World Economy Ranking 2024 – Best 15 Economically Growing Countries

World Economy Ranking: Gross Domestic Product or GDP is the measure of the monetary value of all the productions observed within the borders of a particular nation in a specific duration of time. It aptly sums up the economic status of the respective country. Each nation in the globe is in a constant race to ace the Economy Rankings in order to get more and more financial stability in the World. The ranking list is a balanced analysis of the kind of economic growth a country is witnessing with respect to others. There are various aspects to the Economy and GDP.

In the following article, we shall strive to provide a bit of clarity on the World Economy Rankings in the year 2024 and an insight into the economic growth of the Top 15 Countries in the listings. Read further for an informative approach to the topic and meticulously curated information on the same.

World Economy Ranking 2024

Economic Rankings saw a bit of shuffle post-Coronavirus Pandemic. Further, the listings for the present year are finally out. The nations that have performed exceedingly well are the United States of America and China, just as usual. While there is a downfall for a few countries such as the United Kingdom which has reportedly entered recession, some countries such as India have been performing really well economically. There is not just nominal Gross Domestic Product that we can take into account but also, GDP per Capita, GDP on the basis of Purchasing Power Parity or GDP PPP, and the GDP PPP per Capita. All of the concepts make it easier to understand the different aspects of the World Economy while expressing distinctive growth and operational outcomes of a country’s economic policy.

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Primarily, as we consider the World Economy, we discuss the Gross Domestic Product GDP of the Nominal Kind in concept as a whole. The GDP PPP gets highly relative where all the factors such as local market rate and much more are taken into consideration. The economy of a country depends on factors such as Production, Exports, Imports, Consumer Price Index, Base Borrowing Rate, Gini Index, Gross Savings, Unemployment, and much more. One can estimate the actual growth of a Country’s economy by observing solid factors such as GDP, Nominal and Purchasing Power Parity, and Real GDP Growth Rate.

World Economy Ranking: Nominal Gross Domestic Product

As explained above, the Gross Domestic Product is a measure of the monetary valuation of the productions of a country in a particular duration. When we discuss Nominal GDP, we do not take inflation into consideration. It is worth observing that the other concept of GDP is Real GDP which is the measure of the same but we take deflation and inflation factors into consideration and make necessary adjustments accordingly. Further, currency value also plays a huge role while determining the Real GDP which is emitted while calculating the Nominal Gross Domestic Product.

Nominal GDP is valued on two parameters, one as a whole and the other being per capita. The per capita Gross Dometic Product is reflective of the standard of living of countries. In order to analyse the World Economy Ranking 2024, we are to consider the Nominal GDP as a whole. The total GDP of all the countries account for 101,560,901 International Dollar. The subsequent is the ranking of all the countries on the basis of Nominal Gross Domestic Product:

Top 15 Countries Based on Economy

The above World Economy Ranking is reflective of the outcomes of the financial measures of different nations, their financial conditions, economic growth, standings in the world, and more. The top 15 countries are calculatingly doing much better as far as their economy is considered. We have taken the International Monetary Fund reports for the year 2022 in order to prepare the above table. Subsequently, we shall discuss various aspects of the Top 15 Countries Based on their Economy as per the GDP Nominal.

Also Read: World Happiness Index 2024

The economy of the United States of America

As per the report of the International Monetary Fund IMF, the United States of America stands in the first position having a Gross Domestic Product estimate of a whopping 25,035,164. It has a very impressive track record with a 2.1 % GDP growth rate, reported as of 2022. The nation was the first to have reached the milestones of 1, 2, 3, 5, 10, and 20 Trillion US Dollars in the economy. By the year 2027, the United States is expected to hit 30 trillion US Dollars GDP figure. The kind of economy in which the United States of America sustain is a highly developed mixed-market economy.

China in World Economy Ranking 2024

China has the second-largest economy in the world and the first-highest in Asia. Further, while being the second most populated country, its GDP Nominal per Capita is highly impressive and has a growth rate of 8.4 %. It currently stands at a figure of 18,321,197 US Dollars in the Economy. It sustains industrial policies and the economy is of the developing mixed socialist market economy kind. It has been a major economic power for millennia now and continues to thrive. In the year 2022, despite the pandemic and coronavirus waves, the export numbers in China were recorded at 3.593 trillion USD. As per the trends and calculations, it is likely to have a Gross Domestic Product estimate of a whopping 20 trillion US Dollars by 2024.

Also Read: WORLD DIABETES DAY 2024

Economy of Japan

Japan presently stands for being the third largest economy and as per the reports by the International Monetary Fund, it has a GDP of 4,300,621 US Dollars. The country has a rate of GDP growth of 1.4%. Japan’s GDP per Capita stands to be 34,358 USD. The economic sector on which Japan primarily depends is Services and it has very low support from the Agricultural sector. The nation rules in the automobile industries and Transport Equipment stands to be the most exported product for Japan.

Germany’s Economic Ranking in the World

As per the World Economy Ranking, Germany has the fourth-best economy in the world. It has a growth rate of 1.9 % which has eventually led to the number, 4,031,149 US Dollars GDP as of 2022. Germany has the highest Gross Domestic Product Estimate in the entire Europe. Along with Japan, Germany holds a very good command over the Motor Industry. The nation has been ranked 22nd in terms of doing business and has a dependency on the Services Sector of the Economy. The highly developed social market economy of Germany is least supported by the Agriculture sector. Germany has perpetually been recorded to be one of the largest exporters in the world.

Economy and GDP of India

Recently, India surpassed the United Kingdom on the list to rank at the fifth position in the World Economy Ranking. It has a GDP estimate of 3,468,566 US Dollars and it hit the milestone of 3 Trillion USD of Economy, very recently in 2021. The country recovered from a very negative Economy growth rate that it attained during the pandemic and has a good GDP growth rate of 6.8 % presently. Presently, India is the most populated nation in the world. With a low GDP per Capita, India still sustains to grow extremely rapidly in the list. It is one of the largest growing economies despite years of colonisation and exploitation. The model of the Indian Economy has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with support from the state sectors.

The country balanced thrives in all three sectors of economies with the Agricultural sector pitching in for the most in terms of the labour force. The textile industry, agricultural industries, chemicals, food industries, and much more stand to be one of the sectors in terms of business in India. Since there is a huge influx of population in India, the per capita figures for both, Nominal Gross Domestic Product and Gross Domestic Product PPP stand extremely low. Additionally, India had a low Human Development Index which it surpassed to qualify as a medium in 2021.

The nation still has a huge import as compared to the exports which have eventually not been favouring the economic conditions of people and the nation, altogether despite doing so well as a whole, in the world. India is still trying to rise and has displayed commendable sustainability during the Pandemic.

United Kingdom Economy and Growth

The United Kingdom has gone down due to the financial crisis it has been facing for two years after the Pandemic started to wind up. The nation has entered a recession state and its GDP growth rate is 4.1 %. The country is presently standing at a position of sixth in the World Economy Ranking with a GDP of 3,198,470 as of 2022. Being one of the most globalised economies, the nation has a model of a highly developed social market and market-orientated economy. Just like most nations in Europe, the United Kingdom also depends on the Services sector for Economic growth.

France in the World Economy Ranking

France is a small but economically significant nation in the European Union. It presently ranks seventh on the World Economy Ranking list for 2024 with a Nominal Gross Domestic Product valuation of 2,778,090 United States Dollars. The nation has a growth rate of 2.6 %. It is a highly developed social market economy and the capital Paris happens to be one of those cities in the world that has the largest GDP. There is state participation in France that furthers the highly developed social market economy. It is estimated that the economy of the nation is sustained by the high incomes and it happens to be the agricultural power in the entire European Union.

World Economy Ranking of Canada

Canada has a standing eighth position in the World Economy Rankings as per the International Monetary Fund IMF. The 2022 figures state that it has a Gross Dometic Product estimate of 39,292,355 United States Dollars. Further, the agriculture sector of the economic model in Canada is the weakest while its Services sector thrives to make it a highly developed mixed-market economy. It has the third highest value in terms of natural resources and is one of the leading exporters of natural gas and crude oil. The nation had a growth rate of 4.1% as of 2021.

Economy of Russia

The Russian economy is the ninth largest economy in the world as far as the nominal GDP is considered and has transitioned from a planned economy into a mixed market-oriented economy. It highly relies on natural resources and is the largest shareholder in the world in terms. As per the figures released by the International Monetary Fund, Russia had a GDP of 2.133 trillion United States Dollars. The growth rate of the GDP of Russia has taken a huge toll since the pandemic resulting to be -2.2% as of 2022.

It was very rapidly after the pandemic that Russia entered a state of war with Ukraine it launched the invasion of the neighbouring nation. Russia and Ukraine still happen to be bound in a military war which has largely escalated creating an unemployment rate of 59.4% only, in Russia while completely destroying Ukraine’s stability. Still, Russia continues to be the largest exporter of crude petroleum, refined petroleum, natural gas, and coal. The sanctions imposed on Russia by major forces in the World have largely affected its economy along with the prominent financing of the Russian Forces for the purpose of war.

Italy’s Economic Status and GDP

The Economy of Italy is the tenth largest in the World while being of the highly developed social market economy model. The nation has a nominal GDP of 1.99 trillion United States Dollars and a GDP PPP of 3.02 trillion United States Dollars. The nation has a growth rate of 3.9% and tourism is one of the most prominent industries in Italy. The human development index is quite high which further improvises the quality of life of the nation. Italy is a founding member of G7 and G20 and has a very high number of exports.

Iran in World Economy Ranking

With a Gross Domestic Product estimate of 1,973,738 USD, Iran ranks eleventh in the Ranking List released by the International Monetary Funds IMF in 2022 for Nominal GDP. With a growth rate of 4.1%, the centrally planned economy of Iran is of the mixed kind and is the largest in the Middle East region. The country is an energy superpower and mostly relies on oil and gas production for the purpose of economic growth and exports. It sums up to 10% of the world’s proven oil reserves and 15% of the gas reserves. Furthermore, the country has a very prominent involvement in the Tehran Stock Exchange which has been performing exceptionally for a very long time now.

World Economy Ranking 2024 of Brazil

Brazil ranks twelfth in the World Economy Ranking with a GDP of 1,894,708 USD. Being the largest economy in Latin America and third largest in America, the middle-income developing mixed economy of the nation has a growth rate of 3.1 % as of 2022. Further, the major sectors accounting for the economic growth of Brazil are Textiles, Cement, Chemicals, and a few metals. With an employment rate of 56.7%, most of the labours are involved in the Service sectors. Brazil is a part of organisations such as G20, G8+5, WTO, and more. It is extremely commendable how Brazil has managed from being a colony to being a highly economical and industrial base in the world.

The economy of South Korea

Ranking thirteenth in the World Economy Ranking List of 2022, South Korea has a GDP valuation of 1,734,207 USD. It is a highly developed mixed economy and the fourth largest in the continent of Asia. It depends on the electronics and telecommunications sectors in order to account for the stable economic growth of the nation at a rate of 4.1%. The Human Development Index of South Korea is very high at a statistical valuation of 0.925. The services sector does turn in a good per cent stage of results for South Korea, but the economy of Industries pitches in very large as well. South Korea ranks very high in the world rankings for ease of doing business, making it very easy to deal with. IC or Integrated Circuits are the most exported product by South Korea simply displaying its prominence in the sector of Electronics.

Economic Conditions and Growth of Australia

Australia ranks fourteenth in the Nominal Gross Development Product Rankings in the world. The nation happens to be highly developed with a growth rate of 4.9% resulting in a GDP number, of 1,724,787 United States Dollars. The mixed market economy is fueled by the Mining sector and mostly, mined resources are exported out of the nation. The service sector dominates Australia, and the country has a very high Human Development Index of 0.951. Construction and Financial Services dominate the Australian Market.

World Economy Ranking of Mexico

15th Largest Economy in the world as per the Nominal GDP Ranking 2022 issued by the International Monetary Fund IMF is Mexico. The macroeconomic fundamentals of the nation were revisited post the 1994 crisis, and the nation stands to have a stable developing mixed-market economy at a growth rate of 3.1%. Despite doing so well in terms of a Nominal Gross Development Product estimate of 1,424,533 USD, the nation has 41.9% of people struggling with poverty and 7.4% suffering with the extremes. The country displayed significant and unprecedented economic growth taking it higher on the economical growth list. The Human Development Index of Mexico is 0.758, which is quite high. Neverthless, the nation is unable to bridge the gap between the rich and poor strata of the country. Food processing and Soft Drinks manufacturing are prominently rooted in Mexico.