Texas entered 2021 as the world’s ninth-largest economy, according to the Texas Economic Development Corporation, a nonprofit organization in partnership with the Governor’s Office of Economic Development and Tourism.
Since 2015, Texas has been recognized as the world’s 10th largest economy — ahead of Canada and South Korea and behind Brazil.
Texas’ economy overtook Brazil to become the ninth-largest economy in the world, according to 2019 Gross Domestic Product (GDP) data from the International Monetary Fund (IMF).
The U.S. had a GDP of $21.4 trillion as of 2019, making it the world’s largest economy, followed by China, Japan, and Germany, according to the IMF.
Texas had a GDP of $1.9 trillion. Italy, with a GDP of $2 trillion, is in eighth place, and Brazil, with a GDP of $1.8 trillion, is 10th, according to the IMF ranking of global economies.
Texas is ranked first in the nation for its growth prospects that are supported by strong employment and income growth forecasts for the next five years, stated a recent Forbes report.
This article was originally published by Strategic Partnerships Inc.