Many nations boast economies exceeding 5 trillion USD, yet such wealth doesn't necessarily translate to prosperity for all citizens. This is where world economy rankings play a pivotal role. Gross Domestic Product (GDP) serves as a yardstick for a nation's wealth, quantifying the market value of all goods and services produced and traded within a specified timeframe.
GDP stands as a critical measure, aiding in the assessment of economic magnitude. Although numerous methods exist to calculate GDP, the predominant approach involves subtracting total import values from total export values for a given year. Economic policies play a significant role in the fluctuation of GDP across various economies worldwide.
In the World Economy Rankings of 2024, the cumulative GDP of the top-ranking countries amounts to a staggering $105 trillion. Leading the list is the United States, with China closely following in second place. Notably, China's economy demonstrates a faster growth rate compared to the US. Other prominent contenders in the rankings include the United Kingdom, India, France, Germany, Japan, and Canada.
GDP data analysis spanning from 2020 to 2026 reveals a significant global uptick, with the world GDP surging from $103.86 trillion to $112.6 trillion within a single year. Projections for 2024 indicate the top-ranking countries based on GDP. India's GDP is expected to expand by 5.8% this year, outpacing the global growth rate of 1.9%. Key sectors such as technology, healthcare, finance, and manufacturing play pivotal roles in shaping the world economy rankings.
- Institution: International Monetary Fund (IMF)
- Compiled by: IMF
- Year: 2024
- World Economy 2024: $105 Trillion
- Official Website: [IMF Website]
The IMF (International Monetary Fund) compiled the world economy rankings list.
China, the United States, and Japan are the three largest economies in the world by GDP.
In 2024-25, India's GDP is expected to increase by 6.1%, which is lower compared to other countries globally. Additionally, it is projected that India will contribute to 15% of global growth in 2024.
1. United States of America: GDP - $26,954 billion (GDP per capita: $80.41 thousand)
2. China: GDP - $17,786 billion (GDP per capita: $12.54 thousand)
3. Germany: GDP - $4,430 billion (GDP per capita: $52.82 thousand)
4. Japan: GDP - $4,231 billion (GDP per capita: $33.95 thousand)
5. India: GDP - $3,730 billion (GDP per capita: $2.61 thousand)
6. United Kingdom (UK): GDP - $3,332 billion (GDP per capita: $48.91 thousand)
7. France: GDP - $3,052 billion (GDP per capita: $46.32 thousand)
8. Italy: GDP - $2,190 billion (GDP per capita: $37.15 thousand)
9. Brazil: GDP - $2,132 billion (GDP per capita: $10.41 thousand)
10. Canada: GDP - $2,122 billion (GDP per capita: $53.25 thousand)
1. United States
- The United States has consistently held the top position in the global economy, renowned as the wealthiest nation. Its economy thrives on remarkable diversity, driven by sectors including manufacturing, services, technology, and finance. With a large consumer market, an entrepreneurial culture, and favorable business conditions, the US maintains its leading position.
2. China
- China emerges as the second-largest economy globally, propelled by its remarkable ascent. Its economic foundation rests on exports, manufacturing, and significant investments. China boasts an expansive workforce, advanced infrastructure, strong government support, and a rapidly growing consumer market, contributing to its impressive economic growth.
3. Germany
- Germany secures the third spot in the world economy rankings for 2024. It holds the title of the largest economy in Europe, primarily due to its dominance in the automotive export sector. Known for its prowess in industries such as chemicals, automotive, and machinery, Germany also boasts the largest skilled workforce globally. However, low fertility rates pose challenges to sustained economic growth.
4. Japan
- Japan ranks fourth in the world economy rankings for 2024, emphasizing exports and excelling in industries like automotive, engineering, pharmaceuticals, and chemicals. Its economic strength stems from robust investments and a skilled workforce, particularly in research and development, with a commitment to fostering innovation.
5. India
- India, the fifth-largest economy in the world, boasts a vast population and a growing GDP. Despite a relatively low per capita GDP of $3.74, India's economy is diverse, with contributions from sectors such as agriculture, industry, services, and IT. Rapid growth is fueled by economic liberalization and reforms initiated in the 1990s.
6. United Kingdom
- The UK secures the sixth position in the world economy rankings, with contributions from sectors like business, finance, and insurance, predominantly comprising the service sector. While historically aligned with European trade, the UK's departure from the EU in 2020 necessitates ongoing trade negotiations.
7. France
- France, renowned for its tourism industry, secures the seventh spot in the world economy rankings for 2024. Its economy thrives on industries and semi-private businesses, contributing significantly to its GDP.
8. Italy
- Italy, with its economy divided into several sectors, ranks eighth globally. Private businesses across various sectors contribute to Italy's GDP, with the country also renowned for luxury apparel brands.
9. Brazil
- Brazil's economy is characterized by its natural resource abundance, boasting rich mineral deposits, vast biodiversity, and fertile agricultural lands. These resources underpin a robust economy, securing Brazil the ninth position in the world economy rankings.
10. Canada
- Canada, positioned at tenth place in the world economy rankings, is renowned for its energy resources, ranking as the third-largest energy-rich country globally. The manufacturing sector, coupled with free trade policies with the US, contributes significantly to Canada's economic growth.
Which is the richest country in the world 2024?
As of 13 March 2024, Luxembourg stands on the first position on the list of Richest Country in the world. Known for banking secrecy and low tax rates, uses wealth for better housing, healthcare, and education.
What is the rank of India in economy in 2024?
GDP or “Gross Domestic Product” refers to the monetary value of all goods and services produced in a nation during a given year. A higher GDP indicates that the country is financially strong and growing at a stable rate. According to the World GDP Ranking 2024 list, India is the fifth largest economy in the world.
