This article aims to provide insight into the ten largest economies in the world in 2024, arranged by their GDP.

Also Read: The top 10 richest people in the world in 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.

Also Read: Top 10 companies in India by market valuation in 2024

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.

Also Read: Top 10 biggest companies in the world by market cap in 2024

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.

Also Read: World's most powerful passport rankings 2024

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):
• 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.

Also Read: India Q2 GDP Data: At 7.6 Percent, Indian Growth Delivers Another Strong Quarter

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.

Also Read: Debt-to-GDP ratio of Indian states in 2024

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.

Also Read: The 10 largest banks in the world in 2024

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.

Also Read: Top 10 powerful countries in the world in 2024

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:

1. South Sudan
2. Burundi
3. Central African Republic
4. Somalia
5. Democratic Republic of the 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 the GDP rankings in Asia.

What is Asia's fastest growing economy 2023?

The Philippines. The Philippines was the fastest growing economy in Southeast Asia in the third quarter 2023, driven by an increase in government spending (Exhibit 5). This compensated for the slowdown in domestic consumption following higher levels of inflation.

What is Asia's richest country in 2023?

Singapore Singapore was named one of the 10 richest countries in the world in 2023, as well as in Asia. The GDP per capita reached US$84,500,411 (Rp1,281 billion). Although its land area is not larger than Madura Island in East Java, Indonesia, the Lion Country can attract funds from foreign investment.

Which country has the fastest growing economy in the world 2023?

The only economy to surpass Guyana's economic boom in 2023 is the Chinese Special Administrative Region of Macau. Known as the "Las Vegas of Asia", Macau has become a vibrant center for commerce and entertainment. GDP growth of over 74 percent is mainly driven by industries such as tourism, gambling and real estate.

Which countries have the best economy 2023?

Top of the charts, for the second year running, is Greece—a remarkable result for an economy that was until recently a byword for mismanagement. Aside from South Korea, many of the other standout performers are in the Americas. The United States comes third. Canada and Chile are not far behind.