In this article, we will navigate the world's 25 largest economies in 2024. If you want to skip the detailed analysis, you can go directly to the following link: The world's five largest economies in 2024.
2023: An uncertain year for the global economy
2023 was a year in which the global economy made an uneven recovery from the COVID-19 pandemic and the aftermath of the war in Ukraine. Overall, economic activity in emerging market and developing countries has not been able to return to pre-pandemic levels. Tightening of monetary policy against inflation also played a major role in limiting global economic recovery.According to the forecast report In October 2023, the IMF predicted that developed countries would experience an economic slowdown in 2023. It also expected growth in emerging market and developing countries to slow slightly.
Let's analyze how the world's major economies such as the US, China, and India faced economic uncertainty in 2023. The United States performed better than expected due to the resilience shown by the labor and housing markets. The Federal Reserve continued to raise interest rates, but the unemployment rate in the third quarter of 2023 was only 3.7%. Homeowners were able to maintain their net worth even as home prices soared.
China, the world's second largest economy, is said to be a burden to global economic growth in 2023. CNN, December 29, 2023 report Various challenges appear to be limiting China's progress. The impact of the overall economic slowdown in 2023 was caused by the strong lockdown imposed on Beijing during the outbreak of the pandemic. Due to increased scrutiny, foreign direct investment in China decreased significantly in the third quarter of 2023. Other limiting factors include the real estate crisis and high youth unemployment. Another economic problem is related to demographic trends, such as declining birth rates, which can reduce the supply of labor and increase the country's debt burden in the future. The Chinese government seems to have hopes for economic recovery in response to structural problems in the economy.
Amid the challenging global economic environment, India emerged as a resilient powerhouse, contributing 16% to global growth in 2023. January 15th at the World Economic Forum report India is expected to become the world's third largest economy in the next five years. From 2022 to 2023, the country managed to achieve the second highest growth rate among other G20 countries. Apart from promoting innovation and technology, India is also investing in public infrastructure.
World Economic Outlook 2024
as report According to the International Monetary Fund, global economic growth, estimated at 3.1% in 2023, is expected to remain at 3.1% in 2024. Although this projected growth rate is higher than the previous forecast he made in October 2023, it is still lower than past annual growth rates. Average 3.8%.
Regional economic forecast for 2024
The IMF predicts that economic growth in developed countries will decline from 1.6% in 2023 to 1.5% in 2024, before rising slightly to 1.8% in 2025. For the US, growth is expected to decline from 2.5%. At the same time, growth is expected to pick up in the euro area. This recovery will be supported by real income growth, subdued inflation, and strong household consumption as the Russian invasion of Ukraine, a conflict that erupted almost two years ago, subsides. In the UK, economic growth is also expected to rise moderately in 2024, as the impact of high energy prices is diminishing.
Economic growth in emerging market and developing countries is expected to remain at 4.1% in 2024 and further increase in 2025. In Asia, India and China are the world's leading powers. Supported by domestic demand, India's economic growth will continue to be solid. on the other hand, China's growth rate in 2024 is projected to be 4.6%, higher than previously predicted due to increased government spending on natural disaster prevention and higher-than-expected growth in 2023. Emerging developing countries in Europe are also expected to see their economic growth rates improve from 2.7% in 2023 to 2.8% in 2024.
United States: a strong economic and business center
As a developed economy, the United States is home to some of the most valuable companies in the world. Companies growing in the U.S. and internationally include Amazon.com Inc. (NASDAQ:AMZN) and Microsoft Corporation. (NASDAQ:MSFT), and Apple Inc. (NASDAQ:AAPL). Let's take a look at what these companies have been up to.
Amazon.com Inc. (NASDAQ:AMZN) is committed to using generative AI to improve customer experiences and drive economic growth. On February 8, Amazon.com Inc. (NASDAQ:AMZN) reported that it has joined the American Artificial Intelligence Safety Association Consortium. This collaboration focuses on safe and responsible AI development and deployment. The company also plans to donate $5 million to the National Institute of Standards and Technology, which created a consortium to ultimately help organizations assess the safety of underlying models.
Microsoft Corporation (NASDAQ:MSFT) is building innovation to serve digital audiences around the world. The company reported on February 7 that it has updated Microsoft Copilot by improving the overall experience through the use of AI and introducing new suggestion prompts and image creation features. Microsoft Copilot has so far had over 5 billion chats and he has created 5 billion images. Generated images can also be customized using inline editing. Microsoft Corporation (NASDAQ:MSFT) will also launch Designer GPT within Copilot to provide a canvas for visualizing ideas.
As of 2024, Apple Inc. (NASDAQ:AAPL) has an installed base of over 2.2 billion active devices worldwide. On February 1, the company announced strong financial results for the first quarter of fiscal 2024. Apple Inc. (NASDAQ:AAPL) reported earnings of $2.18 per share, beating the EPS estimate by $0.08. The company's revenue for the quarter was $119.58 billion, up 2.07% year over year and beating the revenue consensus by $1.31 billion.
With this context in mind, let's take a look at the world's 25 largest economies in 2024.
25th largest economy in the world in 2024
Our methodology:
To compile our list of the world's 25 largest economies in 2024, we obtained data from the IMF. We chose 2023 gross domestic product (GDP) as our indicator. He also mentioned his per capita GDP for all countries from the IMF. We ranked the world's 25 largest economies in 2024 in ascending order of GDP.
25th largest economy in the world in 2024
25. Sweden
GDP: $597.11 billion
GDP per capita: $55,220
According to the IMF, Sweden's GDP was $597.11 billion and its GDP per capita was $55,220. Sweden will be ranked 25th among the world's economic powers in 2024.
24. Argentina
GDP: $621.83 billion
GDP per capita: $13,300
According to the IMF, Argentina's GDP in 2023 was $621.83 billion, with a per capita GDP of $13,300. Therefore, Argentina is one of the major world economies.
23. Belgium
GDP: $627.51 billion
GDP per capita: $53,660
According to a report by the IMF, Belgium's GDP will be $627.51 billion in 2023. Additionally, the country's per capita GDP is $53,660.
22. Taiwan
GDP: $751.93 billion
GDP per capita: $32,340
Taiwan is another large global economy. According to the IMF, the country's GDP in 2023 was $751.93 billion, with a per capita GDP of $32,340.
21. Poland
GDP: $842.17 billion
GDP per capita: $22,390
Poland is another European country that ranks among the 25 largest economies in the world. The country's real GDP is projected to grow by her 2.8% in 2024. According to the IMF report, Poland's GDP was $842.17 billion in 2023.
20. Switzerland
GDP: $905.68 billion
GDP per capita: $102,870
According to the IMF, Switzerland's GDP in 2023 was $905.68 billion, with a per capita GDP of $102,870. Switzerland is therefore another large world economy.
19. Saudi Arabia
GDP: $1.07 trillion
GDP per capita: $32,590
Based on GDP, Saudi Arabia will be one of the world's largest economies in 2024. The country's GDP in 2023 was $1.7 trillion. The IMF predicts that the country's real GDP will grow by 2.7% in 2024.
18. Netherlands
GDP: $1.09 trillion
GDP per capita: $61,770
The Netherlands ranks as one of the world's 25 largest economies. According to the IMF, the GDP of the Netherlands in 2023 was $1.9 trillion. Real GDP in the Netherlands is projected to grow by 0.7% in 2024.
17.Turkey
GDP: $1.15 trillion
GDP per capita: $13,380
According to an IMF report, Turkey's GDP in 2023 was $1.15 trillion. The IMF predicts that the country's real GDP will grow by 3.1% in 2024. Therefore, Turkey is another economic powerhouse of the world.
16. Indonesia
GDP: $1.42 trillion
GDP per capita: $5,110
Indonesia is one of the world's largest economies. According to the IMF, Indonesia's GDP in 2023 was $1.42 trillion. Indonesia's real GDP is projected to grow by 5.0% in 2024.
15. Spain
GDP: $1.58 trillion
GDP per capita: $33,090
According to the IMF report, Spain's GDP in 2023 was $1.58 trillion. Furthermore, the country's real GDP is expected to grow by 1.5% in 2024.
14. Australia
GDP: $1.69 trillion
GDP per capita: $63,490
Australia's real GDP is expected to grow by 1.4% in 2024, which is higher than the previous forecast made in October 2023. According to the IMF, the country's GDP was $1.69 trillion in 2023.
13. South Korea
GDP: $1.71 trillion
GDP per capita: $33,150
According to an IMF report, South Korea's GDP in 2023 was $1.71 trillion. South Korea's real GDP is expected to grow by 2.3% in 2024. Therefore, South Korea ranks as one of the world's largest economies.
12. Mexico
GDP: $1.81 trillion
GDP per capita: $13,800
Mexico is another large global economy. According to the IMF, Mexico's GDP in 2023 was $1.81 trillion. Mexico's real GDP is expected to grow by 2.7% in 2024.
11. Russia
GDP: $1.86 trillion
GDP per capita: $13,010
Russia is also among the 25th largest economies in the world. According to the IMF, Russia's GDP in 2023 was $1.86 trillion. Russia's real GDP in 2024 is expected to grow by 2.6%.
10. Canada
GDP: $2.12 trillion
GDP per capita: $53,250
Canada is based on a developed manufacturing and services sector. The IMF reports that Canada's GDP in 2023 was $2.12 trillion. The country's real GDP is expected to grow by 1.4% in 2024.
9. Brazil
GDP: $2.13 trillion
GDP per capita: $10,410
Brazil's real GDP is projected to grow by 1.7% in 2024. According to the IMF, Brazil's GDP in 2023 was $2.13 trillion. Therefore, Brazil is one of the major world economies.
8. Italy
GDP: $2.19 trillion
GDP per capita: $37,150
Italy is one of Europe's largest economies. According to the IMF report, Italy's GDP in 2023 was $2.19 trillion. Additionally, Italy's real GDP in 2024 is projected to grow by 0.7%.
7. France
GDP: $3.05 trillion
GDP per capita: $46,320
France is also well-established and has a diversified economy. According to the IMF, France's GDP in 2023 was $3.5 trillion. France's real GDP is projected to grow by 1% in 2024.
6. United Kingdom
GDP: $3.33 trillion
GDP per capita: $48,910
According to an IMF report, the UK's GDP in 2023 was $3.33 trillion, with a per capita GDP of $48,910. The capital, London, serves as a global financial center.
Click to continue reading to see the world's 5 largest economies in 2024.
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Disclosure: None. 25th largest economy in the world in 2024 Originally published on Insider Monkey.
