As of 2023, the United States maintains its position as the world’s largest economy, with a Gross Domestic Product (GDP) of approximately $26.954 trillion. Following the United States, China holds the second spot with a GDP of about $17.786 trillion.
In this article, we will learn about the current ranking of the world’s top 10 biggest economies in 2024 in detail, their GDP and per capita income, and how the list of these highest-ranking countries is prepared.
Top 10 World’s Largest Economies by Nominal GDP in 2024
List of Countries by GDP (Nominal)
Here we have discussed the list of the top 10 largest economies in the world as of October 2023, along with their nominal GDP in USD billion:
Also Explore: Difference between Nominal GDP and Real GDP
Top 10 World’s Largest Economies by Nominal GDP in 2024
Here is the detailed list of Largest Economies in the world by nominal GDP:
1. United States Of America (U.S.A)
- GDP: $26,954 billion dollars
- Per Capita Income: $80,410
- Annual GDP Growth Rate: 2.6%
The US is the biggest economy in the world with a GDP of approximately $27 trillion.
Key regions driving the U.S. economy integrate advancement, cash, clinical benefits, and gathering.
The financial scene in the United States is portrayed by business and development, with numerous new businesses and established organizations consistently challenging boundaries. The US of America has secured itself as a worldwide financial stalwart because of its versatility during emergencies and continuous advancement.
2. China
- GDP: $19,786 billion dollars
- Per Capita Income: $12,540
- Annual GDP Growth Rate: 3.0%
China is the second-largest economy in the world with a GDP of approximately $18 trillion.
This reflects the country’s efforts which can come through with the help of its different sectors like manufacturing , its technology advancement and its future oriented planning.
China makes products at a less cost and makes them more unique which led to a increase in its export to other countries. The massive production of goods also helps to provide employment to its population.
3. Japan
- GDP: $4,411 billion dollars
- Per Capita Income: $33,950
- Annual GDP Growth Rate: 1.5%
Japan is the third largest economy in the world with a GDP of approximately $4.3 trillion.
Japan is known for its developing technology, its breathtaking styles and designs. Japan has set a good image for its country as a monetary force. Japan is always known for its work ethics which make others learn with them.
Japan has very few resources but it is still one of the world’s largest exporters. Japan is very well known for its automobile industries like Honda and Toyota spread all over the world.
4. Germany
- GDP: $4,309 billion dollars
- Per Capita Income: $52,820
- Annual GDP Growth Rate: 3.2%
Germany is the fourth-largest economy in the world with a GDP of approximately $4.5 trillion.
Germany’s monetary strength is notable for its accurate designing, producing ability, and product arranged ventures.
The German economy is based on the gathering region, which includes automobiles, hardware, manufactured materials, and other items. Its strong product arranged philosophy has helped the country with investigating monetary hardships and keeping a positive trade balance.
5. India
- GDP: $3,755 billion dollars
- Per Capita Income: $2.460
- Annual GDP Growth Rate: 6.1%
India is the fifth-largest economy in the world, surpassing the United Kingdom. India’s GDP is now $3,755 billion, and its income per capita is $2,389. It has been growing rapidly in recent years.
This growth is due to a number of factors, including a large and growing population, a strong manufacturing sector, and a burgeoning IT industry.
India’s rise to become the world’s fifth-largest economy is a significant milestone, and it is a solid proof the country’s economic potential. India is expected to continue to grow in the coming years, and it is likely to become one of the world’s most important economies.
Must Check: India’s GDP crosses $4 trillion for the first time
6. United Kingdom (UK)
- GDP: $3,159 billion dollars
- Per Capita Income: $49,450
- Annual GDP Growth Rate: 7.3%
The UK is the sixth-largest economy in the world with a GDP of approximately $3.4 trillion.
The UK’s monetary scene is described by development and custom, and it is notable for its monetary administrations, inventive businesses, and verifiable importance.
Significant worldwide banks, stock trades, and insurance agencies are situated in London, UK’s monetary focus.The creative endeavors, including film, music, style, and design, expect a huge part in the UK economy.
7. France
- GDP: $2,782 billion dollars
- Per Capita Income: $45,200
- Annual GDP Growth Rate: 2.6%
France is the seventh-largest economy in the world with a GDP of approximately $2.7 Trillion.
It is known for its rich social legacy, the travel industry, and qualities across different areas. France’s financial scene is a mix of custom and development.
The aerospace and defense industries in France are also important to the world. The French economy faces difficulties like high unemployment rates and government debt despite these strengths.
8. Italy
- GDP: $2,170 billion dollars
- Per Capita Income: $34,158
- Annual GDP Growth Rate: 3.7%
The eighth-largest economy in the world is Italy with a GDP of approximately around $2 trillion.
Eminent for its social legacy, Italy succeeds in ventures like style, extravagance merchandise, and plan. The country’s influence in the luxury market is demonstrated by global brands like Gucci and Prada. The assembling area, including vehicles and hardware, additionally contributes essentially.
However, Italy faces difficulties like an ageing population, high public debt, and bureaucratic inefficiencies. These elements have prompted more slow financial development contrasted with a portion of its European partners.
9. Canada
- GDP: $2,090 billion dollars
- Per Capita Income: $55,646
- Annual GDP Growth Rate: 3.3
Canada is doing exceedingly well in terms of economic influence despite its relatively small population.
With a GDP of $2.005 trillion, Canada is the 10th largest economy in the world. Oil, minerals, timber, and other natural resources are crucial to its survival. The nation’s steady monetary framework, solid assembling area, and cutting edge innovation add to its financial strength.
Canada’s closeness to the US makes it a key exchange accomplice, with exchange and administrations assuming an imperative part in its economy.
10. Brazil
- GDP: $2,800 billion dollars
- GDP By Country Per Capita: $10,510
- Annual GDP Growth Rate: 0.9%
Brazil is the 10th largest economy in the world, with a GDP of $2.132 trillion.
Its economy is driven by a mix of agriculture, mining, manufacturing, and services. The country is also a major player in international trade and has a significant influence on global economic policies.
Brazil’s economy is expected to grow by 3.1% in 2023 and 2.2% in 2024. The country is facing some challenges, such as high inflation and rising debt, but it is also benefiting from strong exports and a growing domestic market.
Evaluating the Size of Economy and Ranking
The top 10 countries of the world by their economy size are ranked on the basis of their Gross Domestic Product(GDP). IMF (International Monetary Fund) releases the data about countries and their economic statistics like GDP, Per Capita Income and Growth rate.
GDP is calculated by valuing goods and services produced within a nation in a year. It is a key indicator of a country’s economic strength and can influence global markets and global economic policies.
Summary
The list of the world’s 10 biggest economies gives us an idea of the different variables that add to a country’s monetary strength. Each nation’s distinct advantages push them toward global economic leadership.
This article provides you with the ranked list of world’s top 10 biggest economies in 2023 by their GDP and per capita income, and how the ranking of these countries is prepared.
Largest Economies of the World 2024 – FAQs
What are the top 10 countries with the biggest economies in the world?
Top 10 Biggest Economies in the world are:
- USA
- China
- Germany
- Japan
- India
- United Kingdom (U.K)
- France
- Italy
- Canada
- South Korea.
What is the rank of India’s economy in 2023?
India is ranked 5th in World Economy Ranking 2023. It has a GDP of $3,755 billion and its income per capita is estimated at $2,389.
How can we evaluate the size of an economy?
Gross Domestic Product(GDP) is the metric used to evaluate the size of an economy. It is the total value of all the goods and services produced within a nation’s territory during an allotted time period.
What is the GDP of India in 2023?
GDP of India at Current Prices in Q2 2023-24 is estimated at ₹71.66 lakh crore. It was ₹65.67 lakh crore in Q2 2022-23.
Has the United States always been the biggest economy?
No, in general India and China have been the biggest economies. As for now, the United States is currently holding on to the top position.
Is there any point where the biggest economy changes over the long run?
Monetary elements can relocate due to variables like strategy shifts, changes in development rates, international occasions and many more.
Which is the 5th largest economy in the world?
India is the 5th largest economy in the world, with a GDP of $3,755 billion and its income per capita estimated at $2,389.
What is the rank of Pakistan’s GDP in the Largest Economies list?
Pakistan ranks 42 in the list of largest economies. GDP in Pakistan is estimated at USD 1,597 per capita, or 376.53 billion USD for the whole country.
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