US RETAINS POSITION OF WORLD'S LARGEST ECONOMY (2024)

The United States of America, China, Japan, Germany, and India are the largest economies in the world in 2024, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation's economy. The conventional approach for gauging a country's GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports.

Below is a table of the top 10 largest economies/ richest countries in the world in 2024, sourced from IMF data (as of February 07, 2024).  The US is world's largest economy with a GDP of $27.974 trillion (2024) and GDP per capita (USD thousand) of $83,060. 

The United States of America :

• GDP:  $27,974 billion
• GDP By Country Per Capita (Thousands): $83.06
• Annual GDP Growth Rate: 1.5%

The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology. The United States enjoys a substantial consumer market, fosters innovation and entrepreneurial spirit, possesses resilient infrastructure, and experiences advantageous business conditions.

​Source: ​https://www.forbesindia.com/article/explainers/top-10-largest-economies-in-the-world/86159/1

Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland)
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