Revealed: These are the largest economies in the world, 2024

Undisputed heavyweights: According to their GDP data, the world’s biggest economies in 2024 were the United States, China, Germany, Japan, and India. The United Kingdom, France, Italy, Brazil, and Canada also made it to the top 10 largest economies ranking. The remaining countries that rounded out the world’s 20 largest economies all had GDPs that ranged between 900 billion and five trillion US dollars. 19 countries in the world have economies worth more than 1 Trillion USD. Let’s take a closer look at the list of the largest economies in the world in 2024.

The United States has maintained its position as the world’s leading economy and wealthiest country from 1960 until 2024. China has also experienced significant economic growth, from fourth place in 1960 to second place in 2024. With a GDP of $26.95 trillion, the United States holds a significant lead as the largest economy in the world in 2024. China follows in second place with a GDP of $17.70 trillion. India has surpassed the United Kingdom to become the fifth-largest economy globally, following only the US, China, Germany, and Japan. A decade ago, India was ranked 11th among large economies, while the UK was fifth.

Germany, the largest economy in Europe, is ranked third in the world with a GDP of $4.42 trillion. Japan follows closely behind with a GDP of almost $4.23 trillion, making it the fourth-largest economy in the world. The top ten economies in the world include all the struggling Group of Seven (G7) economies, as well as the fastest-growing major economies such as China, India, and Brazil. The global economic growth estimated at 3.1% in 2023 is expected to remain at 3.1% in 2024. Although this projected growth is higher than the last forecast in October 2023, it is still lower than the historical annual average of 3.8%.

According to CEOWORLD magazine, advanced economies are set to experience a decline in economic growth from 1.6% in 2023 to 1.5% in 2024. However, it is projected to increase slightly to 1.8% in 2025. The United States’ growth is expected to drop from 2.5% in 2023 to 2.1% in 2024. On the other hand, the euro area is expected to recover its growth rate, and emerging and developing Europe is also expected to improve its economic growth from 2.7% in 2023 to 2.8% in 2024.

As for the emerging market and developing economies, growth is predicted to remain at 4.1% in 2024 before climbing higher in 2025. India and China continue to be the leading global powers in Asia. India’s economic growth is expected to remain strong due to its domestic demand. Meanwhile, China’s growth is projected to be 4.6% in 2024, higher than the previously forecasted growth rate. This is due to higher government spending to tackle natural calamities and stronger-than-expected growth in 2023.

Largest economies in the world, 2024

The report has been created by the Economics and Policy team of CEOWORLD magazine. Our team’s consulting services utilize strategic analysis of macro and microeconomic trends, along with strong quantitative techniques across all industry sectors and public policy analysis. Please note that this report is intended for general guidance only and should not be considered professional advice. It is recommended that you do not take any action based on the information contained in this publication without obtaining specific professional advice. CEOWORLD magazine makes no representation or warranty, either express or implied, as to the accuracy or completeness of the information contained in this publication. As permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility, or duty of care for any consequences that may result from your actions or decisions based on the information contained in this publication. Please do not copy, redistribute, or place this publication, or any extract from it, on any website without obtaining CEOWORLD magazine’s prior written consent.

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