Top 10 largest economy in the world
✅ World’s top 5 largest economies by nominal GDP in 2024
1️⃣ United States of America (U.S.A): $27,974 billion
2️⃣ China: $18,566 billion
3️⃣ Germany: $4,730 billion
4️⃣ Japan: $4,291 billion
5️⃣ India: $4,112 billion.
💢 Why in the News?
🔶Japan Slips to Fourth Largest Economy from 3rd Amid Recession Concerns, reflecting shifts in the global economic landscape.
🔶 Currently, Japan is the 4th largest economy in the world by nominal GDP (Gross Domestic Product), following the United States, China, and Germany.
💢 India’s Ranking
🔶 By Nominal GDP: 5th
✔️ As of 2024, India is the 5th largest economy in the world by nominal GDP, surpassing major economies like France and the UK.
🔶 By GDP per capita: 139th
✔️ However, on a per capita basis (income per person), India ranks much lower at 139th globally. This indicates a large income gap within the population.
🔶 By Purchasing Power Parity (PPP): 3rd
✔️ When adjusted for purchasing power (what money can buy), India’s PPP-adjusted GDP ranks 3rd, highlighting its massive domestic market potential.
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