Top 10 Largest Economies in the World in 2024: We all know that there are many countries in the world with strong economies valued at over $5 trillion. Itโs crucial to understand that a countryโs wealth doesnโt necessarily reflect the wealth of its citizens. It doesnโt indicate the financial status of the people living there. The wealth of a nation and the prosperity of its citizens are separate aspects.
Letโs talk about where countries stand economically. Gross Domestic Product, or GDP, is a way to see how wealthy a country is. GDP is like a big guess at how much all the stuff a country makes and sells is worth in a certain time.
GDP is a super important thing for a country. It tells us how big and wealthy a country is. There are different ways to figure out GDP, but one common way is to take away the value of everything a country buys from other countries from what it sells to them in a whole year. Buying and selling stuff to other countries is a big deal because it helps a country grow and be part of the global economy.
Because countries often change their economic rules, the GDP can go up and down a lot in different places around the world.
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In this article, weโll give you the scoop on the top 10 countries with the strongest economiesย according to the World Economy Ranking. According to the World Economy Rankings of 2024, the total GDP of the top countries amounts to nearly $105 trillion. Unsurprisingly, the US holds the top spot, given its well-known economic prowess.
Following closely is China, which, interestingly, is growing at a faster rate compared to the US. Other notable countries on the list include India, Japan, Canada, the United Kingdom, France, and Germany.
List of Top 10 Largest Economies in the World In 2024:
This table provides a comprehensive overview of each countryโs GDP and its main industries, highlighting the diversity and strengths of each economy.
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| Rank | Country | GDP (Trillions USD) | Main Industries |
|---|---|---|---|
| 1 | United States | $23.0 | Services, Manufacturing, Finance, Technology |
| 2 | China | $16.9 | Manufacturing, Exports, Investments |
| 3 | Japan | $5.4 | Engineering, Chemicals, Automotive, Pharma |
| 4 | India | $4.8 | IT, Communications, Infrastructure |
| 5 | Germany | $4.4 | Automotive, Chemicals, Machinery |
| 6 | France | $3.1 | Tourism, Manufacturing, Technology |
| 7 | Italy | $2.7 | Agriculture, Manufacturing, Services |
| 8 | Brazil | $2.6 | Natural Resources, Agriculture, Minerals |
| 9 | Canada | $2.3 | Energy, Manufacturing, Services |
| 10 | United Kingdom | $2.2 | Finance, Manufacturing, Services |
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World Economy Ranking 2024
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#1. United States Economy Ranking
The United States has long been recognized as a global powerhouse, maintaining its position as the wealthiest country in the world from 1960 to 2023. Known for its wealth, power, and overall influence, the US continues to assert its dominance on the global stage.
A countryโs economic strength hinges on diversity, encompassing a wide array of sectors such as services, manufacturing, finance, import-export, and technology. With a large consumer market, and a culture fostering innovation, entrepreneurship, and technological advancement, the US stands atop the global economic hierarchy, commanding influence worldwide.
#2. China Economy Ranking
China holds the distinction of being the worldโs second-largest economy, trailing only behind the United States. Renowned for its prowess in manufacturing, exports, and investments, China has emerged as a formidable economic force on the global stage, closely following America in terms of wealth and influence.
China takes pride in its robust economic sectors, including its expanded workforce, state-of-the-art infrastructure, strong governance, and ever-expanding consumer market. As the worldโs second-largest economy, China continues to make significant strides and advancements across various sectors and facets of its economy, driving progress and development at a rapid pace.
#3. Japan Economy Ranking
The Mitsubishi Research Institute, Inc. (MRI) has announced its intention to factor in the global economic and political landscape up to mid-February, coinciding with the publication of Japanโs GDP data for October-December 2023. Kenji Yayoda serves as the representative president and director of MRI.
Japan will secure the fourth position among the top 10 world economies in 2024. The countryโs focus on exports is remarkable, particularly in industries like engineering, chemicals, automotive, and pharmaceuticals.
The economic powers of Japan rely on its skilled workforce and substantial investments in research and development. The nation remains committed to fostering technological innovation and advancement.
#4. India Economy Ranking
On February 1, the Indian Ministry of Finance unveiled the preliminary budget for the year 2024. Compared to the previous year, the revised budget showed a 6.1% increase in expenditure, totaling 47,657.7 billion rupees.
When we delve into the breakdown of expenses, revenue expenses escalated to 36,546.6 billion rupees, marking a 3.2% increase from the previous year. This uptick was relatively moderate and was primarily attributed to the elimination of subsidies, among other factors.
Yet, investment expenses surged to 11,111.1 billion rupees, marking a notable 16.9% increase from the previous year. This represents a substantial uptick, with the GDP ratio remaining steady at 3.4%, mirroring the previous yearโs figure. From 3.4 trillion rupees in the 2019 budget, capital expenditures have been rising by double digits annually and have nearly tripled over the past five years.
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Nevertheless, net tax revenue saw a notable 11.9% increase over the revised budget of the previous year, reaching 26.157 trillion rupees. Projections indicate a double-digit growth in goods and services tax (GST), income tax, and corporation tax, with tax collections expected to steadily climb in tandem with economic growth.
In terms of expenditure breakdown across major sectors, IT and communications ranked second with 199.7 billion rupees, while rural development saw the most substantial increase, totaling 3.8 trillion rupees. This marks a notable rise of 322.9 billion rupees, equivalent to an 11.2% increase compared to the previous yearโs revised budget.
To reach 1.2 trillion rupees, it Increased by 20.9% (+20.9%). Transportation and travel expanded by 191 billion rupees (+3.6%) to 5.4 trillion rupees. This boost is mainly due to the recent surge in infrastructure development and growth.
Despite the relatively modest growth rate of value, the sector remained a priority due to its significance. Highways and electricity are primary considerations in transportation infrastructure discussions. Additionally, expenditures on healthcare increased by 13.8% to 0.9 trillion rupees, urban development by 11.9% to 0.8 trillion rupees, social services by 20.9% to 0.6 trillion rupees, and educational institutions by 14.5% to 1.2 trillion rupees. Each category saw a significant rise.
#5. Germany Economy Ranking
Germany is included in the list due to its robust economy, being recognized as the largest economy in Europe. It holds this position largely because it has been the leading global exporter of automobiles for several years. Additionally, Germany is renowned for its automotive, chemical, and machinery industries, boasting the most skilled and professional workforce globally.
#6. France Economy Ranking
France secures its place in the 2024 world economy rankings, primarily due to its status as the largest and most visited tourist destination. The thriving tourism industry significantly contributes to Franceโs GDP, earning it the seventh position globally.
#7. Italy Economy Ranking
Italyโs economy, although regionally diverse, maintains its position as the eighth-largest in the world, reflecting a blend of traditional industries and modern sectors.
#8. Brazil Economy Ranking
Brazilโs economic strength lies in its abundance of natural resources, including minerals, diverse ecosystems, and fertile agricultural land, making it a global powerhouse in these sectors.
#9. Canada Economy Ranking
Canada has secured its position in the 2024 world economy rankings as the third-largest and wealthiest country, particularly excelling in the energy sector. Its vast oil reserves have significantly contributed to its economic prowess. Furthermore, Canadaโs manufacturing sector plays a pivotal role in its GDP, with the United States playing a crucial role in driving economic growth through free trade policies between the two nations.
#10. United Kingdom Economy Ranking
The UK Finance Minister, Jeremy Hunt, unveiled the economic plan for the financial year 2024 on March 6, 2024. The plan focuses on reducing worker taxes, promoting investment, and improving public services and amenities.
Starting in April, employees will experience an 8% reduction in taxes on their national insurance contributions, down from the current 10%. This follows a previous reduction in January 2024, where the employeeโs share of national insurance premiums decreased from 12% to 10%. There is also consideration for reducing national insurance premiums for sole businesses.
Moreover, fuel taxes will remain stable until March 2025, while alcohol taxes are set until February 2025. There are discussions about introducing a new UK ISA for individual savings accounts (ISAs) as part of the pension and investment strategy, with an annual contribution limit of ยฃ5,000 for UK equities investments.
Businesses are earmarked to receive ยฃ360 million to support research and development (R&D) and manufacturing projects in sectors such as aviation, automotive, aerospace, and life sciences. Additionally, infrastructure will be enhanced for offshore wind power and carbon capture and storage (CCS), with an additional ยฃ120 million allocated for support.
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