Top 10 countries with the largest economy in the world 2024
Top 10 Largest Economies In The World 2024
Which are the top 5 GDP countries in the world? The US, China, Japan, Germany, 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 January 02, 2024):
Rank & Country GDP (USD billion) GDP Per Capita (USD thousand)
#1 United States Of America (U.S.A) 26,954 80.41
#2 China 17,786 12.54
#3 Germany 4,430 52.82
#4 Japan 4,231 33.95
#5 India 3,730 2.61
#6 United Kingdom (U.K.) 3,332 48.91
#7 France 3,052 46.32
#8 Italy 2,190 37.15
#9 Brazil 2,132 10.41
#10 Canada 2,122 53.25
Also Read: US inflation rate by year: 2012 to 2023
What Are The Next 10 Economies
Rank & Country GDP (USD billion)
#11 Russia 1,860
#12 Mexico 1,810
#13 South Korea 1,710
#14 Australia 1,690
#15 Spain 1,580
#16 Indonesia 1,420
#17 Turkey 1,150
#18 Netherlands 1090
#19 Saudi Arabia 1,070
#20 Switzerland 905.68
*Data is last updated on January 02, 2024 Also Read: Top 10 countries with most powerful military strength Let's take a closer look at the globe's largest economies in 2024
The United States Of America
GDP: $26,954 billion
GDP By Country Per Capita: $80,410
Annual GDP Growth Rate: 1.6%
The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology. The United States enjoys a substantial consumer market, fosters innovation and entrepreneurial spirit, possesses resilient infrastructure, and experiences advantageous business conditions.
China
GDP: $17,786 billion
GDP By Country Per Capita: $12,540
Annual GDP Growth Rate: 5.2%
China has witnessed a notable upsurge in its economic progress, moving from the fourth rank in 1960 to the second rank in 2023. 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
GDP: $4,430 billion
GDP By Country Per Capita: $52,820
Annual GDP Growth Rate: -0.1%
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
GDP: $4,231 billion
GDP By Country Per Capita: $33,950
Annual GDP Growth Rate: 1.3%
Japan's notable economy is distinguished by its progressive technology, manufacturing prowess, and service industry. Prominent sectors encompass automotive, electronic, machinery, and financial domains. Moreover, Japan garners recognition for its unwavering work ethic, pioneering technological advancements, and exceptional exports of superior quality.
India
GDP: $3,730 billion
GDP By Country Per Capita (Nominal): $2,610
Annual GDP Growth Rate: 5.9%
India is ranked 5th in world's GDP rankings in 2024. India's economy boasts diversity and swift growth, fuelled by key sectors such as information technology, services, agriculture, and manufacturing. The nation capitalises on its broad domestic market, a youthful and technologically adept labour force, and an expanding middle class.
United Kingdom
GDP: $3,332 billion
GDP By Country Per Capita: $48,910
Annual GDP Growth Rate: -0.3%
The economy of the United Kingdom comprises a blend of services, manufacturing, finance, and creative sectors. London functions as a worldwide financial centre, enticing foreign investments. The economic expansion of the UK is additionally shaped by its trade alliances and globalisation.
France
GDP: $3,052 billion
GDP By Country Per Capita: $46,320
Annual GDP Growth Rate: 0.7%
France is expected to have a GDP estimated at 2,920 billion US dollars in 2023. The economy of France is characterised by diversification, emphasising industries such as aerospace, tourism, luxury goods, and agriculture. France is renowned for its robust social welfare system, well-developed infrastructure, and substantial investment in research and development
Italy
GDP: $2,190 billion
GDP By Country Per Capita: $37,150
Annual GDP Growth Rate: 0.7%
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.
Brazil
GDP: $2,132 billion
GDP By Country Per Capita: $10,510
Annual GDP Growth Rate: 0.9%
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, including commodity prices, domestic consumption, and the advancement of infrastructure, shape the growth of Brazil's economy.
Also Read: Top 10 poorest countries in the world by GDP per capita [2024]
Canada
GDP: $2,122 billion
GDP By Country Per Capita: $53,250
Annual GDP Growth Rate: 1.5%
The Canadian economy relies heavily on its abundant natural resources, encompassing oil, gas, minerals, and timber. Moreover, the nation boasts a thriving services sector, a well-established manufacturing industry, and a steadfast dedication to fostering innovation and technological advancements.
Frequently Asked Questions
1. How is Gross Domestic Product (GDP) computed?
GDP is determined by summing up consumption (expenditure by consumers), government expenditure, investment (expenditure by businesses), and net exports (the difference between exports and imports).
2. What are the top 10 poorest countries in the world?
The top 10 poorest countries in the world by GDP per capita are:
South Sudan
Burundi
Central African Republic
Somalia
Democratic Republic of the Congo
Mozambique
Niger
Malawi
Chad
Liberia
3. What is the largest economy in Asia?
The largest economy in Asia is China, with a nominal GDP of over $19,374 billion in 2024. Japan and India rank next to China in the GDP rankings in Asia.
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:
Ireland
Luxembourg
Singapore
Qatar
Macao SAR
United Arab Emirates
Switzerland
Norway
United States
San Marino
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