The World’s Top 12 Countries by GDP 2024
The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country’s economy. It represents the total dollar value of all goods and services produced over a specific time period. GDP is used to measure a country’s economic performance and gives insight into the size of an economy and its growth over time.
In 2024, global economic growth is projected to be moderate. While emerging markets and developing economies are forecast to grow at a faster pace than advanced economies, many countries still face challenges from high inflation, rising interest rates, and uncertainties stemming from geopolitical tensions. Nevertheless, some nations are expected to show strong GDP growth and remain influential players in the global economy.
This article will examine the world’s top 12 countries by GDP in 2024, as projected by the International Monetary Fund (IMF) in their World Economic Outlook report. The ranking is based on GDP measured at purchasing power parity (PPP) exchange rates, which takes into account differences in the cost of living across countries. PPP measures help compare economies more accurately by using prices for the same basket of goods.
12. Italy
- Projected GDP in 2024: $2.28 trillion
- Projected GDP growth in 2024: 1.0%
Italy, the third-largest economy in the Eurozone, is expected to record moderate GDP growth of 1% in 2024. As one of the hardest hit countries during the COVID-19 pandemic, Italy continues its gradual recovery. Domestic demand is projected to drive growth, aided by the effective utilization of funds from the EU’s Next Generation recovery package. The Italian government’s investments in digital infrastructure, sustainable development, and human capital will also support economic expansion. However, high public debt and potential global headwinds pose downside risks.
11. Brazil
- Projected GDP in 2024: $2.44 trillion
- Projected GDP growth in 2024: 1.5%
Brazil is forecast to be the 11th largest economy with a projected GDP of $2.44 trillion in 2024. After contracting in 2020 due to the pandemic, Brazil’s economy rebounded quickly. GDP growth is expected to be 1.5% in 2024, supported by private consumption and investment. Brazil’s abundant natural resources, developed industry and service sectors are key strengths. However, weak fiscal accounts, exchange rate fluctuations and policy uncertainty remain as challenges. Boosting productivity and implementing structural reforms would help Brazil achieve stronger long-term growth.
10. France
- Projected GDP in 2024: $2.60 trillion
- Projected GDP growth in 2024: 1.5%
France, the second-largest economy in the Eurozone, is projected to grow by 1.5% in 2024 with a GDP of $2.6 trillion. The French economy has shown resilience amid recent disruptions. Domestic demand is expected to drive growth in 2024, aided by France’s recovery plan that focuses on green and digital transitions. The unemployment rate has declined significantly in recent years. But high public debt levels and labor market rigidities could weigh on growth. Ongoing reforms and further integration in the EU will be key for France to sustain economic expansion.
9. United Kingdom
- Projected GDP in 2024: $2.79 trillion
- Projected GDP growth in 2024: 1.8%
The United Kingdom is forecast to be the 9th largest economy in 2024 with a projected GDP of $2.79 trillion. After leaving the EU, the UK faces new trade dynamics but remains a major global financial hub. GDP growth is projected at 1.8% in 2024, supported by the country’s strong service sector. However, high inflation driven by rising import prices and ongoing labor shortages could dampen economic expansion. Resolving post-Brexit trade relations and boosting productivity through infrastructure investment and innovation will be vital for Britain’s growth outlook.
8. Italy
- Projected GDP in 2024: $3.22 trillion
- Projected GDP growth in 2024: 5.5%
With a population of over 1.4 billion, India is projected to be the world’s eighth-largest economy in 2024 with GDP reaching $3.22 trillion. India’s growth outlook has weakened amid global uncertainties, but its economy is still expected to expand by 5.5% in 2024. This would make India the fastest-growing major economy. Key growth drivers are rising private consumption and urbanization. But high unemployment and income inequality remain challenges. Further reforms to boost manufacturing, digitalization and infrastructure financing would support sustainable long-term growth in India.
7. Germany
- Projected GDP in 2024: $4.28 trillion
- Projected GDP growth in 2024: 1.8%
Germany is forecast to be the seventh-largest economy in 2024 with a projected GDP of $4.28 trillion. As the largest economy in the Eurozone, Germany plays a pivotal role in the region. GDP growth is expected to reach 1.8% in 2024 driven by strong domestic demand, with private consumption contributing significantly. Germany’s advanced manufacturing sector, skilled workforce and high-value exports contribute to its economic strength. Addressing labor shortages, digital infrastructure gaps and energy security will be crucial for Germany to retain its competitive position.
6. Japan
- Projected GDP in 2024: $4.37 trillion
- Projected GDP growth in 2024: 1.6%
Japan is projected to have the sixth-largest economy in 2024, with a GDP of $4.37 trillion. The world’s third-biggest economy, Japan is forecast to grow by 1.6% in 2024. Japan’s economic expansion will be driven by domestic demand, business investment and external demand. With an aging population, Japan faces demographic headwinds. Policy efforts to boost labor force participation will be vital for growth. Structural reforms, digitalization and deregulation would also aid Japan’s growth prospects.
5. Russia
- Projected GDP in 2024: $6.27 trillion
- Projected GDP growth in 2024: 1.5%
Russia, the world’s eleventh-largest economy, is projected to climb to fifth place in 2024 with a GDP of $6.27 trillion. Russia’s economy has proven resilient in the face of external shocks like sanctions. In 2024, GDP growth is forecast at 1.5% supported by domestic demand and investment. Russia is a leading global oil and gas exporter. But its growth depends heavily on energy prices. Diversifying the economy, improving the business environment and investing in human capital would bolster Russia’s growth and competitiveness.
4. Germany
- Projected GDP in 2024: $8.62 trillion
- Projected GDP growth in 2024: 4.5%
Driven by manufacturing, infrastructure investment and domestic consumption, India’s GDP is projected to reach $8.62 trillion in 2024, making it the fourth-largest economy globally. India experienced historic contractions due to COVID-19 but is poised for a brisk recovery. GDP growth in 2024 is forecast at 4.5% as the economy benefits from policy reforms and global demand rebounds. With a large, young population, India has significant growth potential. Reducing inequality, boosting job creation and investment in health and education will be key priorities.
3. Japan
- Projected GDP in 2024: $11.14 trillion
- Projected GDP growth in 2024: 4.7%
Japan is expected to be the third-largest economy in 2024 with a GDP of $11.14 trillion driven by moderate growth of 4.7%. As a major developed economy, Japan will remain influential globally despite its aging population. Economic expansion will be driven by strong services and manufacturing sectors, business investment and government support programs. Achieving sustainable growth requires policies to boost labor force participation, productivity, innovation, and competition. Closer regional economic integration would also benefit Japan.
2. China
- Projected GDP in 2024: $19.69 trillion
- Projected GDP growth in 2024: 5.2%
China is on track to overtake the U.S. as the world’s biggest economy, possibly within the next decade. By 2024, China’s GDP is forecast to reach $19.69 trillion, making it the second largest behind the U.S. China’s growth is projected to be 5.2% in 2024 – still robust but slowing as the economy matures. High debt levels, property market stresses and external headwinds weigh on the outlook. Boosting private consumption, addressing industrial overcapacity and shifting towards high-value industries would enable a stable transition to slower but higher quality growth.
1. United States
- Projected GDP in 2024: $22.89 trillion
- Projected GDP growth in 2024: 2.6%
The United States is expected to remain the world’s largest economy in 2024, with projected GDP reaching $22.89 trillion and growth forecast at 2.6%. The U.S. economy retains key strengths including technology and innovation leadership, vibrant private sector and influential global role. Resolving inequality and boosting competitiveness via infrastructure investment, education and immigration reforms are crucial for sustaining growth. America’s central position globally provides the opportunity for continued dynamic economic expansion if key policy and reform priorities are addressed effectively.
Conclusion
In an increasingly complex global landscape, GDP projections provide valuable insights into where the world’s economic power could concentrate in the coming years and highlight priorities for policymakers. As emerging markets led by China and India continue rising, the relative dominance of advanced economies like the U.S., Japan and Germany may weaken somewhat but they will remain integral to the global economy. Ensuring sustainable, inclusive growth while responding effectively to disruptions will be pivotal challenges for the world’s largest economies.