(Asked on Quora. My answer)
It depends on what portion of the war you are talking about and also what you mean by the word powerful. It is also important to distinguish between theatres of war.
The Economic Powerhouse throughout the war was the United States whose production capabilities were the driving force for an eventual Allied victory. On the ground the military picture is more complicated. Listed below is the respective theatre and the dominant player.
Asia/Pacific Ocean:
1937- June 1942: Japan
June 1942-VJ Day: United States
Although the Chinese initiative in holding the line against persistent Japanese advances should not be understated.
Eastern Europe
September 1st - January 1942 - Germany
January 1942-February 1943 - Roughly equal power between Germany/Soviet Union
February 1943 Onward - Soviet Union
Western Europe
War beginning - D-Day - Germany
D-Day onward - Allies (largely the United States although Britain was a key player).
Allies did make substantial gains through the soft Italian underbelly from 1943 onward.
Atlantic Ocean
Largely the Allies for the war but not without considerable shipping losses.
Mediterranean Sea
British/Italian shared power gradually shifting towards Britain as war progressed. Greatly expedited from 1943. German submarines and air attacks were menacing.
East Africa
Early Italian gains but by 1941 the British dominated the situation here.
North Africa
Early British gains. Rolled back by Rommel. Allied domination after the Second Battle of El Alamein (British with later US Support).
Overall: The Soviets emerged as the ultimate military land juggernaut. However they did rely on Allied support and materials to reach this point (not to mention German strategic failures). In all other areas the US largely dominated come war’s end. Production powerhouse was the United States. Soviets did extremely well under difficult circumstances.
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