World Economy Ranking 2024 – Best 15 Economically Growing Countries

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Reported by Anshika Saxena

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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.

World Economy Ranking
Best 15 Economically Growing Countries

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 Rankings
Nominal GDP Rankings

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:

S.No.Country/TerritoryContinentNominal GDP Count
1.United StatesAmerica25,035,164 USD
2.ChinaAsia18,321,197 USD
3.JapanAsia4,300,621 USD
4.GermanyEurope4,031,149 USD
5.IndiaAsia3,468,566 USD
6.United KingdomEurope3,198,470 USD
7.FranceEurope2,778,090 USD
8.CanadaAmerica2,200,352 USD
9.RussiaEurope2,133,092 USD
10.ItalyEurope1,996,934 USD
11.IranAsia1,973,738 USD
12.BrazilAmerica1,894,708 USD
13.South KoreaAsia1,734,207 USD
14.AustraliaOceania1,724,787 USD
15.MexicoAmerica1,424,533 USD
16.SpainEurope1,389,927 USD
17.IndonesiaAsia1,289,429 USD
18.Saudi ArabiaAsia1,010,588 USD
19.NetherlandsEurope990,583 USD
20.TurkeyAsia853,487 USD
21.TaiwanAsia828,659 USD
22.SwitzerlandEurope807,418 USD
23.PolandEurope716,305 USD
24.ArgentinaAmerica630,698 USD
25.SwedenEurope603,922 USD
26.BelgiumEurope589,491 USD
27.ThailandAsia534,758 USD
28.IsraelAsia527,179 USD
29.IrelandEurope519,776 USD
30.NorwayEurope504,703 USD
31.NigeriaAfrica504,203 USD
32.United Arab EmiratesAsia503,913 USD
33.EgyptAfrica469,094 USD
34.AustriaEurope468,046 USD
35.BangladeshAsia460,751 USD
36.MalaysiaAsia434,059 USD
37.SingaporeAsia423,632 USD
38.VietnamAsia413,808 USD
39.South AfricaAfrica411,480 USD
40.PhilippinesAsia401,662 USD
41.DenmarkEurope386,724 USD
42.PakistanAsia376,493 USD
43.Hong KongAsia368,373 USD
44.ColombiaAmerica342,919 USD
45.ChileAmerica310,866 USD
46.RomaniaEurope299,885 USD
47.Czech RepublicEurope295,618 USD
48.IraqAsia282,876 USD
49.FinlandEurope281,411 USD
50.PortugalEurope255,854 USD
51.New ZealandOceania242,700 USD
52.PeruAmerica239,333 USD
53.KazakhstanAsia224,338 USD
54.GreeceEurope222,008 USD
55.QatarAsia221,369 USD
56.UkraineEurope199,719 USD
57.AlgeriaAfrica187,155 USD
58.HungaryEurope184,651 USD
59.KuwaitAsia183,568 USD
60.MoroccoAfrica142,874 USD
61.AngolaAfrica124,794 USD
62.Puerto RicoAmerica118,677 USD
63.EcuadorAmerica115,469 USD
64.KenyaAfrica114,858 USD
65.SlovakiaEurope112,418 USD
66.Dominican RepublicAmerica112,417 USD
67.EthiopiaAfrica111,181 USD
68.OmanAsia108,969 USD
69.CubaAmericaData Unavailable
70.GuatemalaAmerica91,318 USD
71.BulgariaEurope85,008 USD
72.LuxembourgEurope82,154 USD
73.VenezuelaAmerica82,145 USD
74.BelarusEurope79,704 USD
75.UzbekistanAsia79,117 USD
76.TanzaniaAfrica76,582 USD
77.GhanaAfrica75,996 USD
78.TurkmenistanAsia74,439 USD
79.Sri LankaAsia73,739 USD
80.UruguayAmerica71,161 USD
81.PanamaAmerica71,085 USD
82.AzerbaijanAsia70,066 USD
83.CroatiaEurope69,380 USD
84.Ivory CoastAfrica68,630 USD
85.Costa RicaAmerica68,489 USD
86.LithuaniaEurope68,031 USD
87.DR CongoAfrica63,909 USD
88.SerbiaEurope62,721 USD
89.SloveniaEurope62,191 USD
90.MyanmarAsia59,530 USD
91.UgandaAfrica48,352 USD
92.JordanAsia48,066 USD
93.TunisiaAfrica46,282 USD
94.CameroonAfrica44,212 USD
95.BahrainAsia43,544 USD
96.BoliviaAmerica43,431 USD
97.SudanAfrica42,762 USD
98.ParaguayAmerica41,855 USD
99.LibyaAfrica40,836 USD
100.LatviaEurope40,588 USD
101.EstoniaEurope39,054 USD
102.NepalAsia39,028 USD
103.ZimbabweAfrica38,280 USD
104.El SalvadorAmerica31,989 USD
105.Papua New GuineaOceania31,362 USD
106.HondurasAmerica30,568 USD
107.Trinidad and TobagoAmerica29,337 USD
108.CambodiaAsia28,330 USD
109.IcelandEurope27,702 USD
110.YemenAsia27,594 USD
111.SenegalAfrica27,542 USD
112.ZambiaAfrica27,025 USD
113.CyprusAsia26,705 USD
114.GeorgiaEurope25,172 USD
115.Bosnia and HerzegovinaEurope23,681 USD
116.MacauAsia23,420 USD
117.GabonAfrica22,221 USD
118.HaitiAmerica20,182 USD
119.AfghanistanAsia20,136 USD
120.GuineaAfrica19,745 USD
121.PalestineAsia19,698 USD
122.BruneiAsia18,464 USD
123.MaliAfrica18,434 USD
124.Burkina FasoAfrica18,268 USD
125.AlbaniaEurope18,256 USD
126.LebanonAsia24,494 USD
127.BotswanaAfrica18,005 USD
128.MozambiqueAfrica17,873 USD
129.ArmeniaAsia17,693 USD
130.BeninAfrica17,547 USD
131.MaltaEurope17,156 USD
132.Equatorial GuineaAfrica16,877 USD
133.LaosAsia16,250 USD
134.JamaicaAmerica16,104 USD
135.North KoreaAsiaData Unavailable
136.MongoliaAsia15,720 USD
137.NicaraguaAmerica15,695 USD
138.SyriaAsiaData Unavailable
139.MadagascarAfrica15,106 USD
140.GuyanaAmerica14,839 USD
141.NigerAfrica14,639 USD
142.CongoAfrica14,486 USD
143.North MacedoniaEurope14,101 USD
144.MoldovaEurope14,048 USD
145.ChadAfrica12,945 USD
146.BahamasAmerica12,693 USD
147.NamibiaAfrica12,488 USD
148.RwandaAfrica12,098 USD
149.MalawiAfrica11,554 USD
150.MauritiusAfrica11,497 USD
151.MauritaniaAfrica10,091 USD
152.TajikistanAsia9,983 USD
153.KyrgyzstanAsia9,750 USD
154.New CaledoniaOceaniaData Unavailable
155.KosovoEurope9,242 USD
156.SomaliaAfrica8,416 USD
157.TogoAfrica8,359 USD
158.BermudaAmericaData Unavailable
159.LiechtensteinEuropeData Unavailable
160.MonacoEuropeData Unavailable
161.Cayman IslandsAmericaData Unavailable
162.MontenegroEurope6,127 USD
163.MaldivesAsia5,900 USD
164.GuamOceaniaData Unavailable
165.BarbadosAmerica5,788 USD
166.French PolynesiaOceaniaData Unavailable
167.FijiOceania4,859 USD
168.South SudanAfrica4,784 USD
169.EswatiniAfrica4,669 USD
170.Sierra LeoneAfrica4,101 USD
171.LiberiaAfrica3,900 USD
172.DjiboutiAfrica3,725 USD
173.BurundiAfrica3,686 USD
174.ArubaAmerica3,499 USD
175.AndorraEurope3,302 USD
176.GreenlandAmericaData Unavailable
177.SurinameAmerica3,011 USD
178.BhutanAsia2,707 USD
179.BelizeAmerica2,676 USD
180.LesothoAfrica2,507 USD
181.CuraçaoAmericaData Unavailable
182.Central African RepublicAfrica2,488 USD
183.East TimorAsia2,455 USD
184.EritreaAfrica2,369 USD
185.GambiaAfrica2,172 USD
186.Cape VerdeAfrica2,053 USD
187.SeychellesAfrica2,005 USD
188.Saint LuciaAmerica1,972 USD
189.ZanzibarAfricaData Unavailable
190.Antigua and BarbudaAmerica1,692 USD
191.Guinea-BissauAfrica1,624 USD
192.San MarinoEurope1,623 USD
193.Solomon IslandsOceania1,601 USD
194.British Virgin IslandsAmericaData Unavailable
195.ComorosAfrica1,242 USD
196.GrenadaAmerica1,192 USD
197.Northern Mariana IslandsOceaniaData Unavailable
198.Saint Kitts and NevisAmerica1,115 USD
199.VanuatuOceania984 USD
200.Saint Vincent and the GrenadinesAmerica948 USD
201.Turks and Caicos IslandsAmericaData Unavailable
202.Sint MaartenAmericaData Unavailable
203.SamoaOceania830 USD
204.American SamoaOceaniaData Unavailable
205.DominicaAmerica599 USD
206.São Tomé and PríncipeAfrica506 USD
207.TongaOceania501 USD
208.MicronesiaOceania428 USD
209.Cook IslandsOceaniaData Unavailable
210.Marshall IslandsOceania271 USD
211.AnguillaAmericaData Unavailable
212.PalauOceania226 USD
213.KiribatiOceania207 USD
214.NauruOceania134 USD
215.MontserratAmericaData Unavailable
216.TuvaluOceania64 USD

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

New York, Financial Capital of United States of America
New York, Financial Capital of 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

Shanghai, Financial Capital of China
Shanghai, Financial Capital of China

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.


Economy of Japan

Tokyo, Financial Capital of Japan
Tokyo, Financial Capital 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

Frankfurt, Financial Capital of Germany
Frankfurt, Financial Capital of Germany

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.

Mumbai, Financial Capital of India
Mumbai, Financial Capital of India

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

London, Financial Capital of United Kingdom
London, Financial Capital of United Kingdom

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

Paris, Financial Capital of France
Paris, Financial Capital of France

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

Toronto, Financial Capital of Canada
Toronto, Financial Capital 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.

Moscow, Financial Capital of Russia
Moscow, Financial Capital of Russia

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

Milan, Financial Capital of Italy
Milan, Financial Capital of Italy

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

Tehran, Financial Capital of Iran
Tehran, Financial Capital of Iran

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

Sao Paulo, Financial Capital of Brazil
Sao Paulo, Financial Capital 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

Seoul, Financial Capital of South Korea
Seoul, the Financial Capital 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

Sydney, Financial Capital of Australia
Sydney, Financial Capital 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

Mexico City, Financial Capital of Mexico
Mexico City, Financial Capital 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.

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