2024 World Economic Rankings: China and Japan follow the United States in the 2024 World Economic Rankings. This is followed by the UK, Germany and India. Each country has its own economic structure, and its financial impact is determined by factors such as natural resources, population size, politics, and trade agreements.
What is GDP and how is it calculated?
Gross domestic product (GDP) measures the sum of the market value of all goods and services produced during a specified period. It is a measure of the health of the economy and is often adjusted for inflation to accurately represent a nation's wealth.
The United States is the world's largest economy with a nominal GDP of over $26 trillion, followed by China, which focuses on manufacturing and investment, and India, which is also a top 10 economy, with a growing middle class and an important consumer base. in the process of.
The United States, China, Japan, Germany, India, United Kingdom, France, Italy, Canada, and Brazil are the top 10 economies by GDP. These countries are major economic powers that play an important role in global trade and commerce. Our economies benefit from strong global connections, a talented workforce, cutting-edge technology, and share exemplary work ethics that have set global standards for product and service quality.
World economic ranking 2024
Ranking and Countries GDP (Billion USD)Percapita GDP (Thousand USD)#1 United States of America (USA)26,95480.41#2 China 17,78612.54#3 Japan 4,23133.95#4 Germany 4,43052.82#5 India 3,7302.61# 6 United Kingdom (United Kingdom) 3,33248.91#7 France 3,05246.32#8 Italy 2,19037.15#9 Brazil 2,13210.41#10 Canada 2,12253.25
Top 10 economic powers in 2024
Canada – 10th world economic position
Canada's economy is market-based, with strong automotive and other manufacturing, forest products, minerals, and petroleum sectors. Nevertheless, Canada's natural resources are abundant, raising significant sustainability concerns.
Ireland lags behind when it comes to fostering innovation. Private sector R&D spending is modest, and university-industry R&D cooperation ranks 19th in the world.
GDP (US$ billion): 2,122
GDP per capita (US$ thousand): 53.25
Brazil – 9th largest economy in the world
Brazil is a prominent emerging market and one of the world's largest energy producers. Its economy is made up of strong manufacturing, agriculture, and service sectors that contribute to the prosperity of its society.
Corruption and political polarization remain rampant despite President Bolsonaro's promises to combat them. Social exclusion and violence against women and minorities continue to plague our culture.
GDP (US$ billion): 3052
GDP per capita (thousands of US dollars): 10.41
Italy – 8th largest economy in the world
Italy occupies 8th place in the world economic rankings. Italy attracts foreign investment due to its attractive domestic market, access to the European Union market, excellent research centers and highly qualified workforce. Italy will provide project guarantees and insurance to foreign investors through SACE, and GEOI will provide strategic investment advisory services.
GDP (US$ billion): 2,190
GDP per capita (US$ thousand): 37.15
France – 7th largest economy in the world
France's refined gastronomy and wine are synonymous with medieval cities, alpine communities and Mediterranean beaches. Respected classical museums such as the Louvre and monuments such as the Eiffel Tower and Lyon Roman Theater testify to the country's long and glorious history.
GDP (US$ billion): 2,924
GDP per capita (thousand USD): 46.32
UK – 6th largest economy in the world
At its peak, Britain covered a quarter of the globe. Today, it is still a highly developed country with significant economic, political, and cultural influence on a global scale.
While services such as banking and tourism are supporting the economy, soaring housing costs continue to constrain household spending.
GDP (US$ billion): 3,332
GDP per capita (thousand USD): 48.91
India – 5th largest economy in the world
Although India has risen rapidly, it remains one of the poorest countries. Despite accelerating economic growth, India remains one of the world's poorest countries per capita and suffers from widespread inequality. 10% of Indian citizens own 57% of the country's wealth.
GDP (US$ billion): 3,730
GDP per capita (US$ 000): 2.61
Germany – 4th largest economy in the world
Siemens, BMW, and Audi are well-known companies in Germany, one of Europe's leading industrial economies.
Strong exports, a competitive services sector and resilient mid-sized companies have contributed to Germany's economic success. Additionally, Germany has top-notch transport and logistics companies and an advanced infrastructure network.
GDP (US$ billion): 4,430
GDP per capita (thousands of US dollars): 52.82
Japan – 3rd largest economy in the world
Japan is one of the world's leading producers of automobiles and electronic equipment. Additionally, Japan is home to one of nature's most well-known species, the snow macaque or Japanese macaque, which breeds in cold climates and bathes in hot springs.
Japan is one of the world's leading technological nations with a highly developed cultural heritage. Japan is proud of its culture, which has a dynamic tension between the ancient and the modern.
GDP (US$ billion): 4,231
GDP per capita (thousand USD): 33.95
China – 2nd largest economy in the world
There is a large income disparity in China. Beijing's per capita GDP is four times that of Gansu province in the northwest.
The Chinese government uses its classification as a developing country to take advantage of special provisions and privileges provided by international treaties and organizations that support developing countries.
GDP (US$ billion): 17,786
GDP per capita (thousands of US dollars): 12.54
United States – No. 1 economy in the world
The United States ranks first among the world's major economies and has a dynamic economy driven by strong sectors. Additionally, a highly developed infrastructure supports a business-friendly environment and provides access to a highly educated workforce.
In 2013, four U.S. states produced so much that they would have ranked in the top 10 if they were considered separate countries.
GDP (US$ billion): 26,954
GDP per capita (US$ thousand): 80.41
Ranking of top 10 countries by GDP in 2024
World economic status in 2024
Gross domestic product (GDP) measures the total amount of goods and services produced within a country over a specific period of time (usually a year) and is the standard indicator of a country's economic strength.
China is the world's second largest economy, trailing only the United States by a narrow margin. China's economy has experienced rapid growth due to its large population and abundant natural resources, becoming an important participant in international commerce and developing a robust manufacturing industry.
This year, eight countries in the Southeast Asia Academic Prospects Region improved their rankings, with Indonesia (16th) improving the most. Indonesia ranks in the top 10 for policies that encourage entrepreneurship and innovation, national sector development, and financing for entrepreneurs.
Vietnam (35th), Thailand (30th) and the Philippines (34th) have all made significant progress, while the Netherlands (18th) is notable for its strong business environment and strong workforce, making it one of Europe's top economies. was selected.
GDP between countries
The United States has a GDP of over $26 trillion, a robust financial sector, Apple Inc (NASDAQ: AAPL), Microsoft Corp (NASDAQ: MSFT), Alphabet Inc (NASDAQ: GOOG), and Amazon.com Inc. (NASDAQ: AMZN). ).
China achieved the second place in the world economic classification due to its manufacturing industry and strong consumer purchasing power. China is home to global tech companies such as Alibaba Group Holding (NYSE: BABA) and Huawei.
India ranks fifth in the world economic rankings and has a large consumer market and an educated workforce. India's rapid economic growth is due to its focus on research and development. As a result, the Indian economy continues to outperform the global average growth rate.
France currently ranks seventh in the world economy due to its robust business economy, highly developed market, influential business sector and competitive agriculture. Canada and Brazil are in the top 10, with advanced, export-oriented economies supported by excellent infrastructure and highly educated populations.
The best economy in the world
Although global GDP tends to fluctuate in response to various business cycles and long-term trends, the positions of major countries (as measured by GDP) rarely change significantly over time.
Emerging economies continue to prove that investing in their innovation ecosystems can have a big impact, with Brazil jumping nine places to number 10 this year. Brazil excels in online government service delivery and e-participation, trademarks, and intangible assets, which characterizes its excellent innovation ecosystem.
India has made significant progress, moving up six places and surpassing the UK to become the fifth largest economy by 2024. Strong performance on indicators such as entrepreneurship policy and culture, graduate recruitment, and startup funding explain India's impressive improvement. Japan is technologically advanced while continuing its long-standing traditions, ranking third in the world for its unique combination of work ethic and breathtaking design, solidifying its position as a technological powerhouse. .
