Top largest economy in the world (2024)
Introduction
As per the GDP metrics the countries can be classified in different ranks. This article provide the top largest economies in the world in terms of GDP. The ranks may vary year on year due to the ups and down of the exchange rates of countries currency.
In the competitive exams like UPSC, State PSC, SSC, RRB, Bank, Insurance etc Indian economy as well as World economy plays a crucial role. Aspirants should know the economic affairs of the world thoroughly. So, here is an indepth analysis of world largest economy.
Table of Content
A. 1st largest economy in the world
B. 2nd largest economy in the world
C. 3rd largest economy in the world3
D. 4th largest economy in the world
E. 5th largest economy in the world
F. 6th largest economy in the world
G. 7th largest economy in the world
H. 8th largest economy in the world
I. 9th largest economy in the world
J. 10th largest economy in the world
K. 11th largest economy in the world
FAQ
A. What is the largest economy in Asia
B. As per the latest figure from IMF which country is the 5th largest economy in the world
C. Which G 20 members country is the largest economy in the world in terms of GDP
D. Which country has overtaken the United Kingdom to become the 5th largest economy in the world
A. 1st largest economy in the world
“United States of America” (USA) is considered as the 1st largest global economy, and it is always considered as the undisputed features and the time of economics in the world. The gross domestic product of the USA in 2022 was considered as among 40% greater of China and it is also striking the GDP of the US. The economic benefit of the USA was more than 40% and on top from the last five years by defaulting Japan as well as Germany. The USA was also considered as the largest economy in 2023, so that the democratic countries need to manage about the economic front of their own country.
B. 2nd largest economy in the world
China having the largest nominal GDP is considered as the 2nd largest global economy and can be considered with dollars as well as the largest terms of economic development. The economy of the country is rising depending on the Historical growth of the countries that would help in causing different economists for speculating that the country China could overtake us as the world's largest economy after a few decades (Byjus.com). The economy of China is developing depending on the living standards that are highly increasing day by day. The government has made collectivized agriculture as well as allowed the industry for entering into the flexible market that would help in increasing the autonomy of business based on the foreign trades as well as investment that have completed properly.
C. 3rd largest economy in the world
Japan can be counted as the 3rd largest global economy in the world and it has strong cooperation among the government as well as the industry for applying the advanced technology specification in the business organization. They have built civil manufacturing as well as export-oriented business based on the advanced technological functions that helps in organizing the networks for interlinking the companies and are termed as Keiretsu. The impact of the Global recession is up sticking the growth in recent years for establishing the natural resources for depending on the energy imports for clearing the nuclear industries.
D. 4th largest economy in the world
Germany can be considered as the 4th largest global economy and it also has the largest economy in Europe. As Germany is one of the top exporters of vehicles, machinery, several chemical and different manufactured products depending on the highly dependable as well as skilled workforce. There are different types of manufactured goods that are associated with the products of the exported market and help in increasing the GDP of the country (Bolt, and Van Zanden, 2020). The country is facing different demographic challenges for the growth of the economy. This also helps in checking the low fertility rate that could be able to replace the workforce as they are difficult to handle and are used for increasing the high-level immigration strain based on the welfare system socially.
E. 5th largest economy in the world
India ranks as the 5th largest global economy country, due to large population of India it has the lowest per capita GDP considered on the GDP list. The economy of India is a mixture of traditional farming as well as village handicrafts and also several modern industries as well as mechanized agriculture. India is one of the highest exporters of Technology Services as well as business outsourcing that help several countries for sharing the largest economic output. The liberalization process in 1990 is one of the most important processes for the Indian economy as it helped in boosting the Indian economy for increasing the economic growth as well as regulating the inflatable business by white spreading corruption as well as persisting the challenges of poverty in the ongoing expansion of the business.
F. 6th largest economy in the world
The UK is the 6th largest global economy country and it is driven by various service sectors like Finance, insurance as well as business organizations. The nation is associated with extensive trading methods and connects the relationship with different Continental European countries that has been complicated with the resolution of Brexit. It is also considered as the subsequent process in 2016 to vote for leaving the European Union (Byjus.com). As the United Kingdom is not a member of the European Union officially, but they have several contentious negotiation factors for trading the relationship among the outgoing process.
G. 7th largest economy in the world
France is considered as the 7th largest GDP in global perspective as in this country tourism is very important for growing the industries. France also receives several visitors from different countries every year and they have a mixed economy of private as well as semi private business depending on the range of the industries. It is also Very important for the government to be involved in sectors like defense as well as the power generation process as it also helps in increasing the economic growth of the country. The commitment of the French government is one of the economic interventions for creating challenges in the economic development that also considers the labor market, unemployment rate, and public Debt depending on the economies.
H. 8th largest economy in the world
Italy is the eighth largest economy in the world as well as it is the third largest economy in the European Union (E.U). Business sector and agricultural sector both are responsible for its economic progress.
I.9th largest economy in the world
Brazil ranks ninth position in the world's economy. Manufacturing, service, mining and agriculture sector shape the Brazil's economy.
J. 10th largest economy in the world
Canada secure tenth position in the world's economy. Canada is rich in natural resources like oil, gas, minerals etc. Apart from that Manufacturing industry, technology driven industry shape the growth of Canada's economy.
K. 11th largest economy in the world
Russia ranks as the 11th largest global economy as it collapsed with the Soviet Union but the ownership of the government is dependent on the intervention of the business and it is a very Common Factor. Russia is one of the highest exporters of oil as well as gas and also minerals and metals. The economy of Russia is very sensitive to the world depending on the prices of the commodities (Byjus.com). Russia has launched several inventions against its neighbor Ukraine for hitting different sanctions as a term of economical punishment that would hurt the economy in 2022.
FAQS
A. What is the largest economy in Asia
China is considered to be the largest economy in Asia with a prominent GDP over $19,374 billion. Japan as well as India ranked China in the role of GDP in Asia.
B. As per the latest figure from IMF which country is the 5th largest economy in the world
India ranked 5th in the world ranking in terms of GDP in 2024. Indian economy is boasting the diversity based on the growth of the countries. It is also fueled by different sectors like technology services, agriculture as well as manufacturing products.
C. Which G 20 members country is the largest economy in the world in terms of GDP
The USA is considered a G 20-member country and is the largest global economy in respect of GDP that accounted for 25 trillion US dollars.
D. Which country has overtaken the United Kingdom to become the 5th largest economy in the world.
UK has been overtaken by India to become the 5th largest economy for resizing the forecasting of the financial development for considering the monetary fund