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Nations with the largest economies have a significant influence in shaping the future of the global economy during opportunities and challenges. Economists commonly measure the size of a nation's economy by its Gross Domestic Product (GDP). GDP is the market value of all goods and services produced within a country annually—an important indicator of a country's economic power.
According to the International Monetary Fund (IMF), as of February 2024, here are the ten largest economies in the world in 2024.
GDP (USD billion): 27,974
GDP Per Capita (USD thousand): 83.06
The United States of America continues to hold the top spot as the world's largest economy and wealthiest nation. A large consumer market, favourable business conditions, and a diverse population make the US stand out as a beacon of economic strength and attract immigrants from around the world.
The country is home to some of the world's top private companies and research institutes, which makes the land rich in culture, innovation, and entrepreneurship. Key sectors such as technology, finance, manufacturing, and services increase productivity and act as fuel to the nation's economic engine.
GDP (USD billion): 18,566
GDP Per Capita (USD thousand): 13.16
Following the United States, China stands as the world's second-largest economy. Thanks to its large population and abundant natural resources, the Chinese economy has grown remarkably over the past few decades.
The country is a world leader in manufacturing and international trade. China gains economic might from infrastructure development, investments in energy sectors, a digital landscape, an expansive workforce, and an ever-growing consumer market.
GDP (USD billion): 4,730
GDP Per Capita (USD thousand): 56.04
Germany has emerged as the third-largest economy in the world. With a strategic location at the heart of Europe, bordering nine countries and two seas with economic significance, Germany holds a prime position for facilitating pan-European trade. The country boasts a well-developed and extensive transportation infrastructure, including numerous airports, ports, and intricate roads and rail networks. The country is a hub for research and development, and its economic strength is witnessed in innovation, nanotechnology, environmental research, engineering, and automobile industries.
GDP (USD billion): 4,291
GDP Per Capita (USD thousand): 34.55
Behind Germany, Japan slips to fourth position, losing its spot as the world's third-largest economy. Regardless, Japan continues to uphold its position as a global tech superpower with cutting-edge innovation. The island nation is one of the world's largest consumer markets due to its well-educated and diligent workforce and well-off population.
Japan is internationally renowned for its manufacturing sector—which contributes to its economic growth—and is a leading producer of electronics, chemicals, ships, and automobiles.
GDP (USD billion): 4,112
GDP Per Capita (USD thousand): 2.85
India surpassed the United Kingdom and climbed up a spot to be the fifth-largest economy. This remarkable progress is due to the rise in entrepreneurship policies, graduate talent recruitment, and startup investments. India's consistent implementation of growth-oriented policies has resulted in impressive GDP growth rates, making it the fastest-growing nation in the world. The country's service sector accounts for more than 50% of the country's total GDP, followed by the secondary and agricultural sectors.
GDP (USD billion): 3,592
GDP Per Capita (USD thousand): 52.43
Britain's economy has stagnated for nearly two years following its downturn and recovery from the COVID-19 pandemic. The United Kingdom's service sector encompasses various industries like finance, business services, retail, food and beverage, and entertainment, which drive economic growth. Manufacturing and construction significantly contribute to the economy as well.
GDP (USD billion): 3,182
GDP Per Capita (USD thousand): 48.22
France's economy ranks seventh globally, where its services sector accounts for about two-thirds of its GDP. Home to the world's fashion capital, the fashion industry directly contributes to the GDP by generating millions of jobs and boosting international trade. Semi-private businesses and manufacturing industries such as aerospace and luxury goods, financial sectors, and agriculture (such as French wine) are vital contributors that drive the country's economic growth.
GDP (USD billion): 2,280
GDP Per Capita (USD thousand): 38.93
Italy retains its position as the eighth-largest economy in the world. The country's economy is divided into multiple regions, each with varied contributions to its GDP. The northern region's economy is more developed and industrialised compared to the southern areas. Italy's fashion and luxury market is one of the largest in the world and is a significant contributor to the country's economy in terms of employment, sales, and trade. The country's private businesses and agricultural industries also play a significant role in driving its GDP.
GDP (USD billion): 2,272
GDP Per Capita (USD thousand): 11.03
Brazil jumps back into the list of the world's top 10 largest economies, currently ranking ninth. Brazil soars high among the global big-wigs in mining, agriculture, and manufacturing and plays a major role in the international mining industry. Referred to as the 'breadbasket' of the world, the country is a global hub for agricultural production and exportation. Brazil is abundant in natural resources and is home to the world's largest mineral deposits, fertile agricultural lands, and vast biodiversity, all of which are key contributors to its economy.
GDP (USD billion): 2,242
GDP Per Capita (USD thousand): 55.53
Canada's abundant oil reservoirs contribute to the country's GDP, making it the 10th-largest economy globally. Canada's manufacturing sector is the highest contributor to its GDP. Its service industries are centralised mainly in urban areas near the United States border since Canada has a free trade relationship with the US. The country's close ties with the US, fused with its commitment to innovation and technological advancements, have earned Canada a spot in the top ten largest economies in the world.
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Source - database | Page ID - 38548
