Biggest Economy in the World 2024: The United States, China, Japan, Germany, and India will be the world’s largest economies in 2024, according to their GDP figures. GDP is an important measure of the size of a nation’s economy. The common way to measure a country’s GDP uses the expenditure method, in which total expenditure is calculated by adding new consumer goods, new investment, government spending, and the net value of exports.
Today through this article “Biggest Economy in the World 2024” we will provide you with the latest information about the global GDP ranking, and in this article, we have provided you with the top 10 highest-ranking GDP countries.
What is GDP?
Gross Domestic Product (GDP) measures the total market value of all goods and services produced during a given period. It is an indicator of economic health, which is usually inflated to accurately reflect national wealth.
The United States has a nominal GDP of more than $26 trillion, followed by China, with a growing focus on manufacturing and investment, India, another top 10 economy, and a growing middle class with a significant consumer base.
World Economy Ranking 2024, Top 10 Countries by GDP
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Biggest Economy in the World 2024 (2024 latest data)
In today’s era, instead of military power, The GDP of a nation defines the power of any nation. This data changes every year but for a long time we can see that; the USA is holding the top position on the World GDP table. If you want to know the latest data on the world GDP then, here below we have given you a table of the world’s top 10 GDPs.
| Rank | Country | GDP (USD billion) | GDP Per Capita (USD thousand) |
| 1 | United States of America (U.S.A) | 26,954 | 80.41 |
| 2 | China | 17,786 | 12.54 |
| 3 | Japan | 4,231 | 33.95 |
| 4 | Germany | 4,430 | 52.82 |
| 5 | India | 3,730 | 2.61 |
| 6 | United Kingdom | 3,332 | 48.91 |
| 7 | France | 3,052 | 46.32 |
| 8 | Italy | 2,190 | 37.15 |
| 9 | Brazil | 2,132 | 10.41 |
| 10 | Canada | 2,122 | 53.25 |
Why GDP is important?
Gross domestic product (GDP), which measures the total value of products and services produced in a country during a specified period, usually a year, is a standard indicator of a country’s economic strength.
China is taking over as the world’s second-largest economy behind the United States. Due to its large population and numerous natural resources, China’s economy has grown rapidly, making it an important participant in international commercialism and developing a strong manufacturing sector.
Changes in the south Asian country economy
This year, eight economies in the Southeast Asian Academic Outlook region improved their rankings, with Indonesia (ranked 16) being the biggest gainer. Indonesia ranks in the top ten for efficient policies on encouraging entrepreneurship and innovation, state sector development, and finance for entrepreneurs.
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Growing GDP of South Asian country
| 30th | Thailand | 34th | Philippines |
| 35th | Vietnam |
European growing economy
The Netherlands now reaches the 18th rank on the global economy index and now it was selected as Europe’s top-ranked economy, renowned for its powerful business environment and strong labor force.
Top 5 highest GDP country
No.1 Ranking GDP USA
The United States ranks first among the world’s major economies and is driven by a quality economy. It has a dynamic economy driven by its highly developed infrastructure sectors. Additionally, its highly developed infrastructure supports a business environment and provides access to highly educated workers.
In 2013, four US states produced so much that they would have ranked in the top ten if each had been considered a separate nation.
| GDP per capita (US$ thousands): 80.41 | GDP (US$ billion): 26,954 |
No. 2 Ranking GDP China
There is a particularly large income gap in China. Beijing’s GDP per capita is four times that of Gansu province in the northwest.
Beijing uses its developing nation status to benefit from special provisions and privileges granted by international unions and organizations meant to assist developing nations.
| GDP (USD billion): 17,786 | GDP per capita (USD thousands): 12.54 |
No. 3 Ranking GDP Japan
Japan is a major producer of vehicles and electronic components globally. In addition, Japan is home to one of the rarest world-class species: the Japanese macaque, which bathes in icy abysses and thermal springs, thriving in the cold climate.
Japan is one of the world’s leading technological nations with a highly developed cultural heritage. Japan is proud of its cultural dynamic tension between the ancient and the modern.
| GDP (USD billion): 4,231 | GDP per capita (USD thousands): 33.95 |
No. 4 Ranking GDP Germany
Siemens, BMW, and Audi are household names in Germany, one of Europe’s leading industrial economies.
Strong exports, a competitive service sector, and supporting core businesses have contributed to Germany’s economic success. In addition, Germany has transportation and logistics companies of the highest calibre, as well as an advanced infrastructure.
| GDP (USD billion): 4,430 | GDP per capita (USD thousands): 52.82 |
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No. 4 Ranking GDP Indian
India has faced rapid urbanization but is still one of the poorest nations in the world. Despite its rapid economic growth, India remains one of the world’s poorest nations in per capita terms and faces widespread inequality: 10 percent of Indians own 57 percent of the country’s wealth.
| GDP (USD billion): 3,730 | GDP per capita (USD thousands): 2.61 |