Top 10 Largest Economies in the World in 2024
As the world is evolving and growing on scientific, technological, and aeronautical levels, in the end, it becomes extremely important to understand which countries stand where in the economic landscape. After all, the economy of a country can dictate its pace of growth in the coming years. We read, researched, and curated a list of the Top 10 Largest Economies in the World in 2024 for you, have a look at which countries are competing with each other to become the largest economy in the world:
1. United States of America
- GDP: USD 28,783 Billion
- GDP Per Capita: USD 85.37 Thousand
The United States of America has been the world’s largest economy nominally since 1890 and is currently the richest country in the world. The American Economy is diverse in its sectors. Among the 500 largest companies in the world today, the USA headquarters 136 of them. America is propelled by sectors like service, manufacturing, finance, and technology.The most used currency in international transactions is the US Dollar. With New York being the world’s largest metropolitan economy and the world’s principal financial sector, the USA is the hub for technological advancement and innovation. The USA has been near the forefront of economic fields like artificial intelligence, computers, pharmaceuticals, and medical, military, and aerospace equipment which in turn made it the world’s largest economy.
2. China
- GDP: USD 18,536 Billion
- GDP Per Capita: USD 13.14 Thousand
China has had quite some growth in its economic journey, going from fourth on the list in 1960 to second in 2024. It is the world’s second most populous country. China is the world’s largest country when it comes to Purchasing Power Parity and one of the fastest-growing economies. China’s major sectors include manufacturing, retail, mining, steel, textiles, automobiles, energy generation, green energy, banking, electronics, telecommunications, real estate, e-commerce, and tourism. Among the ten largest stock exchanges in the world, China has three of them: Shanghai, Hong Kong, and Shenzhen. The country has also been the world’s largest manufacturing nation since the year 2010.
3. Germany
- GDP: USD 4,730 Billion
- GDP Per Capita: USD 56.29 Thousand
Renowned for its precision in the automotive, engineering, pharmaceutical, and medical sectors, Germany falls third in the list of largest economies in the world. This European country is the world’s third-largest exporter and importer. Germany’s economy is one with a highly skilled labor force, a low level of corruption, and a high level of innovation. Germany has the largest manufacturing and agricultural sector in Europe. Germany’s forte lies in its automotive industry which is regarded as one of the most innovative and competitive. The luxury car manufacturer, Volkswagen Group is native of Germany. Germany exports vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics to the world, among other things.
4. Japan
- GDP: USD 4,112 Billion
- GDP Per Capita: USD 34.14 Thousand
This island country from Asia is fourth on the list of largest economies in the world. It is also the fourth-largest economy by Purchasing Power Parity. The Japanese Yen is the world’s third largest reserve currency after the US Dollar and Euro. Japan is the world’s fifth largest exporter and its main exports are motor vehicles, iron and steel products, semiconductors, and auto parts. World’s largest automobile company by vehicle production, Toyota is native to Japan. The country is known for its work ethic and culture, and supreme quality of exports.
5. India
- GDP: USD 3,942 Billion
- GDP Per Capita: USD 2.73 Thousand
Ranked fifth among the largest economies in the world, India is the most populous country in the world and the seventh largest by area. India is the third largest country by Purchasing Power Parity. The Indian labor force of 522 million workers is the world’s second-largest. India’s major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software. India is the world’s ninth largest exporter with petroleum products, textile goods, jewelry, software, engineering goods, chemicals, and manufactured leather goods being its major exports.
%20(1).jpg)
Comments
Post a Comment