The global economy is a constantly changing, with various nations competing for economic dominance through innovation, industry, and trade. As we move through 2024, the rankings of the world’s largest economies reveal much about the changing dynamics of global power wherein previously the traditional superpowers had a stronghold on the top largest economies and now new developing economies are catching fast. Find out about the top 10 largest economies in the world 2024 ranked by their GDP in this blog, providing insights into their economic performance, growth drivers, and challenges.
Also read: 10 Fastest Growing Economies of the World in 2024
Parameters of Economic Measure
- Gross Domestic Product (GDP): The overall financial value of all products and services generated in a nation within a specific period of time, usually a year. It is an important indicator of the state of a nation’s economy.
- GDP per Capita: This estimates the average economic output per person and is calculated by dividing the GDP by the population. It allows the comparison of various nation’s degrees of wealth.
- Nominal GDP: It is the GDP that is calculated at current market prices, without adjusting to the inflation. It provides an idea of the economy’s size in today’s money.
- GDP Growth: The annual GDP growth or decline rate of a nation over a given period of time. It’s an essential indicator of the expansion and health of the economy.
- Purchasing Power Parity (PPP): a technique that makes cross-country comparisons more accurate by calculating the relative values of several currencies using the price of a common basket of goods and services.
List of Top 10 Largest Economies in the World 2024
| Rank | Country | GDP (USD Trillion) | GDP Per Capita (USD thousand) |
| 1 | United States of America (U.S.A) | 28.7 | 85.37 |
| 2 | China | 18.5 | 13.14 |
| 3 | Germany | 4.5 | 54.29 |
| 4 | Japan | 4.1 | 33.14 |
| 5 | India | 3.9 | 2.73 |
| 6 | United Kingdom (U.K.) | 3.5 | 51.07 |
| 7 | France | 3.1 | 47.36 |
| 8 | Brazil | 2.3 | 11.35 |
| 9 | Italy | 2.3 | 39.58 |
| 10 | Canada | 2.2 | 54.87 |
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Key Insights on the 10 Largest Economies in the world 2024
Learn in brief about the key insights about the top 10 largest economies in the world 2024 and how they fare, from GDP growth rate to basis of economic growth and more.
1. United States of America (U.S.A)
United States stands as the top largest economy of the world ranging back from 1960 to 2023 making it the richest country and economy in the world. The United States economy is broad, with important industries such as manufacturing, technology, services, and finance driving its growth. The nation enjoys the advantages of a large consumer base, strong infrastructure, a creative and innovative culture, and advantageous business environments. These elements support America’s continued dominance in the world economy.
2. China
China, is fast catching up with the USA and is substantially ahead of the other nations in terms of largest economy in the world. China has an annual GDP growth rate of 5% and has grown rapidly, rising from the fourth largest in 1960 to the second in 2023. China’s economy is mainly contributed by manufacturing, exports, and investments. It benefits from a large workforce, strong government support, advanced infrastructure, and a fast-growing consumer market. These factors have helped China become a global economic powerhouse, contributing largely to the world economy.
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3. Germany
Germany, a country in North-Central Europe, currently has a 0.2% annual GDP growth rate. Germany’s economy is highly focused on exports and is renowned for its strength in the chemical, pharmaceutical, automotive, and engineering sectors. It gains from having staff members with a high level of ability, strong R&D efforts, and a strong commitment to innovation. Germany’s position as the world’s and Europe’s leading economic power is maintained by these advantages.
4. Japan
Japan, another Asian powerhouse stands at fourth among the largest economies in the world. It has a 0.7% annual GDP growth rate at present moving on a steady note from its previous expansive growth. Its economy is known for having strong manufacturing, a booming service sector, and cutting edge technology. Automotive, electronics, machinery, and finance are important industries. Japan has a major role in the global economy because of its strong work ethic, modern technology, and high-quality exports.
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5. India
India’s GDP is growing at a rate of 7% each year. The key generator of India’s GDP growth, according to the IMF, has been strong private consumption, particularly in rural regions. The original estimate of 6.8% GDP growth in April 2024 was raised to 7% in July 2024. By GDP, India is ranked fifth in the world as of 2024 and is aiming to reach $5 Tn economy by 2027 and become third largest economy in the world. Its economy is wide-ranging and expanding quickly, powered by industries including manufacturing, services, information technology, and agriculture. The nation benefits from a large domestic market, a workforce that is young and proficient in technology, and an expanding middle class.
6. United Kingdom
The United Kingdom, one of the traditional powerhouse of the world, has an annual GDP growth rate of 0.7% for 2024. Services, manufacturing, banking, and the creative sectors all strengthen its economy. London attracts foreign investments as it functions as a worldwide financial hub. The UK’s international links and trade agreements are important factors in its economic expansion.
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7. France
France, another European nation stands at seventh rank for the top 10 largest economies of the world. It has a 0.9% annual GDP growth rate for 2024. Its economy is wide, with important sectors including luxury products, travel, aerospace, and agriculture. France is known for its powerful infrastructure, major investments in research and development, and social welfare programs, all of which support the nation’s economic growth and stability.
8. Italy
Italy is the third-biggest economy in Europe, with an annual GDP growth rate of 0.7%. Its strong, competitive agriculture sector and inventive business sector are characteristics of its well-developed market economy. These elements support Italy’s financial strength in Europe. The country is also known for its highly developed social economy and is also bolstered by its tourism income.
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9. Brazil
Brazil’s economy is broad, including mining, manufacturing, services, and agriculture, with an annual GDP growth rate of 2.1%. It is an important exporter and producer of agricultural products worldwide. The development of infrastructure, domestic consumption, and commodity pricing all have an impact on Brazil’s economic growth.
10. Canada
Canada’s economy, which has an annual GDP growth rate of 1.3%, is largely dependent on its abundant natural resources, which include minerals, oil, gas, wood, and forestry. Along with a strong manufacturing sector, the nation is dedicated to technical advancement and innovation. It also has a strong services sector. These factors support the expansion and stability of Canada’s economy.
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Wrapping Up
These top 10 largest economies in the world 2024 have a big impact on the world economy because of how much they contribute to trade, innovation, and GDP as a whole. These economies influence international markets through their patterns of consumption and production, shape global economic trends, and establish norms in the fields of technology, finance, and manufacturing. Trade balances, investment flows, and the overall health of the world economy are significantly influenced by their economic policies, growth rates, and stability. When taken as a whole, they serve as catalysts for innovation, growth, and development on a worldwide scale, and their growth has a direct impact on the financial future of other countries and the rest of the world.
Also read:
- Best SIP to Invest in 2024 – Top 10 SIP Mutual Fund Plans for NRIs/OCIs
- 10 Mutual Funds that Doubled Investor’s Wealth in 3 Years
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Disclaimer: This blog has been written exclusively for educational purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. SBNRI does not intend to predict future returns, please read all related documents before investing.
FAQs
Which country has the best economy in 2024?
The United States has the largest economy in the world, with a GDP of just under $29 trillion. Followed by China is the second largest, with a GDP of about $18.5 trillion.
What is the richest country in the world in 2024?
Luxembourg, an European country is the richest country in the world in 2024 with a GDP Per Capita Income of $143,742.
What is the rank of India GDP in 2024?
India holds 5th rank in the GDP list of the world with a valuation of $3.9 Billion. It has a GDP growth of 7.0% and is one of the fastest growing developing economies of the world. India is poised to reach $ 5 Trillion economy and become third largest economy of the world by 2027.
Which sector is growing fast in India?
In 2024, India’s fastest-growing sectors include fintech, renewable energy, biotechnology, and digital transactions. These industries are thriving due to advancements in technology, sustainability efforts, and increased digital adoption.
What are the fastest-growing economies in 2024?
The fastest-growing economies in 2024 include Rwanda, India, Bangladesh, Vietnam, and Ethiopia. These countries are experiencing significant GDP growth due to factors like technological advancements, infrastructure development, and economic reforms.
How is India performing in terms of economic growth in 2024?
India is one of the world’s fastest-growing economies in 2024, with a GDP growth rate of 6.5%. The country’s growth is driven by its expanding digital economy, infrastructure projects, and a rapidly growing middle class. India is also on track to achieve its goal of becoming a $5 trillion economy.
What are the top 5 largest economies in the world 2025?
US, China, Germany, Japan and India are ranked respectively as the five largest economies in the world at present. India is also set to become the third largest by 2027 based on IMF projections.
