The 50 largest economies in the world (2024)

FAQs

What is the world's largest economy answer? ›

The United States is the largest economy in the world, with a GDP of 26,854 billion dollars. China and Japan occupy the second and third spots, respectively.

The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.

While the United States has consistently had the world's largest economy for some time, in the last fifty years the world has seen the rapid rise and fall in relative terms of the economies of other countries while the share of the United States has also fluctuated.

Guyana registered the world's highest real GDP growth rate in 2022, with its national output 62.4% higher. Driven by its booming oil sector, the economy is set to expand by 27.2% in 2023 and 34.2% next year — consolidating the country as the world's fastest-growing economy in 2024.

Although governments do hold power over countries' economies, it is the big banks and large corporations that control and essentially fund these governments. This means that the global economy is dominated by large financial institutions.

Which is the most powerful country in the world? ›

Global power is characterized by various dimensions. The United States remains the world's most powerful nation, according to the 2024 US News Power Rankings. However, China continues its ascent, securing the second spot driven by its technological advancements and economic clout.

First, and most importantly, Ireland is a famous tax haven — its low corporate income tax rates give multinational companies an incentive to book as much of their profit as possible at their Irish subsidiaries.

This statistic shows the projected top ten largest national economies in 2050. By 2050, China is forecasted to have a gross domestic product of over 58 trillion U.S. dollars.

The economic strength of a country is determined by its gross domestic product (GDP). In other words, the amount of all income generated in the country from the sale of goods and services. With a GDP of 25.44 trillion dollars, the USA is by far the world's largest economy in this ranking for 2022.

In 2020, global GDP amounted to about 84.96 trillion U.S. dollars, two and a half trillion lower than in 2019.

First, the country has a thriving financial services sector and serves as a global hub for private banking. Secondly, Luxembourg has a stable political environment, which attracts businesses and investors and fosters economic growth.