The top 10 largest economies in the world in 2024

GDP serves as a key metric for assessing the magnitude of a nation’s economy. The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports. This article aims to provide insight into the ten largest economies in the world in 2024, arranged by their GDP at The top 10 largest economies 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, Germany, Japan 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 July 1, 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 4,590 54.29
#4 Japan 4,112 33.14
#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 July 1, 2024

 

Let’s take a closer look at the globe’s largest economies in 2024

The United States of America

  • Region: North America
  • Annual GDP Growth Rate: 2.6%

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 at The top 10 largest economies in the world in 2024.

China

  • Region: East Asia
  • Annual GDP Growth Rate: 5%

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 at The top 10 largest economies in the world in 2024.

Germany

  • Region: North-central Europe
  • Annual GDP Growth Rate:  0.2%

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

  • Region: East Asia
  • Annual GDP Growth Rate: 0.7%

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 is known for its remarkable exports of high-quality goods, innovative technical breakthroughs, and unshakable work ethic at The top 10 largest economies in the world in 2024.

India

  • Region: South Asia
  • Annual GDP Growth Rate: 7%

India’s GDP growth in April 2024 is projected by the IMF to reach 6.8%.It updated the estimate to 7% in July 2024 after subtracting 20 basis points. Better private consumption, particularly in rural India, the organization argues, is responsible for this growth outlook. India is ranked 5th in the 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 at The top 10 largest economies in the world in 2024.

United Kingdom

  • Region: Western Europe
  • Annual GDP Growth Rate: 0.7%

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. Its trade alliances and globalisation additionally shape the economic expansion of the UK.

France

  • Region: Western Europe
  • Annual GDP Growth Rate: 0.9%

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 at The top 10 largest economies in the world in 2024.

Italy

  • Region:
  • 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 at The top 10 largest economies in the world in 2024.

Brazil

  • Region:
  • Annual GDP Growth Rate: 2.1%

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 at The top 10 largest economies in the world in 2024.

Canada

  • Region:
  • Annual GDP Growth Rate: 1.3%

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 at The top 10 largest economies 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) at The top 10 largest economies in the world in 2024.

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. Congo
  5. Mozambique
  6. Niger
  7. Malawi
  8. Liberia
  9. Madagascar
  10. Yemen

3. What is the largest economy in Asia?

The largest economy in Asia is China, with a nominal GDP of over $18,536 billion in 2024. Japan and India rank next to China in Asia’s GDP rankings at The top 10 largest economies in the world in 2024.

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:

  1. Luxembourg
  2. Macao SAR
  3. Ireland
  4. Singapore
  5. Qatar
  6. United Arab Emirates
  7. Switzerland
  8. San Marino
  9. United States
  10. Norway

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