Forbes has released its annual ranking of the world’s largest economies based on Gross Domestic Product (GDP). The list saw some significant shifts in 2024, with the United States retaining its position as the world’s largest economy, followed closely by China.

However, the rankings beyond the top two spots saw some notable changes.

All the data in this list are sourced from the International Monetary Fund (IMF).

United States – $28.78 trillion GDP, $85,370 GDP per capita

The United States (US) economy remains the juggernaut. They remain at the top due to their technological prowess, strong consumer spending, and the cutthroat labour market. Despite concerns over rising inflation, the US maintained steady growth in 2024.

China – $18.54 trillion GDP, $13,140 GDP per capita

China’s economy continues to be a major driver of global growth, though it has faced headwinds from COVID-19 outbreaks and trade tensions. The country’s shift toward domestic consumption has helped offset some external pressures.

Germany – $4.59 trillion GDP, $54,290 GDP per capita

Germany secured its position as Europe’s economic powerhouse. The country is leveraging its manufacturing expertise and strong exports. Also, the nation has had to navigate energy supply challenges stemming from the Russia-Ukraine conflict, but they stand strong nonetheless.

Japan – $4.11 trillion GDP, $33,140 GDP per capita

Japan’s economy has shown signs of renewed vigour, with improved productivity and consumer spending helping with demographic challenges. The 2020 Tokyo Olympics continue to pay dividends for the country’s infrastructure and tourism.

India – $3.94 trillion GDP, $2,730 GDP per capita

India has emerged as one of the fastest-growing major economies, further boosted by a young, increasingly skilled workforce and a powerhouse technology sector. Ongoing reforms and infrastructure investments have significantly increased the country’s economic potential.

The Next 5 Largest Economies:

United Kingdom – $3.50 trillion GDP, $51,070 GDP per capita
France – $3.13 trillion GDP, $47,360 GDP per capita
Brazil – $2.33 trillion GDP, $11,350 GDP per capita
Italy – $2.33 trillion GDP, $39,580 GDP per capita
Canada – $2.24 trillion GDP, $54,870 GDP per capita

Rounding up the list are the next 10 richest economies which include Russia, Mexico, Australia, South Korea, Spain, Indonesia, the Netherlands, Türkiye, Saudi Arabia, and Switzerland respectively. These economies have seen varying levels of growth and stability in recent years.

Finally, the rankings of the world’s largest economies, according to Forbes, are likely going to see further shifts in the years to come.