Which economies are the strongest? What are the wealthiest countries in the world? Let’s look at them together.
What are the strongest economies in the world in 2024?
The wealth, and in many ways the strength of a country is crucial to understanding which are the most powerful economies on a global level.
Although it does not guarantee wealth for all citizens who live there, a country’s GDP is the most used indicator to determine the strength of an economy. The gross domestic product measures the market value of all goods and services produced and sold by a country at a given time.
In this article, Money.it presents the 10 strongest economies in the world based on their GDP.
Top 10 strongest economies in the world
The world economy ranking is created every year based on data provided by the International Monetary Fund (IMF). China, the United States, and Germany are the three strongest economies in the world based on GDP.
Here’s the list of the 10 largest economies in the world:
| Pos. | Country | GDP (in billions of dollars) |
|---|---|---|
| 1 | United States of America | 26,954 |
| 2 | China | 17,786 |
| 3 | Germany | 4,430 |
| 4 | Japan | 4,231 |
| 5 | India | 3,730 |
| 6 | United Kingdom | 3,332 |
| 7 | France | 3,052 |
| 8 | Italy | 2,190 |
| 9 | Brazil | 2,132 |
| 10 | Canada | 2,122 |
Data updated to 2024
1. United States
The United States is the richest country in the world and has held the #1 ranking since 1960. The strength of the US economy lies in its remarkable diversification, driven by factors such as manufacturing, services, technology, and finance.
2. China
China is considered the second-strongest economy in the world thanks to its remarkable rise. The basis of its economic system lies in its abilities in exports, production, and substantial investments. The country has an expanding workforce, advanced infrastructure, and strong government support. Despite the recent difficulties, it is very unlikely that China will lose its second place in the next update of the ranking of the strongest economies in the world.
3. Germany
Germany is currently in third place in the world economy ranking for 2024. It is the strongest economy in Europe because it has been the largest exporter of cars in the world for many years. Germany has long been considered a point of reference for the chemical, automotive, and mechanical industries. It has the world’s largest skilled workforce.
4. Japan
Japan ranks fourth in the ranking of the world’s most powerful economies in 2024. It places a strong emphasis on exports and excels in sectors such as automotive, engineering, pharmaceuticals, and chemicals. Japan’s economic strength is driven by heavy investment and a skilled research and development workforce.
5. India
India is the fifth largest economy in the world. Many sectors contribute to India’s GDP, such as business, industrial, services, IT and so on. But the sector that contributes the most to India’s GDP is agriculture: this is why India is growing at a high speed.
6. United Kingdom
The United Kingdom is also present in the ranking of the strongest economies in the world, ranking 6th place. There are many sectors, including business, finance, and insurance, which contribute to the UK’s wealth and make up the majority of the services sector of GDP. The majority of the UK’s trade takes place with European countries.
7. France
In France, income from tourism contributes significantly to its GDP, guaranteeing the country a place in the ranking among the most powerful world economies in 2024.
8. Italy
Italy is the world’s eighth-largest economy, primarily due to the turnover of private companies, the reputation of Made in Italy, and the luxury sector.
9. Brazil
Brazil is considered a powerhouse in terms of natural resources as it can boast some of the richest mineral deposits in the world, vast biodiversity, and expanses of fertile land. These resources contribute to a robust economy and place it 9th in the world.
10. Canada
Canada is in 10th place in the ranking of the strongest economies in the world.
Thanks to the various oil fields present on its territory, it is the 3rd richest country in energy-related products in the world. The manufacturing sector also contributes to the GDP. Free trade policies between Canada and the United States of America help the country stimulate its economic growth.
Original article published on Money.it Italy 2024-04-10 07:53:00. Original title: Le 10 economie più forti al mondo nel 2024
