GDP serves as a key indicator to assess the economic size of a country. Traditional approaches to measuring a country's GDP include the expenditure method, which tally up spending on new consumer goods, new investments, government spending, and net exports to arrive at a total. This article aims to introduce the top 10 largest economies in the world in 2024, ordered by GDP. Also see Top 10 Richest People in the World in 2024.
Top 10 World Economic Powers in 2024
What are the top 5 countries in the world by GDP? In 2024, the United States, China, Germany, Japan, and India hold those positions respectively. Now, let's take a look at the top 10 largest economies/richest countries in the world in 2024 based on IMF data as of August 19, 2024. Rank and Country GDP (USD Billion) GDP per Capita (USD Thousands) #1 United States (USA) 28,783
85.37
#2 China 18,536 13.14 #3 Germany 4,590
54.29 #4 Japan 4,112
33.14
5. India 3,942 2.73 6. UK 3,502 51.07
7. France 3,132
47.36 #8 Brazil 2,333
11.35 #9 Italy 2,332 39.58 #10 Canada 2,242 54.87
Also see: US inflation rates by year: 2012 to 2023
What are the next 10 economies?
Rank and Country GDP (billion USD) Russia 2,062 Mexico
2,021 Australia 1,790 South Korea
1,760 Spain 1,652 Indonesia 1,484 Netherlands 1,142
Türkiye
1,113 Saudi Arabia 1,112 Switzerland 938.46 *Data last updated on 19 August 2024
Also read: Top 10 countries with the most powerful militaries
A closer look at the world's largest economies in 2024
united states of america
Region: North America
Annual GDP Growth: 2.7% The United States has maintained its position as the world's leading economy and the richest country, holding the top spot from 1960 to 2023. Its economy is remarkably diverse, driven by key sectors such as services, manufacturing, finance, and technology. The United States enjoys a large consumer market, fosters innovation and entrepreneurship, has a strong infrastructure, and experiences a favorable business environment. Also see Top 10 Companies in India by Market Valuation 2024.
China
Region: East Asia
Annual GDP Growth: 4.6%China has seen a remarkable rise in economic development, jumping from 4th place in 1960 to 2nd place in 2023. The Chinese economy is primarily dependent on manufacturing, exports, and investment. China boasts an abundant labor force, strong government support, advancing infrastructure, and a rapidly expanding consumer market. Also see the top 10 most spoken languages in the world.
Germany
Region: North-Central Europe Annual GDP growth: 0.2% The German economy is export-focused and known for its precision in the engineering, automotive, chemical and pharmaceutical sectors. Its strength lies in its skilled workforce, strong research and development initiatives and a clear commitment to fostering innovation. See also: Ranking of the world's most powerful passports 2024
Japan
Region: East Asia
Annual GDP Growth: 0.9% Japan is a leading economy characterized by advanced technology, manufacturing capabilities, and a service industry. Key industries include automotive, electronics, machinery, and finance. Furthermore, Japan has earned a reputation for its unwavering work ethic, pioneering innovation, and superior quality exports.
India
Region: South Asia
Annual GDP Growth: 6.8% The IMF estimated India's GDP growth at 6.8% in April 2024. In July 2024, it revised its forecast up by 20 basis points to 7%. The organization attributes this growth outlook to rising private consumption, especially in rural India. India ranks fifth in the world's GDP rankings for 2024. The Indian economy is diverse and fast-growing, fueled by key sectors such as information technology, services, agriculture, and manufacturing. The country is capitalizing on a broad domestic market, a young, tech-savvy workforce, and an expanding middle class.
England
Region: Western Europe
Annual GDP growth: 0.5% The UK economy is built on a mix of services, manufacturing, finance and creative sectors. London serves as a global financial centre, attracting foreign investment. Trade unions and globalisation also shape the UK's economic growth.
Also see: Debt-GDP ratio of Indian states in 2024
France
Region: Western Europe
Annual GDP growth: 0.7%France's economy is characterized by diversification, with emphasis on industries such as aerospace, tourism, luxury goods and agriculture. France is known for its strong social welfare system, well-developed infrastructure and heavy investments in research and development. Also see the 10 largest banks in the world in 2024.
Italy
region:
Annual GDP Growth: 0.7% As the third largest economy in the European Union, Italy boasts a highly developed market. The country is known for its influential and pioneering business sector and its hardworking and competitive agricultural industry.
Brazil
region:
Annual GDP Growth: 2.2% Brazil's economy spans a wide range of sectors, including agriculture, mining, manufacturing, and services. In particular, Brazil is known as a global hub for agricultural production and exports. Several factors will determine the growth of the Brazilian economy, including commodity prices, domestic consumption, and infrastructure development. See also: Top 10 poorest countries in the world by GDP per capita (2024)
Canada
Region: Annual GDP Growth: 1.2% Canada's economy relies heavily on abundant natural resources, including oil, gas, minerals, and timber. Additionally, the country boasts a vibrant services sector, an established manufacturing industry, and a strong commitment to fostering innovation and technological advancement. Also, find out about the top 10 most powerful countries in the world in 2024.
FAQ
1. How is Gross Domestic Product (GDP) calculated? GDP is calculated by adding up consumption (spending by consumers), government spending, investment (spending by businesses), and net exports (the difference between exports and imports). 2. What are the top 10 poorest countries in the world? In terms of GDP per capita, the top 10 poorest countries in the world are: South Sudan Burundi Central African Republic Congo Mozambique Niger Malawi Liberia Madagascar Yemen 3. What is the largest economy in Asia? The largest economy in Asia is China, with a nominal GDP of over $18,536 billion in 2024. Japan and India follow China in the Asian GDP rankings.
4. What are the top 10 richest countries in the world? In terms of GDP per capita, the top 10 richest countries in the world are: LuxembourgMacau SARIrelandSingaporeQatarUnited Arab EmiratesSwitzerlandSan MarinoUnited StatesNorway
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