World Economy Ranking 2024: China and Japan follow the United States in our 2024 World Economy Ranking. Additionally, the United Kingdom, Germany, and India occupy subsequent positions. Each nation has a unique economic structure, and factors determine its financial influence, including natural resources, population size, politics, and trade agreements.
What is GDP and How is it Calculated?
Gross domestic product (GDP) measures the total market value of all commodities and services produced during a specified period. It is an indicator of economic health, often adjusted for inflation to depict national wealth accurately.
The United States has the world’s largest economy with a nominal GDP of over $26 trillion, followed by China with a growing emphasis on manufacturing and investment, India, another top 10 economy, and expanding middle classes with significant consumption bases.
United States, China, Japan, Germany, India, United Kingdom, France, Italy, Canada, and Brazil are the ten largest economies by GDP. These nations are major economic powerhouses that play an integral role in global trade and commerce; their economies benefit from strong global connections, talented workforces, and cutting-edge technologies, and they all share exemplary work ethics that have set global standards for the quality of their products and services.
World Economy Ranking 2024
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 (U.K.) | 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 |
10 Largest Economies 2024
Canada – 10th Global Economic Position
Canada’s economy is market-based, with robust sectors in the automotive and other manufacturing industries, forest products, minerals, and petroleum. Nonetheless, the abundance of natural resources in Canada raises significant sustainability concerns.
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Regarding the promotion of innovation, Ireland lags. Private-sector R&D expenditures are modest, and university-industry R&D collaboration ranks nineteenth globally.
GDP (USD billion): 2,122
GDP Per Capita (USD thousand): 53.25
Brazil – 9th Global Economic Position
Brazil is a prominent emerging market and one of the world’s largest energy producers. Its economy comprises robust manufacturing, agriculture, and service sectors, contributing to its thriving society.
Corruption and political polarization continue to be pervasive despite President Bolsonaro’s promises to combat them. Exclusion from society and violence against women and minority groups continue to afflict our culture.
GDP (USD billion): 3052
GDP Per Capita (USD thousand): 10.41
Italy – 8th Global Economic Position
Italy occupies the eighth position on the World Economic Rank. Italy attracts foreign investment with its attractive domestic market, access to European Union markets, research centers of excellence, and highly qualified workforce. Through SACE, Italy offers foreign investors project guarantees and insurance, while GEOI provides strategic investment advisory services.
GDP (USD billion): 2,190
GDP Per Capita (USD thousand): 37.15
France – 7th Global Economic Position
France’s refined gastronomy and wines are synonymous with its medieval cities, alpine communities, and Mediterranean beaches. Reputable classical art museums, such as the Louvre, and monuments like the Eiffel Tower and Lyon Roman Theatre, attest to the country’s lengthy and illustrious history.
GDP (USD billion): 2,924
GDP Per Capita (USD thousand): 46.32
United Kingdom – 6th Global Economic Position
At its peak, Britain encompassed one-fourth of the globe. Today, it remains a highly developed nation with considerable economic, political, and cultural influence on a global scale.
Services such as banking and tourism sustain the economy, while household expenditure remains constrained due to high housing costs.
GDP (USD billion): 3,332
GDP Per Capita (USD thousand): 48.91
India – 5th Global Economic Position
India has risen swiftly but is still one of the poorest nations. Despite its accelerated economic growth, India remains one of the world’s poorest nations per capita and suffers from widespread inequality: 10 percent of Indians own 57% of the country’s wealth.
GDP (USD billion): 3,730
GDP Per Capita (USD thousand): 2.61
Germany – 4th Global Economic Position
Siemens, BMW, and Audi are household names in Germany, one of Europe’s leading industrial economies.
Strong exports, a competitive services sector, and resilient medium-sized businesses have contributed to Germany’s economic success. In addition, Germany has transport and logistics companies of the highest caliber, as well as an advanced infrastructure network.
GDP (USD billion): 4,430
GDP Per Capita (USD thousand): 52.82
Japan – 3rd Global Economic Position
Japan is a prominent producer of automobiles and electronic equipment worldwide. In addition, Japan is home to one of nature’s most well-known species: the snow monkey or Japanese macaque, which flourishes in colder climates and bathes in thermal springs.
Japan is one of the world’s foremost technological nations with a highly developed cultural heritage. Japan is proud of its culture’s dynamic tension between ancient and modern.
GDP (USD billion): 4,231
GDP Per Capita (USD thousand): 33.95
China – 2nd Global Economic Position
Substantial income disparities exist in China. Beijing’s GDP per capita is four times that of Gansu province to the northwest.
Beijing uses its classification as a developing nation to take advantage of special provisions and privileges provided by international treaties and organizations that aid developing nations.
GDP (USD billion): 17,786
GDP Per Capita (USD thousand): 12.54
United States – 1st Global Economic Position
The United States rates first among the world’s leading economies and has a dynamic economy driven by solid sectors. In addition, its highly developed infrastructure supports a business-friendly environment and provides access to highly educated labor.
In 2013, four American states produced so much that they would have ranked in the top ten if each had been considered a separate nation.
GDP (USD billion): 26,954
GDP Per Capita (USD thousand): 80.41
Rank Of Top 10 GDP Countries 2024
Global Economic Positions 2024
The Gross Domestic Product (GDP), which measures the total value of products and services produced within a country over a specified period, typically one year, is a standard indicator of a country’s economic strength.
China follows closely behind the United States as the world’s second-largest economy. Due to its large population and numerous natural resources, China’s economy has experienced rapid growth, becoming a significant participant in international commerce and developing a robust manufacturing sector.
This year, eight economies in the Southeast Asian Academic Outlook region enhanced their rankings, with Indonesia (ranked 16th) making the most progress. Indonesia ranks in the top ten for policies that encourage entrepreneurship and innovation, state sector development, and financing for entrepreneurs.
Vietnam (35th), Thailand (30th), and the Philippines (34th) all made significant progress, while the Netherlands (18th) was named Europe’s top-ranked economy, notable for its powerful business environment and robust labor force.
GDP Between Countries
The United States leads with more than $26 trillion GDP and a diverse economy that includes solid financial sectors and world-renowned companies such as Apple Inc (NASDAQ: AAPL), Microsoft Corp (NASDAQ: MSFT), Alphabet Inc (NASDAQ: GOOG), Amazon.com Inc (NASDAQ: AMZN).
China has attained the second position in the global economic classification due to its manufacturing sector and robust consumer purchasing power. China is home to global tech titans, including Alibaba Group Holding Ltd (NYSE: BABA) and Huawei.
India rates fifth in the global economic standings and has a large consumer market and educated labor. India’s rapid economic growth is attributable to its emphasis on research and development; as a result, India’s economy continues to outpace global average growth rates.
France is presently ranked seventh in the world economy due to its robust business economy and highly developed market, as well as its influential business sectors and competitive agricultural industries. Canada and Brazil complete the top ten with advanced and export-oriented economies backed by superior infrastructures and highly educated populations.
Best Economy in the World
Global GDPs tend to fluctuate with various economic cycles and longer-term trends, but the positions of the leading economies (as measured by their GDPs) rarely change markedly over time.
Emerging economies continue to demonstrate that investing in innovation ecosystems can have a significant impact, with Brazil ascending nine positions to rank tenth this year. Brazil excels in online government service delivery and e-participation, trademarks, and intangible assets – defining characteristics of an exceptional innovation ecosystem.
India made substantial progress, climbing six positions to become the fifth-largest economy by 2024, surpassing the United Kingdom. Strong performances in indicators such as entrepreneurship policies and culture, graduate talent recruitment, and startup financing explain India’s remarkable improvement. Japan continues its longstanding tradition while remaining technologically advanced, ranking third in the world due to its unique combination of work ethics and breathtaking designs, cementing its position as a technological superpower.