UK is a developed country, with the world's sixth largest economy by nominal GDP and the seventh largest by purchasing power parity. It was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries, but the economic cost of two world wars and the decline of its empire in the latter half of the 20th century diminished its leading role in global affairs. The UK nevertheless remains a major power with strong economic, cultural, military, scientific and political influence.