The top 10 largest economies in the world in 2024
GDP stands for Gross Domestic Product. It’s a measure used to gauge the economic performance of a country or region. GDP as a big scoreboard that shows how much money a country makes from everything it sells and does in a year. It helps us understand how well a country’s economy is doing.
In 2024, the biggest economies on the planet are the United States, China, Germany, Japan, and India, based on their GDP figures. This article seeks to shed light on the top ten economies globally in 2024, organized according to their GDP rankings.
Top 10 Largest Economies in the World 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 April 30, 2024):
| Rank & Country | GDP (USD billion) | GDP Per Capita (USD thousand) |
| 1. United States Of America (U.S.A) | 28,783 | 85.37 |
| 2. China | 18,536 | 13.14 |
| 3. Germany | 4,730 | 56.29 |
| 4. Japan | 4,112 | 34.14 |
| 5. India | 3,942 | 2.73 |
| 6. United Kingdom (U.K.) | 3,502 | 51.07 |
| 7. France | 3,132 | 47.36 |
| 8. Brazil | 2,333 | 11.35 |
| 9. Italy | 2,332 | 39.58 |
| 10. Canada | 2,242 | 54.87 |
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 |
| Türkiye | 1,113 |
| Saudi Arabia | 1,112 |
| Switzerland | 938.46 |
*Data is last updated on April 30, 2024
The United States of America
Annual GDP Growth Rate is 2.7%. The United States has maintained its position as the leading global economy and wealthiest nation, remaining at the top from 1960 to 2023. Its economy showcases remarkable diversity, driven by key sectors such as services, manufacturing, finance, and technology. The country boasts a sizable consumer market, fosters innovation and entrepreneurialism, possesses robust infrastructure, and enjoys favorable business conditions.
China
Annual GDP Growth Rate is 4.6%. Its economy relies heavily on manufacturing, exports, and investment. China boasts a vast workforce, strong government support, infrastructural developments, and a rapidly expanding consumer market.
Germany
Annual GDP Growth Rate is 0.2%. Germany’s economy is heavily geared towards exports, particularly excelling in precision engineering, automotive, chemical, and pharmaceutical sectors. It benefits from a skilled labor force, robust research and development efforts, and a strong dedication to nurturing innovation.
Japan
Annual GDP Growth Rate is 0.9%. Japan’s remarkable economy stands out for its cutting-edge technology, manufacturing excellence, and thriving service sector. Key industries include automotive, electronics, machinery, and finance. Additionally, Japan is renowned for its strong work ethic, innovative technological developments, and high-quality exports.
India
Annual GDP Growth Rate is 6.8%. India’s economy showcases diversity and rapid expansion, driven by pivotal sectors like information technology, services, agriculture, and manufacturing. The country capitalizes on its large domestic market, a youthful and tech-savvy workforce, and the burgeoning middle class.
Reference and Source: https://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD