GDP serves as an important measure to assess the size of a country’s economy. The conventional approach to measuring a country’s GDP involves the expenditure method, in which the total is derived by summing up expenditures on new consumer goods, new investments, government spending, and the net value of exports. This article aims to provide insight into the world’s ten largest economies in 2024.Also Read: Top 10 Richest People in the World in 2024
Top 10 Largest Economies of the World 2024
Which are the top 5 GDP countries in the world? The US, China, Germany, Japan and India will hold those positions in 2024 respectively. Now, let’s look at the top 10 largest economies/richest countries in the world in 2024. IMF data (As on August 19, 2024):
| Rank & Country | GDP (USD billion) | GDP Per Capita (USD Thousand) |
|---|---|---|
| #1 America (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 United Kingdom (UK) | 3,502 | 51.07 |
| #7 France | 3,132 | 47.36 |
| #8 Brazil | 2,333 | 11.35 |
| #9 Italy | 2,332 | 39.58 |
| #10 is Canada | 2,242 | 54.87 |
Also Read: US Inflation Rate by Year: 2012 to 2023
What are the next 10 economies?
| Rank & Country | GDP (USD billion) |
|---|---|
| Russia | 2,062 |
| Mexico | 2,021 |
| Australia | 1,790 |
| South Korea | 1,760 |
| Spain | 1,652 |
| Indonesia | 1,484 |
| Netherlands | 1,142 |
| Turkey itself | 1,113 |
| Saudi Arabia | 1,112 |
| Switzerland | 938.46 |
*Data last updated on August 19, 2024
Also Read: Top 10 Countries With Powerful Military Forces
Let’s take a closer look at the world’s largest economies in 2024
United States of America
- Region: North America
- Annual GDP growth rate: 2.7%
The U.S. maintains its status as the world’s leading economy and wealthiest nation, resolutely maintaining its top position from 1960 to 2023. Its economy is remarkably diversified, driven by important sectors including services, manufacturing, finance and technology. The United States enjoys a sizeable consumer market, fosters innovation and entrepreneurship, has a flexible infrastructure, and enjoys favorable business conditions.Also Read: Top 10 Companies in India by Market Valuation in 2024
China
- Region: East Asia
- Annual GDP growth rate: 4.6%
China has seen a significant upswing in its economic development, moving from fourth place in 1960 to second place in 2023. The Chinese economy is mainly dependent on manufacturing, exports and investment. It boasts of an extensive workforce, strong government support, infrastructural developments and a rapidly expanding consumer market.Also Read: Top 10 Most Spoken Languages in the World
Germany
- Region: North-Central Europe
- Annual GDP growth rate: 0.2%
The German economy is strongly focused on exports and is renowned for its precision in the engineering, automotive, chemical and pharmaceutical sectors. It benefits from its skilled workforce, strong research and development efforts and a pronounced commitment to fostering innovation.Also Read: World’s Most Powerful Passport Ranking 2024
Japan
- Region: East Asia
- Annual GDP growth rate: 0.9%
Japan’s remarkable economy is distinguished by its advanced technology, manufacturing capabilities, and service industries. Major sectors include automotive, electronics, machinery and financial domains. Also, Japan is gaining recognition for its unwavering work ethic, pioneering technological advancements and exceptional exports of superior quality.
India
- Region: South Asia
- Annual GDP growth rate: 6.8%
IMF estimates India’s GDP growth to be 6.8 percent in April 2024. In July 2024That changed the forecast by 20 basis points to 7 percent. The company attributes this growth outlook to better private consumption, especially in rural India. India ranks 5th in world GDP ranking in 2024. India’s economy is diversified and growing rapidly, fueled by key sectors such as information technology, services, agriculture and manufacturing. The country is capitalizing on its vast domestic market, a young and technically skilled labor force, and an expanding middle class.
United Kingdom
- Region: Western Europe
- Annual GDP growth rate: 0.5%
The economy of the United Kingdom consists of a mix of services, manufacturing, financial and creative sectors. London acts as a global financial center, attracting foreign investment. Its trade alliances and globalization further shape the UK’s economic expansion.
Also Read: Debt-GDP Ratio of Indian States in 2024
France
- Region: Western Europe
- Annual GDP growth rate: 0.7%
France’s economy is characterized by diversification, emphasizing industries such as aerospace, tourism, luxury goods and agriculture. France is renowned for its strong social welfare system, well-developed infrastructure and substantial investment in research and development.Also Read: World’s 10 Biggest Banks in 2024
Italy
- Region:
- Annual GDP growth rate: 0.7%
Italy has the most developed market as the third largest economy in the European Union. The country is known for its influential and pioneering business sector and a diligent and competitive agricultural industry.
Brazil
- Region:
- Annual GDP growth rate: 2.2%
The Brazilian economy exhibits a variety of sectors that include agriculture, mining, manufacturing, and services. It is also a major global hub for agricultural production and export. A number of factors shape the growth of Brazil’s economy, including commodity prices, domestic consumption, and the development of infrastructure.Also Read: World’s Top 10 Poorest Countries By GDP Per Capita [2024]
Canada
- Region:
- Annual GDP growth rate: 1.2%
The Canadian economy relies heavily on its abundant natural resources, including oil, gas, minerals and timber. Furthermore, the country has a thriving service sector, a well-established manufacturing industry and a firm commitment to fostering innovation and technological advancements.Read More: Top 10 most powerful countries in the world in 2024
Frequently Asked Questions
1. How is Gross Domestic Product (GDP) calculated? Gross domestic product is determined by adding together consumption (spending by consumers), government spending, investment (spending by businesses) and net exports (the difference between exports and imports).2. Which are the top 10 poorest countries in the world?Top 10 poorest countries in the world by GDP per capita:
- South Sudan
- Burundi
- Central African Republic
- Congo
- Mozambique
- Niger
- Malawi
- Liberia
- Madagascar
- Yemen
3. Which is the largest economy in Asia?Asia’s largest economy is China, with a nominal GDP of over $18,536 billion in 2024. Japan and India are next to China in Asia’s GDP rankings.
4. Which are the top 10 richest countries in the world?The top 10 richest countries in the world by GDP per capita are:
- Luxembourg
- Macao SAR
- Ireland
- Singapore
- Qatar
- United Arab Emirates
- Switzerland
- San Marino
- America
- Norway
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