O Canada, Glorious and ... No Longer in the Top 10

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By Paula Dwyer

The International Monetary Fund's latest World Economic Outlook doesn't declare an end to the scary roller-coaster ride that began in 2007 with the global financial crisis. But it does give reason for hope by projecting that the global economy will expand by 3.5 percent in 2012 and 4.1 percent in 2013, even though sovereign and consumer debt levels remain way too high. Sighs of relief can be heard around the world.

Except in Canada. The IMF also projects gross domestic product for each of the world's economies, with a top-10 ranking of countries by output. Canada will lose its cherished spot in the top 10 next year, to India.

With apologies to my northern neighbors, perhaps the Canadian national anthem ("O Canada ... with glowing hearts we see thee rise") needs new lyrics?

Here is a summary of GDP, in trillions of dollars, by country for 2011 (the first number) and as forecast by IMF economists for 2013 (the second number). An earlier version failed to list the U.K. at No. 7:

1. U.S.: $15.094, $16.221

2. China: 7.298, 8.777

3. Japan: 5.869, 6.061

4. Germany: 3.577, 3.581

5. France:  2.776, 2.787

6. Brazil: 2.493, 2.521

7. U.K.: 2.418, 2.578

8. Italy: 2.199, 2.090

9. Russia: 1.850, 2.311

10. Canada: 1.737, 1.870*

11. India: 1.676, 1.962*

* Canada is expected to move down one spot and India up one in 2013.

(Paula Dwyer is a member of the Bloomberg View editorial board. Follow her on Twitter.)

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-0- Apr/19/2012 14:47 GMT