GGross domestic product (DP) serves as a key metric for assessing the size of a country’s economy. The conventional approach to measuring a country’s GDP involves the expenditure method, which determines the total by aggregating spending on new consumer goods, new investments, government spending, and the net value of exports. This article aims to provide insights into the world’s top ten economies in 2024, ranked by their GDP.Also read: The 10 richest people in the world in 2024
Top 10 largest economies in the world 2024
What are the 5 countries with the highest GDP in the world? The US, China, Germany, Japan and India occupy these spots in 2024. Now let’s take a look at the 10 largest economies/richest countries in the world in 2024 based on IMF data (as of August 19, 2024):
| Rank & Country | GDP (billion USD) | GDP per capita (in thousands of USD) |
|---|---|---|
| #1 United States of America (USA) | 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 (UK) | 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 |
Read also: US inflation rate by year: 2012 to 2023
What are the next 10 economies
| Rank & Country | GDP (billion USD) |
|---|---|
| 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 last updated on August 19, 2024.
Read also: Top 10 countries with the strongest military strength
Let’s take a closer look at the world’s largest economies in 2024
The United States of America
- Region: North America
- Annual GDP growth rate: 2.7%
The United States maintains its status as the world’s largest economy and richest country, having steadfastly defended its top position from 1960 to 2023. Its economy is characterized by remarkable diversity, driven by key sectors such as services, manufacturing, finance, and technology. The United States has a sizable consumer market, encourages innovation and entrepreneurship, has robust infrastructure, and experiences favorable business conditions.Also Read: Top 10 Companies in India by Market Valuation in 2024
China
- Region: East Asia
- Annual GDP growth rate: 4.6%
China has experienced a remarkable upswing in its economic progress, moving from fourth place in 1960 to second place in 2023. The Chinese economy depends primarily on manufacturing, exports and investment. The country boasts a large workforce, strong government support, advances in infrastructure and a rapidly growing consumer market.Read also: The 10 most spoken languages in the world
Germany
- Region: North Central Europe
- Annual GDP growth rate: 0.2%
The German economy is heavily export-oriented and known for its precision engineering, automotive, chemical and pharmaceutical sectors. It benefits from its skilled workforce, strong research and development initiatives and a strong commitment to promoting innovation.Also read: The World’s Most Powerful Passport Rankings 2024
Japan
- Region: East Asia
- Annual GDP growth rate: 0.9%
Japan’s remarkable economy is characterized by advanced technology, manufacturing expertise and service industries. Major industries include automotive, electronics, engineering and finance. In addition, Japan is recognized for its unwavering work ethic, groundbreaking technological advances and exceptional exports of the highest quality.
India
- Region: South Asia
- Annual GDP growth rate: 6.8%
The IMF estimated India’s GDP growth at 6.8 percent in April 2024. In July 2024, it revised the forecast downward by 20 basis points to 7 percent. The organization justifies this by saying that increased private consumption, especially in rural India, is responsible for these growth prospects. India is ranked 5th in the global GDP rankings in 2024. India’s economy is characterized by diversity and rapid growth, driven by key sectors such as information technology, services, agriculture and manufacturing. The country benefits from its broad domestic market, a young and tech-savvy workforce and a growing middle class.
United Kingdom
- Region: Western Europe
- Annual GDP growth rate: 0.5%
The UK economy is made up of a mix of services, manufacturing, finance and creative sectors. London acts as a global financial centre and attracts foreign investment. Its trade alliances and globalisation further shape the UK’s economic expansion.
Also read: Indian state debt-to-GDP ratio in 2024
France
- Region: Western Europe
- Annual GDP growth rate: 0.7%
The French economy is characterized by diversification, with a focus on sectors such as aerospace, tourism, luxury goods and agriculture. France is known for its robust social system, well-developed infrastructure and significant investment in research and development.Read also: The 10 largest banks in the world in 2024
Italy
- Region:
- Annual GDP growth rate: 0.7%
As the third largest economy in the European Union, Italy has a highly developed market. The country is known for its influential and forward-looking economic sector and its industrious and competitive agriculture.
Brazil
- Region:
- Annual GDP growth rate: 2.2%
The Brazilian economy is represented in many sectors, including agriculture, mining, manufacturing and services. Most notably, Brazil is a major global hub for agricultural production and exports. Several factors, including commodity prices, domestic consumption and infrastructure development, shape the growth of the Brazilian economy.Read also: The 10 poorest countries in the world by GDP per capita (2024)
Canada
- Region:
- Annual GDP growth rate: 1.2%
Canada’s economy is highly dependent on its abundant natural resources, including oil, gas, minerals and timber. In addition, the country has a thriving service sector, a well-established manufacturing industry and a relentless commitment to promoting innovation and technological advancement.Read also: The 10 most powerful countries in the world in 2024
Frequently Asked Questions
1. How is gross domestic product (GDP) calculated? GDP is calculated from the sum of consumption (consumer spending), government spending, investment (business spending) and net exports (difference between exports and imports).2. What are the ten poorest countries in the world?The ten poorest countries in the world by GDP per capita are:
- South Sudan
- Burundi
- Central African Republic
- Congo
- Mozambique
- Niger
- Malawi
- Liberia
- Madagascar
- Yemen
3. Which is the largest economy in Asia?The largest economy in Asia is China, with a nominal GDP of over US$18,536 billion in 2024. Japan and India are behind China in Asia’s GDP ranking.
4. What are the ten richest countries in the world?The ten richest countries in the world by GDP per capita are:
- Luxembourg
- Macau Special Administrative Region
- Ireland
- Singapore
- Qatar
- United Arab Emirates
- Switzerland
- San-Marino
- United States
- Norway
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