The 50 largest economies in the world (2024)

FAQs

The 50 largest economies in the world? ›

No, California Is Not the World's Fourth Largest Economy.

No, California Is Not the World's Fourth Largest Economy.

The Philippine economy is the world's 32nd largest economy by nominal gross domestic product (GDP) corresponding to the International Monetary Fund 2021.

The economy of the State of California is the largest in the United States, with a $3.598 trillion gross state product (GSP) as of 2022. It is the largest sub-national economy in the world.

India's GDP grew 6.1 percent (compared to 4 percent in the same quarter of 2021–22), making it the fastest-growing among the world's top economies. Last year, the IMF's chief called India a bright spot in the global economy.

According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five nations with the highest level of government debt.

Which US economy is strongest? ›

States With Highest GDP

The ten states with the highest GDP are California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Georgia, New Jersey, and Washington. The state with the highest GDP is California, with a GDP of $3.5 trillion.

India is expected to overtake Germany in terms of GDP in 2025 and Japan in 2027 to become the third largest economy after the U.S. and China. Modi has pledged to make India a developed country by 2047, when it celebrates the 100th anniversary of its independence.

Americans are slightly more likely to say the U.S. will be the leading economic power in the world in 20 years than to say China will be, 44$ to 37%. In 2021, more named China, 46% to 40%, but in 2020 53% named the U.S. and 30% China.

Overall, in the calendar year 2022, the United States' Nominal GDP at Current Prices totaled at $25.463 Trillion, as compared to $23.315 Trillion in 2021. The three U.S. states with the highest GDPs were California ($3.6 Trillion), Texas ($2.356 Trillion), and New York ($2.053 Trillion).

Fun facts: three U.S. states have larger economies than Russia: California ($3.1 trillion), Texas ($1.78 trillion) and New York ($1.7 trillion). And California's GDP is more than twice the GDP of Russia. The Russian economy is twice the size of the little island of Taiwan.

So much so, that the Golden State's gross domestic product is poised to overtake Germany's as the fourth largest in the world after the US, China and Japan.

The IMF monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability. The Fund also undertakes a regular health check of the economic and financial policies of its 190 member countries.

There are two things that matter to an economy in the long term: the size of its workforce and the productivity thereof. A higher fertility rate and a more open immigration system have long given America a demographic advantage over most other wealthy countries, and that continues.

Our projections imply that the world's five largest economies in 2050 (measured in real USD) will be China, the US, India, Indonesia, and Germany (with Indonesia displacing Brazil and Russia among the largest EMs).

Economic data from 229 countries tracked by the US Department of Commerce Bureau of Economic Analysis and the CIA World Factbook were compared to countries with GDPs of the same size as state GDP in the United States. California's annual GDP is about $2.8 trillion, which is roughly the same as France's GDP of about ...

Does California have a bigger economy than Germany? ›

The margin of Germany's GDP of $4.22 trillion over California's $3.357 trillion last year was the smallest on record and is about to disappear with Europe's largest economy barely growing in 2022 and forecasted to shrink in 2023. California outperforms the U.S. and the rest of the world across many industries.

California's $3+ trillion GDP is an enormous figure in its own right, so it's no surprise that it is larger than certain nations' economic output. But even when comparing with economies like Malaysia, Colombia, and Finland, all among the top 50 countries by GDP, California stands tall.

Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average. As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)

Bengaluru To Be Asia-Pacific's Fastest-growing City In 2023

India's high-tech industry city Bengaluru is projected to be the fastest-growing city in the Asia-Pacific region in 2023 followed by Hyderabad, according to Oxford Economics, an independent economic advisory firm.

Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.

According to usafacts.org, as of January 2023, Japan owned $1.1 trillion in US Treasuries, making it the largest foreign holder of the national debt. The second-largest holder is China, which owned $859 billion of US debt.

Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial. Below are some of these options.

China, France, Russia, the United Kingdom, and the United States are often referred to as great powers by academics due to "their political and economic dominance of the global arena". These five nations are the only states to have permanent seats with veto power on the UN Security Council.

Who is more powerful Russia or USA? ›

In short, Russia is ranked 2nd out of 140 in military strength while the US is ranked 1st. As per the army population, Russia has 142,320,790 soldiers while The US has 334,998,398 soldiers. The available manpower is 69,737,187 with Russia and 147,399,295 with the United States.

The one sector where China continues to fall behind the United States is economic performance. This might be surprising since China is currently the second largest economy in the world and is poised to overtake the size of the US economy by 2050.

Texas Leads Nation With Fastest Economic Expansion.

According to a recent report by Harvard University, “From economic complexity growth estimates, India is growing at the annual list at the rate of 7.9 percent as the fastest growing country for the coming decade.

While challenges remain, most experts believe that China will be the new superpower by 2050. China GDP in 2050 is expected to be around $58.5 trillion.

This chart shows how China will soar past the U.S. to become the world's largest economy by 2030. Meanwhile, the total GDP of the global economy is predicted to double between 2022 and 2035.

Currently, the largest slices of the pie are held by the United States, China, Japan, Germany, and India, which together account for more than half of global GDP.

This means that at the present moment, the American economy contributes to about 30% of the world economy. This is because most of the major multinational companies across the world are from America. Also, America has significant gold and oil reserves which make it a force to reckon with.

Digital History. By 1890, the United States had by far the world's most productive economy. American industry produced twice as much as its closest competitor--Britain. But the United States was not a great military or diplomatic power.

Which state is richest in USA? ›

New York is the richest state in the US, with a GDP per capita at $96,5k. This means that New York is responsible for around 9% of America's entire economic output, the highest percentage amongst the 50 states.

1. Atherton, CA. The richest city in the US is Atherton, California. It has a median household income of $450,690, which is almost seven times higher than the average American household income of $69,021.

by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets.

Texas is ranked as the 9th largest economy among nations of the world by nominal GDP, ahead of Canada, South Korea, Russia, and Australia.

Gov. Gavin Newsom's office points to the booming renewable energy industry, job creation, falling unemployment rates, and growing market values for companies as factors that are driving California's economic growth.

The big picture: Texas has the second largest population in the U.S. and is on track to surpass California in the 2040s, the Economist reports. That will enable Texas to become even more influential in the country's politics, economy and transition to renewable energy.

For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion.

The economy of Bangladesh is a major developing market economy. As the second-largest economy in South Asia, Bangladesh's economy is the 37th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven.

Which is the 43rd largest economy? ›

According to the IMF, Bangladesh is now the 43rd largest economy in the world in terms of nominal GDP while its position is 32nd in terms of PPP, as per the news report. Bangladesh is also included in the top 10 fastest-growing economies globally, Asian Lite International reported.

Currently, the largest slices of the pie are held by the United States, China, Japan, Germany, and India, which together account for more than half of global GDP. Just five countries make up more than half of the world's entire GDP in 2022: the U.S., China, Japan, India, and Germany.

See how Atlanta stacks up to rival U.S. cities and other countries.

Richest Country in 2050 will be United Kingdom

The United Kingdom's Gross Domestic Product in 2050 is estimated to be 3.58 trillion US dollars, with a per capita income of 49,412 US dollars. The present gap between the British economic wealth and Germany's economic wealth will contract significantly.

Jimmy Carter (1977-1981)

But he also had the highest inflation rate and the third-highest unemployment rate. He is in the middle of the pack for poverty rates.

The United States has been the world's largest national economy in terms of GDP since at least the 1920s.

Germany has a GDP (PPP) of $4.44 trillion and a per capita GDP of $46,560, the 18th –highest in the world.

On this page, US states are ranked by the real gross domestic product (GDP). California has the largest GDP among US states of $2.8 billion accounting for 15 percent of the total country's GDP. Texas has the second-largest economy which constitutes 10 percent of the national economy.

The economy of the United States is the largest economy in the world, with a nominal GDP of $23.00 trillion and a GDP growth rate of 5.7%. Healthcare, Real Estate, Insurance, Finances, Information Technology, and Professional services are the biggest contributor to the growth of the US economy.