GDP serves as a key metric for assessing the magnitude of a nation’s economy. The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports. This article aims to provide insight into the ten largest economies in the world in 2024, arranged by their GDP.Also Read: The top 10 richest people in the world in 2024

Top 10 Largest Economies in the World 2024

Which are the top 5 GDP countries in the world? The US, China, Germany, Japan and India, respectively, hold those positions in 2024. Now, let’s take a look at the top 10 largest economies/ richest countries in the world in 2024, sourced from IMF data (as of August 19, 2024):

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What are the Next 10 Economies

*Data is last updated on August 19, 2024
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Let’s take a closer look at the globe’s largest economies in 2024

The United States of America

• Region: North America
• Annual GDP Growth Rate: 2.7%

The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology. The United States enjoys a substantial consumer market, fosters innovation and entrepreneurial spirit, possesses resilient infrastructure, and experiences advantageous 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 witnessed a notable upsurge in its economic progress, moving from the fourth rank in 1960 to the second rank in 2023. The Chinese economy predominantly hinges upon manufacturing, exports, and investment. It proudly possesses an extensive workforce, robust governmental backing, infrastructural advancements, and an expeditiously expanding consumer market.Also Read: Top 10 most spoken languages in the world

Germany

• Region: North-central Europe
• Annual GDP Growth Rate:  0.2%

The German economy strongly focuses on exports and is renowned for its precision in the engineering, automotive, chemical, and pharmaceutical sectors. It derives advantage from its proficient labour force, robust research and development initiatives, and a pronounced commitment to fostering innovation.Also Read: World’s most powerful passport rankings 2024

Japan

• Region: East Asia
• Annual GDP Growth Rate: 0.9%

Japan’s notable economy is distinguished by its progressive technology, manufacturing prowess, and service industry. Prominent sectors encompass automotive, electronic, machinery, and financial domains. Moreover, Japan garners recognition for its unwavering work ethic, pioneering technological advancements, and exceptional exports of superior quality.

India

• Region: South Asia
• Annual GDP Growth Rate: 6.8%

IMF estimated India’s GDP growth to be 6.8 percent in April 2024. In July 2024, it revised the forecast by 20 basis points to 7 percent. The organisation reasons that better private consumption, especially in rural India, is responsible for this growth outlook. India is ranked 5th in the world’s GDP rankings in 2024. India’s economy boasts diversity and swift growth, fuelled by key sectors such as information technology, services, agriculture, and manufacturing. The nation capitalises on its broad domestic market, a youthful and technologically adept labour force, and an expanding middle class.

United Kingdom

• Region: Western Europe
• Annual GDP Growth Rate: 0.5%

The economy of the United Kingdom comprises a blend of services, manufacturing, finance, and creative sectors. London functions as a worldwide financial centre, enticing foreign investments. Its trade alliances and globalisation additionally shape the economic expansion of the UK.
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France

• Region: Western Europe
• Annual GDP Growth Rate: 0.7%

The economy of France is characterised by diversification, emphasising industries such as aerospace, tourism, luxury goods, and agriculture. France is renowned for its robust social welfare system, well-developed infrastructure, and substantial investment in research and development.Also Read: The 10 largest banks in the world in 2024

Italy

• Region:
• Annual GDP Growth Rate: 0.7%

Italy boasts a highly developed market as the third-largest economy in the European Union. The nation is known for its influential and pioneering business sector and diligent and competitive agricultural industry.

Brazil

• Region:
• Annual GDP Growth Rate: 2.2%

The Brazilian economy exhibits a breadth of sectors, encompassing agriculture, mining, manufacturing, and services. Notably, it is a prominent global hub for agricultural production and exportation. Several factors, including commodity prices, domestic consumption, and the advancement of infrastructure, shape the growth of Brazil’s economy.Also Read: Top 10 poorest countries in the world by GDP per capita [2024]

Canada

• Region:
• Annual GDP Growth Rate: 1.2%

The Canadian economy relies heavily on its abundant natural resources, encompassing oil, gas, minerals, and timber. Moreover, the nation boasts a thriving services sector, a well-established manufacturing industry, and a steadfast dedication to fostering innovation and technological advancements.Also Read: Top 10 powerful countries in the world in 2024

Frequently Asked Questions

1. How is Gross Domestic Product (GDP) computed? GDP is determined by summing up consumption (expenditure by consumers), government expenditure, investment (expenditure by businesses), and net exports (the difference between exports and imports).2. What are the top 10 poorest countries in the world?The top 10 poorest countries in the world by GDP per capita are:

1. South Sudan
2. Burundi
3. Central African Republic   
4. Congo
5. Mozambique
6. Niger
7. Malawi
8. Liberia
9. Madagascar
10. Yemen

3. What is the largest economy in Asia?The largest economy in Asia is China, with a nominal GDP of over $18,536 billion in 2024. Japan and India rank next to China in Asia’s GDP rankings.
4. What are the top 10 richest countries in the world?The top 10 richest countries in the world by GDP per capita are as follows:

1. Luxembourg
2. Macao SAR
3. Ireland
4. Singapore
5. Qatar
6. United Arab Emirates
7. Switzerland
8. San Marino
9. United States
10. Norway 

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