The 10 largest economies in the world in 2024 - Forbes India (2024)

TAccording to their GDP data, the US, China, Japan, Germany and India will be the largest economies in the world in 2024. 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, where the total is derived by adding expenditure on fresh consumer goods, new investment, government expenditure and the net value of exports.

This article aims to provide insight into the ten largest economies in the world in 2024, ranked by their GDP.Also read:The 10 richest people in the world in 2024

Top 10 largest economies in the world 2024

What are the top 5 GDP countries in the world? The US, China, Germany, Japan and India respectively hold these positions in 2024. Now let's take a look at the top 10 economies/richest countries in the world in 2024, taken fromIMF data(as of February 7, 2024):

Also read:US inflation by years: 2012 to 2023

What are the next 10 economies?

*Data was last updated on February 7, 2024
Also read:Top 10 countries with the most powerful military force
Let's take a closer look at the world's largest economies in 2024

The United States of America

• GDP: $27.974 billion
• GDP per country per capita (thousands): $83.06
• Annual GDP growth: 1.5%

The United States maintains its status as the largest global economy and the richest country, steadfastly holding its top position from 1960 to 2023. The economy boasts remarkable diversity, driven by key sectors such as services, manufacturing, finance and technology. The US has a significant consumer market, promotes innovation and entrepreneurship, has a robust infrastructure and favorable business conditions.Also read:Top 10 Companies in India by Market Valuation in 2024

Depth

• GDP: $18.566 billion
• GDP per country per capita (thousands): $13.16
• Annual GDP growth: 4.2%

China has witnessed a remarkable revival in its economic progress, from fourth place in 1960 to second place in 2023. The Chinese economy is mainly dependent on manufacturing, exports and investments. The country proudly boasts an extensive workforce, robust government support, infrastructure improvements and a rapidly growing consumer market.Also read:Top 10 most spoken languages ​​in the world

Germany

• GDP: $4.73 trillion
• GDP per country per capita (thousands): $56.04
• Annual GDP growth: 0.9%

The German economy is strongly export-oriented and is known for its precision in the engineering, automotive, chemical and pharmaceutical sectors. It benefits from its skilled workforce, robust research and development initiatives and a stated commitment to fostering innovation.Also read:The World's Most Powerful Pass Rankings 2024

Japan

• GDP: $4.291 billion
• GDP per country per Capital Person (thousands): $34.55
• Annual GDP growth: 1.0%

Japan's remarkable economy is characterized by its advanced technology, manufacturing capabilities and service sectors. Prominent sectors include the automotive, electronics, mechanical engineering and financial sectors. In addition, Japan is recognized for its steadfast work ethic, groundbreaking technological advancements and exceptional exports of superior quality.

If

• BNP: $4.112 billion
• GDP per country per capita (thousands): $2.85
• Annual GDP growth: 6.3%

India will rank fifth in the world by GDP in 2024. The Indian economy boasts diversity and rapid growth, driven by key sectors such as information technology, services, agriculture and manufacturing. The country benefits from its broad domestic market, a youthful and technologically savvy workforce and a growing middle class.Also read:Indian GDP data for the second quarter: At 7.6 percent, Indian growth delivers another strong quarter

The United Kingdom

• GDP: $3.592 billion
• GDP per country per capita (in thousands): $52.43
• Annual GDP growth: 0.6%

The UK economy includes a mix of service, manufacturing, financial and creative sectors. London acts as a global financial center and attracts foreign investment. Britain's economic expansion has also been shaped by its trade alliances and globalization.Also read:Indian states' debt-to-GDP ratio in 2024

France

• GDP: $3.182 billion
• GDP per country per capita (in thousands): $48.22
• Annual GDP growth: 1.3%

France is expected to have a GDP estimated at $2.920 billion in 2023. The French economy is characterized by diversification, with an emphasis on sectors such as aerospace, tourism, luxury goods and agriculture. France is known for its robust social security system, well-developed infrastructure and significant investments in research and development.Also read:The 10 largest banks in the world in 2024

Italy

• GDP: $2.28 trillion
• GDP per country per capita (thousands): $38.93
• Annual GDP growth: 0.7%

Italy has a highly developed market as the third largest economy in the EU. The country is known for its influential and pioneering business sector and industrious and competitive agricultural industry.

Brazil

• GDP: $2.272 billion
• GDP per country per capita (in thousands): $11.03
• Annual GDP growth: 1.5%

The Brazilian economy exhibits a wide range of sectors, including agriculture, mining, manufacturing and services. In particular, it is a prominent global hub for agricultural production and exports. Several factors, including commodity prices, domestic consumption and infrastructure promotion, shape the growth of Brazil's economy.Also read:Top 10 poorest countries in the world by GDP per capita [2024]

Canada

• GDP: $2.242 billion
• GDP per country per capita (thousands): $55.53
• Annual GDP growth: 1.6%

Canada's economy is heavily dependent on its abundant natural resources, including oil, gas, minerals and timber. In addition, the country has a thriving services sector, an established manufacturing industry and a strong commitment to promoting innovation and technological advancement.Also read:Top 10 most powerful countries in the world in 2024

Frequently Asked Questions

1. How is Gross Domestic Product (GDP) calculated?GDP is determined by adding together consumption (consumer expenditure), government expenditure, investment (business expenditure) and net exports (the difference between exports and imports).2. What are the 10 poorest countries in the world?Top 10poorest countries in the worldbased on GDP per capita is:

1. Southern Sudan
2. Burundi
3. The Central African Republic
4. Somalia
5. The Democratic Republic of Congo
6. Mozambique
7. Niger
8. Malawi
9. Chad
10. 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 GDP rankings in Asia.4. What are the 10 richest countries in the world?Top 10richest countries in the worldaccording to GDP per population is as follows:

1. Ireland
2. Luxemburg
3. Singapore
4. Train
5. Macau SAR
6. United Arab Emirates
7. Switzerland
8. Norway
9. United States
10. San Marino
    

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