

[marcit4marc]

You know where Britain got its wealth from, don't you? :p

[godblesskiddchris]

britain used to get wealth from the colonies, but england is almost a hundred years without colonies, and they're doing very well

[Aayush]

dude i think there superior when it comes to the arm'd force aswell... they are a self suffecient nation. I love canada but i dont think we have much of a say when it comes to world politics

[canguy22]

Canada's combined exports and imports are almost equal to the UK's, their population growth is higher, and nominal gdp/population are more than half the size of the UK's or France, but they have a lot more resources, land, water which are very important today. Considering that France and the UK are considered top powers in the world, Canada's got to be there somewhere.

[canguy22]

India is 4 places behind Canada at 1.25 tillion US dollars, not sure how you can call it the next world power when it's nominal gdp is ranked next to South Korea's.

[CULAVE]

AllieCaulfield- would you describe Russia as 'western'- im not sure Putin and Medvedev think it is.

[CULAVE]

canguy- I also understand Canada has one of the best standards of living in the world- human development index may figure in the G8 but if that was the case Spain would be above Russia. So would Australia and most of the EU.

[canguy22]

freedom of the press canada 18 australia 28 pain 33 united states 48

2008 best cities in the world to live in

the 2 best cities in North America are in Canada. Canadas cities ranked higher than Australias cities and that's even with the bad weather.

India, China, South Korea nuclear programs use candu Canadian nuclear reactors.

Canada exports about 2 times more than Spain 3times more than Australia

Canada's per capita gdp is higher than Australias, Netherlands all g8 countries except US.

[rishikesh4]

Idiot India imported a canadian reactor back in the 50's India doesn't have only 1 reactor. And after the 1970 test, canda imposed sanctions on India and they manufactured thier own reactor just like they manufactured thier own super computer

[canguy22]

if Canada's nominal gdp falls behind the country in 8th place enough then it might lose its G8 status (in a couple years it could go back to 10th place but the countries in front of it Brazil, Russia, Spain might only be about 5 percent larger).

But as long as it has a higher gdp per capita than all of the 10 biggest economies except the US, remains in 8th or 9th place on the nominal gdp list and in exports and imports and 2nd largest oil reserves it has to be there.

[Nopleravet]

The biggest Bank of Europe and America is currently the spanish Bank of Santander, and BBVA is one of the 10 biggest too. Spanish Banks are the strongest ones because of Bank of Spain pioneer regulation. I am not saying Canada must be out of anywhere, i Just say that Spain must be in, call it G9 or G10 instead of G8 if you want.

[canguy22]

the size of a country's banks doesn't determine if it should be in the G8.

countries like canada don't let big banks merge that's why its biggest banks aren't bigger than spain's.

china, australia, brazil have big banks and aren't in the G8.

[Indepedence4Britain]

Currently it's the G7 - Russia were kicked out for the war with Georgia.

[nickz1]

Cheers to you mannn!! This world is going to become a VERY SCARY PLACE to live where every person will be paranoid for their own security because of THREE WORDS...THREE MOTHERFUCKING WORDS: UNITED STATES ARMY

[CULAVE]

nickz1- are you suggesting the US will attack its allies?