World Economy Ranking 2024 : The wealth of a country does not necessarily assure the wealth of all citizens living in the country. This is where the role of world economy ranking comes into play. A GDP, or Gross Domestic Product, is used to determine the wealth of a nation. It measures the market value of all goods and services produced and sold by the nation in a given time. The GDP growth rate indicates the rate at which a country’s economy is expanding or contracting. Population growth and GDP per capita are also important factors to consider. GDP per capita is calculated by dividing the total GDP by the total population. It provides an idea of the average income per person in a country.
The World Bank and the International Monetary Fund (IMF) are two organizations that provide data on GDP and GDP per capita for countries around the world. The World Bank’s World Development Indicators (WDI) and the IMF’s World Economic Outlook (WEO) are two key sources for this information.
In summary, the wealth of a country is determined by its GDP, which is the total value of all final goods and services produced within a country’s borders in a specific time period. GDP per capita is a measure of a country’s average standard of living, calculated by dividing the total GDP by the total population. The world economy ranking is based on these measures, and it helps to understand the economic strength and prosperity of different countries
GDP is a crucial measure used to determine the economic size of a country. One common method to calculate GDP is by subtracting the total import value from the total export value for a given year. The GDP of various economies globally fluctuates due to changes in economic policies. In this article, we will highlight the top 10 countries in the world according to the World Economy Ranking 2024, shedding light on the economic prowess and standing of these nations.
World Economy Rankings 2024
Based on the World Economy Rankings 2024, the total GDP of the top countries amounts to $105 trillion. The United States secures the top spot in the rankings, followed by China in second place. China is noted for its rapid economic growth compared to the US. Other countries like the United Kingdom, India, France, Germany, Japan, and Canada also feature prominently in the world economy rankings list. These countries play significant roles in the global economy and contribute to shaping the economic landscape on a global scale.
Analyzing GDP data for all countries from 2020 to 2026 reveals a significant increase in the world GDP from 103.86 to 112.6 trillion within a year. By 2024, certain countries are projected to top the GDP rankings. India’s GDP is expected to expand by 5.8% this year, surpassing the global growth rate of 1.9%. Key sectors like technology, healthcare, finance, and manufacturing play pivotal roles in contributing to the world economy rankings, highlighting their importance in driving economic growth and development on a global scale.
World Economy Rankings List 2024
| Title | World Economy Ranking List 2024 |
|---|---|
| Institution | International Monetary Fund |
| Made by | IMF |
| Year | 2024 |
| World Economy 2024 | $105 Trillion |
| Official website | https://www.imf.org/en/Home |
IMF World Economy Rankings 2024
The world economy rankings list was compiled by the International Monetary Fund (IMF). As of 2024, China, the United States, and Japan are the three largest economies in the world by GDP. In the coming years, the GDP of India is projected to increase by 6.1%, which is lower than the rest of the countries globally. It is also anticipated that in 2024, India will contribute 15% to the global growth. This highlights the significant role India plays in the global economic landscape and its potential for further growth and development.
Top 10 Biggest economies of the world
The top 10 largest economies in the world in 2024 are as follows:
| Rank | Country | GDP (in USD Billion) | GDP (in USD Thousand) |
|---|---|---|---|
| 1 | United States of America | 26,954 | 80.41 |
| 2 | China | 17,786 | 12.54 |
| 3 | Germany | 4,430 | 52.82 |
| 4 | Japan | 4,231 | 33.95 |
| 5 | India | 3,730 | 2.61 |
| 6 | United Kingdom (UK) | 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 |
Top 10 Largest Economies of the World 2024
You can explore the detailed list of the top 10 largest economies in the world through the following sources:
United States
The United States has consistently held the top position in the global economy, being recognized as the wealthiest nation from 1960 to 2023. Its economic strength stems from remarkable diversity, supported by key sectors like manufacturing, services, technology, and finance. The US boasts a large consumer market, a culture that fosters entrepreneurship and innovation, and favorable business conditions, all contributing to its leading position in the world economy.
China
China has emerged as the world’s second-largest economy due to its impressive growth. The foundation of China’s economy lies in its strength in exports, manufacturing, and significant investments. The country boasts an extensive workforce, advanced infrastructure, robust government support, and a rapidly expanding consumer market. As the second-largest economy globally, China continues to progress through various factors that contribute to its economic prowess and influence on the global stage.
Germany
Germany holds the third spot in the world economy rankings for 2024, making it the largest economy in Europe. The country has been the largest auto exporter in the world for many years, with a strong presence in the chemical, automotive, and machining industries. Germany boasts the largest skilled workforce globally and has a low fertility rate, which contributes to its economic growth by reducing labor force consumption. The country’s economy continues to thrive due to its diverse and robust industries, skilled workforce, and strategic economic policies.
Japan
In the world economy rankings for 2024, Japan secures the fourth position. The country’s focus on exports and expertise in industries such as automotive, engineering, pharmaceuticals, and chemicals contribute to its economic prowess. Japan’s strong economy is fueled by significant investments and a skilled workforce dedicated to research and development. The nation is committed to fostering innovation and technological advancement, further solidifying its position in the global economy.
India
India is the fifth-largest economy in the world with a per capita GDP of $3.74. The country’s diverse sectors, including business, industry, service, and IT, contribute significantly to its GDP. Agriculture is the sector that contributes most to India’s GDP, which is why the country has experienced rapid growth and economic liberalization in the ’90s. India’s economy continues to expand due to its robust sectors, skilled workforce, and strategic economic policies.
United Kingdom
The United Kingdom (UK) holds the sixth position in the world economy rankings. The country’s economy is driven by various sectors, including business, finance, and insurance. These sectors make up the majority of the GDP service sector in the UK. The UK’s trade primarily occurs with European countries, but since 2020, the UK has left the European Union (EU). Despite this, trade negotiations between the UK and the EU continue. The UK’s economy remains robust due to its diverse sectors, skilled workforce, and strategic economic policies.
France