GDP serves as a key metric for assessing the magnitude of a nation’s economy. The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports. This article aims to provide insight into the ten largest economies in the world in 2024, arranged by their GDP.
Top 10 Largest Economies in the World 2024
Which are the top 5 countries by GDP in the world? The US, China, Germany, Japan and India, respectively, hold those positions in 2024.
Now, let’s take a look at the top 10 largest economies/ richest countries in the world in 2024, sourced from IMF data (as of November 4, 2024):
| Rank & Country | GDP (USD) | 2024 Projected Real GDP (% Change) | GDP Per Capita (Current Prices) (USD) |
|---|---|---|---|
| #1 United States (U.S) | $29.17 trillion | 2.8% | $86.6 thousand |
| #2 China | $18.27 trillion | 4.8% | $12.97 thousand |
| #3 Germany | $4.71 trillion | 0% | $55.52 thousand |
| #4 Japan | $4.07 trillion | 0.3% | $32.86 thousand |
| #5 India | $3.89 trillion | 7% | $2.7 thousand |
| #6 United Kingdom (U.K.) | $3.59 trillion | 1.1% | $52.42 thousand |
| #7 France | $3.17 trillion | 1.1% | $48.01 thousand |
| #8 Italy | $2.38 trillion | 0.7% | $40.29 thousand |
| #9 Canada | $2.21 trillion | 1.3% | $53.83 thousand |
| #10 Brazil | $2.19 trillion | 3% | $10.3 thousand |
What are the Next 10 Economies
| Rank & Country | GDP (USD billion) |
|---|---|
| #11 Russia | $2.18 trillion |
| #12 Mexico | $1.85 trillion |
| #13 Australia | $1.8 trillion |
| #14 Spain | $1.73 trillion |
| #15 Indonesia | $1.4 trillion |
| #16 Türkiye | $1.34 trillion |
| #17 Netherlands | $1.22 trillion |
| #18 Saudi Arabia | $1.1 trillion |
| #19 Switzerland | $942.27 billion |
| #20 Poland | $862.91 billion |
*Data is last updated on November 4, 2024
Let’s take a closer look at the globe’s largest economies in 2024
The United States of America
- Region: North America
- Annual GDP Growth Rate: 2.8%
- Share of global GDP, adjusted for PPP: 14.99%
The United States upholds its status as the major global economy and richest country, with a GDP of over $28.78 trillion as of 2024, steadfastly preserving its pinnacle position from 1960 to 2024. The economy boasts remarkable diversity. Furthermore, important sectors like services and manufacturing propel this growth. Consequently, finance and technology also drive significant progress. Therefore, these industries ensure a robust financial landscape for the nation. The United States enjoys a substantial consumer market, fosters innovation and entrepreneurial spirit, possesses resilient infrastructure, and experiences advantageous business conditions.
China
- Region: East Asia
- Annual GDP Growth Rate: 4.8%
- Share of global GDP, adjusted for PPP: 19.05%
China has witnessed a notable upsurge in its economic progress, moving from the fourth rank in 1960 to the second rank in 2024. The Chinese economy predominantly hinges upon manufacturing, exports, and investment. It proudly possesses an extensive workforce, robust governmental backing, infrastructural advancements, and an expeditiously expanding consumer market.
Germany
- Region: North-central Europe
- Annual GDP Growth Rate: 0%
- Share of global GDP, adjusted for PPP: 3.09%
The German economy strongly focuses on exports and is renowned for its precision in the engineering, automotive, chemical, and pharmaceutical sectors. It derives advantage from its proficient labour force, robust research and development initiatives, and a pronounced commitment to fostering innovation.
Japan
- Region: East Asia
- Annual GDP Growth Rate: 0.3%
- Share of global GDP, adjusted for PPP: 3.38%
Japan’s notable economy is distinguished by its progressive technology, manufacturing prowess, and service industry. Prominent sectors encompass automotive, electronic, machinery, and financial domains.
Japan garners recognition for its unwavering work ethic. Furthermore, the nation produces pioneering technological advancements. Consequently, it delivers exceptional exports of superior quality. Therefore, these traits define Japan’s global reputation.
India
- Region: South Asia
- Annual GDP Growth Rate: 7%
- Share of global GDP, adjusted for PPP: 8.23%
In April 2024, the IMF estimated India’s GDP growth at 6.8 percent. In July 2024, it revised the forecast by 20 basis points to 7 percent. Increased household spending drives this optimistic outlook, furthermore this growth occurs particularly in rural areas. Consequently, higher agricultural incomes fuel the rise in consumption. India ranks 5th in the world’s GDP rankings for 2024. The national economy grows rapidly and remains diverse. Furthermore, key sectors like information technology and services fuel this expansion. Moreover, agriculture and manufacturing drive significant progress. Consequently, these industries support the country’s development. India capitalizes on its broad domestic market, a youthful and technologically adept labor force, and an expanding middle class.
United Kingdom
- Region: Western Europe
- Annual GDP Growth Rate: 1.1%
- Share of global GDP, adjusted for PPP: 2.2%
The economy of the United Kingdom is a blend of services, manufacturing, finance, and creative sectors. London serves as a global financial center, attracting foreign investments. Trade alliances significantly shape the economic growth of the UK. Furthermore, globalisation drives national development. Consequently, these factors influence the financial landscape.
France
- Region: Western Europe
- Annual GDP Growth Rate: 1.1%
- Share of global GDP, adjusted for PPP: 2.24%
The French economy remains highly diversified. Furthermore, the nation places a strong emphasis on the aerospace and tourism industries. Moreover, luxury goods and agriculture drive significant economic activity. Consequently, these sectors ensure national financial stability. France is renowned for its robust social welfare system, well-developed infrastructure, and substantial investment in research and development.
Italy
- Region:
- Annual GDP Growth Rate: 0.7%
- Share of global GDP, adjusted for PPP: 1.85%
Italy boasts a highly developed market as the third-largest economy in the European Union. The nation is known for its influential and pioneering business sector and diligent and competitive agricultural industry.
Canada
- Region:
- Annual GDP Growth Rate: 1.2%
- Share of global GDP, adjusted for PPP: 1.33%
The Canadian economy relies heavily on its abundant natural resources, encompassing oil, gas, minerals, and timber. The nation boasts a thriving services sector. Furthermore, it maintains a well-established manufacturing industry. Consequently, the country fosters innovation and technological advancements.
Brazil
- Region:
- Annual GDP Growth Rate: 3%
- Share of global GDP, adjusted for PPP: 2.42%
The Brazilian economy exhibits a breadth of sectors, encompassing agriculture, mining, manufacturing, and services. Notably, it is a prominent global hub for agricultural production and exportation. Several factors shape the growth of Brazil’s economy. Furthermore, these include commodity prices and domestic consumption. Consequently, the advancement of infrastructure plays a vital role. Therefore, these elements determine the nation’s financial trajectory.
Frequently Asked Questions
1. How is Gross Domestic Product (GDP) computed?
People determine GDP by summing up four specific parts. Initially, consumption represents expenditure by consumers. Furthermore, government expenditure serves as a major component. Consequently, investment includes expenditure by businesses. Moreover, net exports represent the difference between exports and imports. Therefore, these categories together define the total GDP.
2. What are the top 10 poorest countries in the world?
The top 10 poorest countries in the world by GDP per capita, as of November 2024, are:
- South Sudan
- Burundi
- Central African Republic
- Malawi
- Mozambique
- Congo
- Somalia
- Liberia
- Niger
- Madagascar
3. What is the largest economy in Asia?
The largest economy in Asia is China, with a nominal GDP of over $18,270 billion in 2024. Japan and India rank next to China in Asia’s GDP rankings.
4. What are the top 10 richest countries in the world?
The top 10 richest countries in the world by GDP per capita are as follows:
- Luxembourg
- Macao SAR
- Ireland
- Singapore
- Qatar
- United Arab Emirates
- Switzerland
- San Marino
- United States
- Norway
