Ranked: These Are the Largest Economies in the World by GDP (PPP)

The G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, was established during the oil crisis of the 1970s. Over the years, it has become recognized as a powerhouse of the world economy, representing large, mature, high-income nations that dominate key global sectors.

In the 2000s, the rise of BRICS—comprising Brazil, Russia, India, China, and South Africa—signaled a significant shift in the economic landscape. This coalition of countries from the Global South has established itself as a formidable competitor to the G7, leveraging rapid economic growth and the opportunities presented by globalization. Today, BRICS offers a compelling alternative on the global stage.

Both groups are integral members of the G20, encompassing the world’s 20 largest economies and commanding 70–85% of the global economy, based on whether nominal or purchasing power parity (PPP) adjusted GDP is employed. Notably, the four new BRICS+ members—Iran, Egypt, Ethiopia, and the United Arab Emirates—are excluded from this analysis. The below table clearly outlines the GDP of each G20 member for 2024, with adjustments made for purchasing power parity (PPP).

Since 2014, China ($37.072 trillion) has unequivocally claimed its position as the world’s largest economy when assessed by PPP-adjusted output. According to this metric, the United States ($29.167 trillion) stands second, lagging behind China by approximately $7.9 trillion. India ($16.019 trillion) ranks third, while Russia ($6.909 trillion) and Japan ($6.572 trillion) secure the fourth and fifth positions, respectively. In geopolitics, the BRICS countries are demonstrably outperforming the G7, a trend significantly bolstered by India’s remarkable economic surge.

Largest Economies in the World, by PPP-Adjusted GDP

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