Revealed: Largest Economies In The World By GDP (PPP), 2024

Did you know that India is already the world’s third-largest economy in terms of GDP (PPP), which stands for purchasing power parity? PPP focuses on the purchasing power of the domestic currency within the economy for a basket of goods. Interestingly, the United States of America doesn’t top this ranking!

According to the 2024 estimates, America’s GDP (PPP) is just 1.9 times that of India. In addition, India’s GDP (PPP) is more than two times that of Japan. So, where do China, the U.S., Japan, and Germany rank in the list of the largest economies in the world by GDP (PPP)? Let’s look at the world’s top economies by GDP-PPP, according to IMF data sourced from CEOWORLD magazine Business Outlook.

China is the world’s largest GDP (PPP) economy. China’s GDP (PPP) in 2023 was $32.93 trillion, estimated to be $35.29 trillion in 2024. In terms of nominal GDP, China is the world’s second-largest economy. America’s GDP in PPP terms was $27.35 trillion in 2023 and is expected to be $28.78 trillion in 2024. Regarding nominal GDP, the U.S.A. is still the world’s largest economy.

India is the world’s third-largest economy in terms of GDP by PPP calculations. India’s GDP (PPP) in 2023 stood at $13.34 trillion and is expected to rise to $14.59 trillion by 2024. In nominal GDP terms, India is the world’s fifth-largest economy. Japan ranks 4th on the list of the top 10 largest economies in the world in terms of GDP (PPP). Japan’s GDP (PPP) for 2023 was $6.5 trillion, expected to rise to $6.72 trillion in 2024. Japan is well below the top three economies – China, the U.S.A., and India. Currently, Japan is the world’s fourth-largest economy by nominal GDP.

Germany is the world’s 5th largest economy by GDP (PPP) rankings. It had a GDP (PPP) of $5.54 trillion in 2023, expected to rise to $5.68 trillion in 2024. Germany is the world’s 3rd largest economy in nominal GDP terms. Russia ranks 6th in the list of the top 10 largest economies in the world by GDP (PPP). Russia’s GDP in PPP terms was $5.8 trillion in 2023 and is expected to rise to $5.47 trillion in 2024. In nominal GDP rankings, Russia is the world’s 11th-largest economy.

Indonesia, the world’s 16th largest economy by nominal GDP, ranks 7th on the top 10 largest economies by GDP (PPP) list. It had a GDP (PPP) of $4.39 trillion in 2023, likely to rise to $4.72 trillion in 2024. Brazil is the world’s 8th largest economy in the GDP (PPP) rankings. Its GDP (PPP) for 2023 stood at $4.08 trillion in 2023, expected to reach $4.27 trillion in 2024. Brazil is expected to become the world’s 8th largest economy in nominal GDP rankings in 2024.

The United Kingdom is ranked 9th among the top 10 largest economies in the world by GDP (PPP) and sixth in nominal GDP rankings. The United Kingdom’s GDP (PPP) for 2023 was $3.91 trillion, and it is estimated to be $4.02 trillion in 2024.

Largest Economies In The World By GDP (PPP), 2024

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