International Monetary Fund has declared the ‘Largest economies in the world’ list based on the countries’ nominal GDPs. The list is filled with the usual contenders like India, China, Germany, Japan, and the United States Of America. In this blog, we will go through the list and will tell you about the largest economies in the world and their major sources of income. Also, we will share their per capita income and the Purchase Power Parity (PPP) GDP of the respective countries.
Table of Contents
Biggest Economies In The World In 2024
This list is based on the Nominal GDP of the countries and the information revealed by the International Monetary Fund. So, let’s get started with the list.
10. Canada ($2.122 Trillion)
Canada is a nation situated in the north of the United States of America. It is one of the largest economies in the world due to its exports of abundant natural resources like gas and oil. Canada boasts an economic growth of over 1.5% per year. Also, the country has a thriving service sector and manufacturing sector and is dedicated to fostering technological advancements in its operation.
Annual GDP Growth Rate: 1.5%
Contributing Sectors: Export of oil, gas, minerals, and timber. Also, service sectors and manufacturing sectors.
9. Brazil ($2.132 Trillion)
Brazil is situated in the heart of South America. Although the country regularly deals with financial crunches and a large amount of people living in poverty, it is one of the largest economies in the world. Brazil also has one of the biggest slums in the world. That being said, the main sources of the Brazilian economy are their agriculture, manufacturing, mining, and services sectors. Advancement in infrastructure technology is also one of the leading sources of GDP for Brazil.
Annual Growth Rate: 0.9%
Contributing Sectors: Agriculture, Mining, Manufacturing, and Services sectors are some of the biggest contributors to the Brazilian economy.
8. Italy ($2.190 Trillion)
Italy is one of the largest economies in the world and also the largest producer of authentic cheeses like Mozzarella, Parmesan, etc. On top of that, Italy also has the third largest economy among the European Union (EU) nations.
Annual Growth Rate: 0.7%
Contributing Sectors: Italy’s pioneering business and competitive agricultural sectors make it one of the largest economies in the world.
7. France ($3.053 Trillion)
Once renowned as the world’s most powerful nation, France stands in 7th position in the list of the world’s largest economies in 2024. France is one of the oldest nations in the world, and their social welfare system and well-developed infrastructure are a testament to it. France leads in several sectors that contribute to its economy.
Annual Growth Rate: 0.7%
Contributing Sectors: France is one of the leading countries in several sectors, such as aerospace, tourism, luxury goods, and agriculture.
6. United Kingdom ($3.332 Trillion)
There is a saying, “The sun never sets on the British empire”, this shows the stature United Kingdon once held. However, now the country has slipped to 6th position in the list of the world’s largest economies. The United Kingdom was also one of the first countries to embrace the industrial revolution, which helped it become one of the world’s largest economies. Although the country has been dealing with some financial issues for the past few years, it still occupies the 6th position here.
Annual Growth Rate: -0.3%
Contributing Sectors: Services, manufacturing, finance, and creative sectors are some of the sectors that contribute the most to the British economy.
5. India ($3.730 Trillion)
India is the youngest country on this list. With an independent history of only 76 years, India has come a long way in terms of economy. The country has seen a slow but constant rise in terms of economy. The main source of income for India is its agricultural goods like wheat, rice, sugarcane, etc. Many experts claim that India can become the world’s 3-rd largest economy in a few years.
Annual Growth Rate: 5.9%
Contributing Sectors: Sectors that make India one of the largest economies in the world are IT, manufacturing, agriculture, and services.
4. Japan ($4.231 Trillion)
Japan is probably the most technologically advanced nation in the world and this is what makes it one of the largest economies in the world. Along with this, Japan also has a big entertainment industry. The anime industry is one of the biggest entertainment industries in the world covering everything from Manga (comics) to animation and movies.
Annual Growth Rate: 1.3$
Contributing Sectors: Japan’s automotive, technology, electronic, and machinery sectors are some of the highest sources of revenue for the country.
3- Germany ($4.430 Trillion)
Germany is home to some of the biggest car manufacturers in the world and it is world-renowned for its engineering and automotive prowess. The country also leads in the chemicals and pharmaceutical sectors.
Annual Growth Rate: -0.1%
Contributing Sectors: Germany’s engineering, automotive, chemicals and pharmaceuticals sectors are what makes it one of the largest economies in the world.
2- China ($17.78 Trillion)
China is the manufacturing hub of the world, so it’s no surprise that China retains its position as the 2nd largest economy in the world. China has seen tremendous growth in its finances in the last 7 decades. In 1960, the country stood at 4th rank and after 7 decades, the country is at 2nd place in the list of the largest economies in the world.
Annual Growth Rate: 5.2%
Contributing Sectors: China’s exports and investment in different countries are what made it the 2nd largest economy in the world.
1- United States Of America ($26.954Trillion)
The United States of America is the largest economy in the world, and there are a plethora of reasons for this. The country has preserved its position in the ranking for the past 60 years. The country has been on the top step since the 1960s. Out of the top 10 biggest companies in the world, 9 are American.
Annual Growth Rate: 1.6%
Contributing Sectors: Important sectors, including services, technology, finance, manufacturing, and defence sectors, are some of the sources of the USA’s revenue, and this is what makes it one of the largest economies in the world.
Our Take
So there you go, these are the top 10 largest economies in the world in terms of their GDP. Each of these countries has a robust international policy that helps them make the most of their trade. These positions are bound to change in the next few years due to the surge of many small countries like Japan and India. So, which country are you from? Comment and let us know.
