The economy of a country is usually defined by its gross domestic product (GDP). This is the total market value of all goods and services produced in a country over a certain period, usually a year. Regular calculations of GDP in different countries help to rank the largest economies in the world.

As of 2024, the United States and China have the largest economies on the planet, well ahead of other countries in both nominal GDP and GDP as measured by purchasing power parity (PPP).

Interestingly, in terms of nominal GDP, the U.S. is $9.2 trillion ahead of China, but on a PPP basis, China leads by 7 trillion. Overall, China's GDP growth rate is more than twice that of the U.S.

In addition to the United States and China, the world's top 5 economies include such countries as Japan, Germany and the United Kingdom. Despite the powerful financial crises and other upheavals that regularly occur in the world, the list of the top 20 economies has remained virtually unchanged over the past 40 years.

Important. The nominal GDP of the top 10 countries accounts for about 70% of the world economy, while the 20 strongest economies give nearly 80%.


1. U.S. 26,949,643
2. China 17,700,899
3. Germany 4,429,838
4. Japan 4,230,862
5. India 3,732,224
6. United Kingdom 3,332,059
7. France 3,049,016
8. Italy 2,186,082
9. Brazil 2,126,809
10. Canada 2,117,805
11. Russia 1,862,470
12. Mexico 1,811,468
13. Republic of Korea 1,709,232
14. Australia 1,687,713
15. Spain 1,582,054
16. Indonesia 1,417,387
17. Turkey 1,154,600
18. Netherlands 1,092,748
19. Saudi Arabia 1,069,437
20. Switzerland 905,684

Note. The information on nominal GDP in the countries is based on the current data of the International Monetary Fund for the year 2023.



GDP (nominal) – $26,949,643 million


The U.S. has the most technologically advanced economy in the world, accounting for 20% of global output. The service sector is very developed. U.S. corporations are at the forefront of global innovation, especially in computers, pharmaceuticals, retail, finance, medical, aerospace and military equipment.


GDP (nominal) – $17,700,899 million


China has seen remarkable economic growth over the past few decades. Since the late 1970s, the country has abandoned a closed system with centralized planning and moved to a more open, market-oriented system. This fact has helped the country achieve the much coveted second place in the list of the world's largest economies, and first place in terms of GDP at PPP.


GDP (nominal) – $4,429,838 million


Germany has the largest economy in Europe and is the third largest in the world. The country has a very skilled labor force and a high standard of living. Germany is the leading exporter of machinery and vehicles, chemicals and home appliances. The country has shown steady economic growth over the past decade.


GDP (nominal) – $4,230,862 million


With a nominal GDP of just over $4 trillion, Japan's economy ranks fourth in the world. This is largely made possible by mutually beneficial cooperation between the government and private industrial companies, a strong work ethic, high technology and relatively low defense spending (just under 1% of GDP).


GDP (nominal) – $3,732,224 million


In recent years, the Indian economy has become the fastest growing in the world among the leading countries, in many respects even surpassing China. This has allowed India to surpass such economically powerful European states as Great Britain and France. India's diverse economy encompasses not only traditional agriculture, but also a wide range of modern industries and services.

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