There are many countries in the world that have good economies worth more than 5 Trillion USD. The wealth of the country does not assure the wealth of all citizens living in the country. Here comes the role of world economy ranking. A GDP, Gross domestic product, is used to determine the wealth of a nation. The market value of all goods and services produced and sold by the nation in a given time is measured by the GDP
GDP is an important measure that helps to calculate economic size. There are many ways to calculate the GDP, but the most common method is to subtract the total export value from the total import values for a year. The GDP of several economies throughout the world fluctuates more because of changes in economic policies. In this article, we are going to tell you about the top 10 countries in the world, according to the World Economy Ranking 2024
World Economy Rankings 2024
According to World Economy Rankings 2024, the list of countries with the highest GDP amounts is $105 trillion. With this, US ranked at top in rankings, China take 2nd place in world economy rankings. China grows at a faster rate than the US. United Kingdom, India, France, Germany, Japan, Canada, etc are also considered in the world economy rankings list.
As per the GDP data analysis for all countries from 2020 to 2026, the world GDP increased from 103.86 to 112.6 trillion in one year. By 2024, such countries will be ranked top according to GDP. The GDP of India are expand by 5.8% this year and lead above growth rate of 1.9% worldwide. The technology, healthcare, finance, and manufacturing sectors contribute to world economy rankings.
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 prepared by the IMF. IMF ( International Monetary Fund) China, the United States and Japan are the three largest economies in the world by GDP. In 2024-25 years, the GDP of India is expected to increase by 6.1%, which is less than the rest of the countries in the world. Moreover, it is also expected that in 2024, India will generate 15% of global growth.
Top 10 Biggest economies of the world
The list of the top 10 biggest economies of the world is given below
| 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 check the list of the top 10 largest economies of the world given below. Here, we tell you about every country in detail.
United States
The United States has maintained the position in global economy and considered as wealthiest nation, and holds 1st place from 1960 to 2023. The economy’s strength lies in remarkable diversity and is driven by factors like manufacturing, services, technology and finance. With the big consumer market, a culture that encourages entrepreneurship and innovation, and business conditions, the US stands at the top.
China
China is considered the 2nd biggest economy in the world because of its remarkable ascent. The China economic foundation is prowess in exports, manufacturing, and substantial investments. The country takes pride in its expansive workforce, advanced infrastructure, strong government support, and rapidly growing customer market. As the 2nd largest economy in the world, china progresses through many factors.
Germany
Germany is listed in the third spot in the world economy rankings for 2024. It is the largest economy in Europe because it has been the largest auto exporter in the world for many years. Over many years, Germany has been considered a chemical, automotive, and machining industry. It has the largest skilled workforce in the world. The low fertility rate in Germany makes a big move to monetary development and brings the labour force consumption.
Japan
Japan is another country that ranked fourth in the world economy rankings in 2024. It places a strong emphasis on exports and excels in industries like automotive, engineering, pharmaceuticals and chemicals. The economic strength of this country is driven by robust investments and a skilled workforce in research and development. It commits to promoting innovation in the country.
India
India is another of the largest nations in the world in terms of population. It is the 5th largest economy in the world and has a low capita GDP of $3.74. There are many sectors that contribute to India’s GDP, such as the business sector, industry, service, IT, etc. The sector that contributes most to India’s GDP is agriculture. This is why India is growing at a fast speed, and the liberalization of the economy of India in the ’90s is growing to the next level.
United Kingdom
UK, is the also listed in world economy rankings, and gets 6th place. There are many sectors, including business, finance, and insurance, that contribute to the UK and make up the majority of the GDP service sector. The UK trade majority is done with European countries, but now the UK is no longer a member of the EU after 2020. Moreover, the trade negotiations are continued between the two countries.
France
France is another tourist location, highly contributing to GDP and making its place in world economy rankings for 2024. This country stands at 7th place in the world, and industries and semi-private businesses are some sectors that contribute to the GDP of this country
Italy
The economy of Italy is divided into several areas, and every area has a different contribution to GDP. Italy is the 8th biggest economy in the world, with many private business associations. All the private businesses in Italy contribute to its GDP. This country is also considered a luxury apparel brand.
Brazil
Brazil is considered as natural resource powerhouse, that boats the world richest mineral deposits, vast biodiversity and fertile agricultural lands. These resources contribute to a robust economy and make it ranked 9th place in the world, according to World Economy Rankings 2024
Canada
Canada stands at 10th place in world economy rankings. It is the third largest energy richest country in the world. It has several oil reservoirs that make it the largest economy. The manufacturing sector of Canada contributes to its GDP. The free trade policies of Canada in the United States of America help Canada boost their economic growth.
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