According to GDP data, the world’s largest economies in 2024 will be those of the United States of America, China, Japan, Germany, and India. A key measure of a country’s economic size is its GDP. Traditionally, the GDP of a nation is calculated using the expenditure method, in which the amount is calculated by adding the costs of new investments, new consumer goods, government spending, and the value of exports.
By ranking the world’s ten greatest economies by GDP in 2024, this article aims to shine light on them.
Top 10 World Economies by GDP 2024
Which five countries in the world have the highest GDPs? In 2024, the US, China, Japan, Germany, and India will be in their respective places.
Let’s now examine the top ten richest/largest economies in the world in 2024, according to IMF data as of February 07, 2024:
| Rank & Country | GDP (USD billion) | GDP Per Capita (USD thousand) |
|---|---|---|
| 1. United States Of America (U.S.A) | 27,974 | 83.06 |
| 2. China | 18,566 | 13.16 |
| 3. Germany | 4,730 | 56.04 |
| 4. Japan | 4,291 | 34.55 |
| 5. India | 4,112 | 2.85 |
| 6. United Kingdom (U.K.) | 3,592 | 52.43 |
| 7. France | 3,182 | 48.22 |
| 8. Italy | 2,280 | 38.93 |
| 9. Brazil | 2,272 | 11.03 |
| 10. Canada | 2,242 | 55.53 |
Let’s examine the world’s biggest economies in more detail in 2024.
The United States of America
- GDP: $27,974 billion
- GDP By Country Per Capita (Thousands): $83.06
- Annual GDP Growth Rate: 1.5%
The United States continues to be the biggest economy in the world and the richest nation, maintaining its position of power from 1960 to 2023. Its economy, which is driven by major sectors like manufacturing, services, finance, and technology, has an amazing diversity. The US has a sizable consumer market, encourages creativity and entrepreneurship, has a strong infrastructure, and provides favorable business conditions.
China
- GDP: $18,566 billion
- GDP By Country Per Capita (Thousands): $13.16
- Annual GDP Growth Rate: 4.2%
China’s economic growth is increasing, as seen by its rise from the fourth position in 1960 to the second position in 2023. The three main pillars of the Chinese economy are manufacturing, exports, and investment. It is pleased to have a large staff, strong support from the government, modern infrastructure, and a rapidly expanding consumer base.
Germany
- GDP: $4,730 billion
- GDP By Country Per Capita (Thousands): $56.04
- Annual GDP Growth Rate: 0.9%
Germany is known for its precision in the engineering, automotive, chemical, and pharmaceutical sectors, and its economy is heavily focused on exports. It benefits from having a skilled workforce, strong research and development programs, and a strong commitment to innovation development.
Japan
- GDP: $4,291 billion
- GDP By Country Per Capita (Thousands): $34.55
- Annual GDP Growth Rate: 1.0%
Japan’s impressive economy is characterized by advanced technology, manufacturing expertise, and service industries. The most important sectors include the automotive, electronics, machinery, and financial industries. Additionally, Japan is recognized for its unwavering work ethic, groundbreaking technological advances, and exceptional, high-quality exports.
India
- GDP: $4,112 billion
- GDP By Country Per Capita (Thousands): $2.85
- Annual GDP Growth Rate: 6.3%
India will be ranked 5th in the world GDP ranking in 2024. The Indian economy is characterized by diversity and rapid growth driven by key sectors such as information technology, services, agriculture, and manufacturing. The country benefits from a broad domestic market, a young and skilled workforce, and a growing middle class.
United Kingdom
- GDP: $3,592 billion
- GDP By Country Per Capita (Thousands): $52.43
- Annual GDP Growth Rate: 0.6%
The UK economy has a mix of services, manufacturing, finance and creative sectors. London serves as a global financial center and attracts foreign investment. The UK’s economic expansion has also been shaped by trading alliances and globalisation.
France
- GDP: $3,182 billion
- GDP By Country Per Capita (Thousands): $48.22
- Annual GDP Growth Rate: 1.3%
France’s GDP in 2023 is expected to be an estimated $2.92 trillion. The French economy is characterized by diversification, with emphasis on industries such as aerospace, tourism, luxury goods, and agriculture. France is known for its strong social institutions, well-developed infrastructure, and significant investment in research and development.
Italy
- GDP: $2,280 billion
- GDP By Country Per Capita (Thousands): $38.93
- Annual GDP Growth Rate: 0.7%
Italy, the third largest economy in the European Union, has a highly developed market. The country is known for its influential and pioneering economic sector and hard-working and competitive agriculture.
Brazil
- GDP: $2,272 billion
- GDP By Country Per Capita (Thousands): $11.03
- Annual GDP Growth Rate: 1.5%
Brazil’s economy has a wide range of sectors, including agriculture, mining, manufacturing, and services. In particular, it is a major world center for the production and export of agricultural products. Several factors influence the growth of the Brazilian economy, including raw material prices, domestic consumption, and infrastructure development.
Canada
- GDP: $2,242 billion
- GDP By Country Per Capita (Thousands): $55.53
- Annual GDP Growth Rate: 1.6%
Canada’s economy relies heavily on its rich natural resources, including oil, gas, minerals, and timber. Additionally, the country has a strong services industry, an established manufacturing industry, and an unwavering commitment to fostering innovation and technological progress.