20 largest Economies in the world by GDP, 2024
USA is the biggest in the list of largest economies in the world based on GDP nominal closely followed by China reflecting their significant influence on global markets. United state of America has the highest nominal GDP as per reports from IMF in 2024 with 26.5% of share in World GDP.
Emerging powers like India is growing at fast pace and catching up with the economies like Japan and Germany and left behind the likes of United Kingdom and France in past years.
Read also: GDP of India : 1960 to 2023 a growth story
What is nominal GDP
GDP is the total values of Goods and services produced in country within specific periods. Nominal GDP reflects the current market prices without adjusting for inflation or changes in the value of money over time.
Top 20 countries by GDP
- USA is the largest Economy with nominal GDP of $29.17 trillion.
- China is the 2nd largest economy with GDP of $18.27 trillion.
- India is the 5th largest economy with GDP $3.89 trillion.
List of top 20 economies by Nominal GDP, current prices
| Rank | Country | GDP, Nominal( Trillion US $) | % share in world GDP |
|---|---|---|---|
| 1 | United States | 29.17 | 26.50% |
| 2 | China | 18.27 | 16.60% |
| 3 | Germany | 4.71 | 4.28% |
| 4 | Japan | 4.07 | 3.70% |
| 5 | India | 3.89 | 3.53% |
| 6 | United Kingdom | 3.59 | 3.26% |
| 7 | France | 3.17 | 2.88% |
| 8 | Italy | 2.38 | 2.16% |
| 9 | Canada | 2.21 | 2.01% |
| 10 | Brazil | 2.19 | 1.99% |
| 11 | Russia | 2.18 | 1.98% |
| 12 | South Korea | 1.87 | 1.70% |
| 13 | Mexico | 1.85 | 1.68% |
| 14 | Australia | 1.80 | 1.64% |
| 15 | Spain | 1.73 | 1.57% |
| 16 | Indonesia | 1.40 | 1.27% |
| 17 | Türkiye | 1.34 | 1.22% |
| 18 | Netherlands | 1.22 | 1.11% |
| 19 | Saudi Arabia | 1.10 | 1.00% |
| 20 | Switzerland | 0.94 | 0.86% |
| World | 110.06 | 100% |
Source: IMF
