As we all are aware there are several countries in this world with great economies worth above $5 trillion. The most important thing to keep in mind is that the country’s wealth doesn’t depend on the wealth of its citizens. It doesn’t show the wealth level of people living in that particular country. The wealth of the country and the wealth of its citizens are two different things.
Here we are going to talk regarding the world economy ranking. The term Gross domestic product, GDP is utilized to measure the wealth of a country or nation.
The GDP is an estimate and measure of the market value for all products and services manufactured and sold in a country in a specific period.
GDP is an essential measure and term that is beneficial for any country to measure its economic size and wealth level. To measure GDP, there are a lot of ways. However, the most popular strategy and method is to deduct the entire value of exports from all of the imports for an entire year. As import and export is a very important part of any country, importing and exporting goods and services helps in globalization and to increase the economy of the country.
Due to changes and modifications in the economic policies of any country, the GDP will fluctuate even more across many economies across the world.
Here in this article, we will help you to know the best 10 nations with great economies as per the World Economy Ranking.
As per the World Economy Rankings 2024, the list and data of top countries with the highest GDP amounts is nearly $105 trillion. By following this, the US is at the top of the rankings, and that is not even strange we all know how powerful and wealthy the US is.
The second country is China in the world economy rankings. But the fun fact is China is growing at a faster rate in comparison to America. The countries that are also considered and on the list are India, Japan, Canada, the United Kingdom, France, and Germany.
Note: The order below does not indicate the nation’s economics.
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Here’s an overview table of the top 10 largest economies in the world in 2024, based on GDP rankings:
| Rank | Country | GDP (Trillions USD) | Main Industries |
|---|---|---|---|
| 1 | United States | $23.0 | Services, Manufacturing, Finance, Technology |
| 2 | China | $16.9 | Manufacturing, Exports, Investments |
| 3 | Japan | $5.4 | Engineering, Chemicals, Automotive, Pharma |
| 4 | India | $4.8 | IT, Communications, Infrastructure |
| 5 | Germany | $4.4 | Automotive, Chemicals, Machinery |
| 6 | France | $3.1 | Tourism, Manufacturing, Technology |
| 7 | Italy | $2.7 | Agriculture, Manufacturing, Services |
| 8 | Brazil | $2.6 | Natural Resources, Agriculture, Minerals |
| 9 | Canada | $2.3 | Energy, Manufacturing, Services |
| 10 | United Kingdom | $2.2 | Finance, Manufacturing, Services |
United States
As the world knows the position and strength of the United States in the world. The United States is very wealthy, powerful, and still able to manage its position at no. 1 globally. It is considered as the wealthiest country worldwide. The US holds its position from 1960 to 2023.
The strength of a country’s economy depends on diversity and it also relies on terms like services, manufacturing, finance, importing, exporting, and technology. Having a huge consumer market, culture, and lifestyle that promotes innovation, business, entrepreneurship, and technology the US comes at the top and rules the world.
China
China is known as the second biggest economy worldwide, it is the wealthiest nation after America. The Chinese economic sector is mighty in manufacturing, exports, and investments.
The country is very proud of its economic sectors such as its expanded workforce, advanced and modern infrastructure, powerful government, and day-by-day growing and increasing customer market. Consisting as the second largest economy in the world, China is progressing and developing in several sectors and factors.
Japan
The Mitsubishi Research Institute, Inc. (MRI) has declared that it is taking into consideration the worldwide economic and political environment through mid-February, along with the release of Japan’s GDP data for October-December 2023. Kenji Yayoda is the MRI’s representative president and director.
Japan is another nation that is on the list of top 10 world economies on the 4th rank in 2024. It puts strong emphasis and efforts on exports. And it is very brilliant and excellent in industries and sectors such as engineering, chemicals, automotive, and pharmaceuticals.
The economic power and strength of this nation are operated by a skilled or professional workforce and strong investments in development and research. It continues to promote and increase technology and innovation in the nation.
India
On February 1, the Indian Ministry of Finance released the initial budget for the financial year 2024. The modified budget for the preceding year was 6,1% higher than the actual expenditure, which came to 47,657.7 billion rupees.
When examining the breakdown of expenses, revenue expenses climbed to 36,546.6 billion rupees, a rise of 3.2% from last year. This increase was mild and was caused by the removal of subsidies, among other things.
However, investment costs climbed to 11,111.1 billion rupees, a 16.9% rise from the year before. This has risen dramatically, and the GDP ratio is 3.4%, which is the same as it was last year. From 3.4 trillion rupees in the 2019 budget, capital expenditures are rising by double digits annually and have almost tripled in the last five years.
However, net tax revenue increased by 11.9% over the past year’s revised budget to 26.157 trillion rupees. The goods and services tax (GST), income tax, and corporation tax are all predicted to rise by double digits, and tax collections should progressively rise in combination with economic expansion.
Based on the amount spent (breakdown) in the major sectors, IT and communications came in second with 199.7 billion rupees, while rural development provided the highest boost with 3.8 trillion rupees, up 322.9 billion rupees (+11.2%) from the last year’s revised budget.
To reach 1.2 trillion rupees, it climbed by 20.9% (+20.9%). Transportation and traveling expanded by 191 billion rupees (+3.6%) to 5.4 trillion rupees. This increase is mostly attributable to the current increase in infrastructure growth and development.
Given the slightly low development rate of value, the sector remained a priority due to its scale. Highways and electricity are the main topics of discussion when it comes to transportation infrastructure. Furthermore, the amount spent on health care rose by 13.8% to 0.9 trillion rupees, urban growth by 11.9% to 0.8 trillion rupees, social services by 20.9% to 0.6 trillion rupees, and educational institutions by 14.5% to 1.2 trillion rupees. Every quantity had increased significantly.
Germany
Germany is also mentioned in the list because of its high economy, and it is also considered the largest economy in Europe because for several years it has been the biggest exporter of autos across the world. Germany is also known for its automotive, chemical, and machinery sectors and industry. It consists of the strongest skilled and professional workforce in the entire world.
France
As we are aware France is the biggest and most popular tourist destination, which contributes to and benefits it a lot in its GDP and grants it a place in the list of world economy rankings for 2024. France comes in the 7th rank and position in the world.
Italy
Italy’s economy is divided into many regions, and each area offers a different contribution and role in the nation’s GDP. Italy is on the 8th in the list of biggest economies in the world.
Brazil
Brazil is known for its natural resource powerhouse. It is home to the greatest mineral supplies, a diversity of organisms and species, and the most fertile agricultural soil in the whole world.
Canada
Canada has also made its place in the world economy rankings for 2024. It is considered the 3rd biggest and largest wealthiest country worldwide in the energy sector. Canada also has many oil reservoirs that helped in making it the largest economy.
In the GDP of Canada, its manufacturing sector offers the highest contributions. To boost and increase the economic growth of Canada, America is the one, because of the free trading policies of Canada in the US.
United Kingdom
The economic plan for the financial year 2024 (April 6, 2024 – April 5, 2025) was unveiled by UK Finance Minister Jeremy Hunt on March 6 (UK government website). He mentioned lowering worker taxes, encouraging investment, and enhancing public services and facilities.
Beginning in April, employees will pay 8% less in taxes on their portion of national insurance rates, down from the present 10%. In January 2024, the employee’s portion of national insurance premiums decreased from 12% to 10% (according to the article published on November 24, 2023). Additionally, sole businesses’ national insurance premiums might be lowered.
Furthermore, fuel taxes will remain unchanged until March 2025, and alcohol taxes until February 2025. The nation is currently thinking about creating an additional UK ISA for individual savings accounts (ISAs) as part of the pension and investments policy. £5,000 is the annual contribution limitation for UK equities investments.
Businesses will get £360 million to fund R&D and manufacturing initiatives in the fields of aviation, automobiles, aerospace, and life sciences. Additionally, distribution networks for offshore wind power and carbon capture and storage, or CCS, will be established. An extra £120 million will be given in support.
Furthermore, there will be a revision to the tax structure for non-domiciled citizens and residents. You might also pay tax on your foreign income if you switch from a money transfer basis to a residence basis and remain or live in the UK for over four years.
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