Explore the leading economies of 2024, and delve into the global economic expansion as nations drive towards a brighter tomorrow.
In 2024, the largest economies globally include the United States, China, Germany, Japan, and India, based on their GDP data. GDP is a crucial measure for evaluating the size of a country’s economy. The standard method for calculating GDP is the expenditure approach, which adds up spending on new consumer goods, investments, government spending, and the net value of exports.
This article seeks to offer a fresh perspective on the world’s top ten economies in 2024, ranked by GDP.
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 May 20, 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 |
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: 2.7%
In North America, the United States has maintained its position as the world’s largest economy and wealthiest nation, holding this status consistently from 1960 to 2023. The country’s economy is highly diverse, driven by key sectors such as services, manufacturing, finance, and technology. With a large consumer market, a culture of innovation and entrepreneurship, robust infrastructure, and favorable business conditions, the United States continues to be a global economic leader.
China
- Region: East Asia
- Annual GDP Growth Rate: 4.6%
China has experienced a significant rise in its economic development, climbing from fourth place in 1960 to second place in 2023. The Chinese economy is primarily driven by manufacturing, exports, and investments. It boasts a large workforce, strong government support, advanced infrastructure, and a rapidly growing consumer market.
Germany
- Region: North-central Europe
- Annual GDP Growth Rate: 0.2%
Germany’s economy thrives on its export-oriented approach, particularly excelling in precision engineering, automotive, chemical, and pharmaceutical industries. It benefits from a skilled workforce, strong focus on research and development, and a dedicated effort to promote innovation.
Japan
- Region: East Asia
- Annual GDP Growth Rate: 0.9%
Japan’s remarkable economy stands out for its advanced technology, strong manufacturing sector, and diverse service industry. Key industries include automotive, electronics, machinery, and finance. Japan is also known for its strong work ethic, innovative technology, and high-quality exports.
India
- Region: South Asia
- Annual GDP Growth Rate: 6.8%
In 2024, India holds the 5th position in the global GDP rankings, showcasing a robust and diverse economy. Its growth is propelled by vital sectors like information technology, services, agriculture, and manufacturing. India leverages its large domestic market, skilled and young workforce, and a growing middle class to drive its economic expansion.
United Kingdom
- Region: Western Europe
- Annual GDP Growth Rate: 0.5%
The United Kingdom’s economy is a diverse mix of services, manufacturing, finance, and creative industries. London, in particular, is a major global financial hub that attracts foreign investment. The UK’s trade partnerships and participation in global markets also play a significant role in driving its economic growth.
France
- Region: Western Europe
- Annual GDP Growth Rate: 0.7%
In 2024, France is projected to have a GDP of approximately 2,920 billion US dollars. The French economy is known for its diversity, with key sectors including aerospace, tourism, luxury goods, and agriculture. France is also recognized for its strong social welfare system, advanced infrastructure, and significant focus on research and development.
Italy
- Region:
- Annual GDP Growth Rate: 0.7%
Italy stands out as one of the European Union’s top economies, ranking third in size. The country is renowned for its dynamic business landscape and innovative industries, alongside a robust agricultural sector known for its competitiveness and dedication.
Brazil
- Region:
- Annual GDP Growth Rate: 2.2%
Brazil’s economy is diverse, with key sectors like agriculture, mining, manufacturing, and services driving its growth. The country is particularly renowned for its strong agricultural production and exports. Factors such as commodity prices, local consumer spending, and infrastructure development play significant roles in shaping Brazil’s economic trajectory.
Canada
- Region:
- Annual GDP Growth Rate: 1.2%
Canada’s economy is deeply rooted in its rich natural resources, including oil, gas, minerals, and timber. In addition, the country has a strong services sector, a well-developed manufacturing industry, and a strong commitment to promoting innovation and technological progress.
Frequently Asked Questions
Question 1: How is Gross Domestic Product (GDP) calculated?
Answer : GDP is calculated by adding up consumption (spending by consumers), government spending, investment (spending by businesses), and net exports (exports minus imports).
Question 2: Which countries are among the top 10 poorest in the world?
Answer : The top 10 poorest countries in the world, based on GDP per capita, include
- South Sudan
- Burundi
- Congo
- Mozambique
- Niger
- Malawi
- Liberia
- Madagascar
- Yemen
- Central African Republic
Question 3: Which country has the largest economy in Asia?
Answer : China boasts the largest economy in Asia, with a nominal GDP exceeding $18,536 billion in 2024. Japan and India follow China in Asia’s GDP rankings.
Question 4: What are the top 10 wealthiest countries globally?
Answer : The top 10 richest countries, based on GDP per capita, include
- Luxembourg
- Macao SAR
- Ireland
- Singapore
- Qatar
- United Arab Emirates
- Switzerland
- San Marino
- United States
- Norway.