US retains position of world's largest economy (2019)

UPDATED: 7 February 2024 (see post here)

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 

Below is our first post on the percentage share of the Global Economy held by the USA of 19 November 2024.

US has retained its position of being the world's largest economy with U.S. Nominal GDP: $21.44 tn; U.S. GDP (PPP): $21.44tn.

The US has been the world's largest economy since 1871. The size of the US economy is up from $20.58tn in 2018 (in nominal terms) and is forecast to hit $22.32 trillion during 2020. The US's economic superpower contributes almost a quarter of the global economy, backed by advanced infrastructure, technology, and an abundance of natural resources.  Further evidence of the US economy's economic importance is noted in a previous US Fintech post which covers how the US biggest banks have grown substantially. The top 15 largest banks now hold a combined total of $13.7 trillion in assets.  And the top 10 banks' share is approaching 80% of that figure, at $10 trillion.  

The US economy is projected to grow to $24.88 trillion by 2023, followed closely by China at $19.41tn.
​
Countries by GDP

• 1. United States
• 2. China
• 3. Japan
• 4. Germany
• 5. India
• 6. United Kingdom
• 7. France
• 8. Italy
• 9. Brazil
• 10. Canada
• 11. Russia
• 12. South Korea
• 13. Spain
• 14. Australia
• 15. Mexico
• 16. Indonesia
• 17. Netherlands
• 18. Saudi Arabia
• 19. Turkey
• 20. Switzerland

GDP based on PPP share of 2018 world total, in %

​Source: https://www.investopedia.com/insights/worlds-top-economies/#1-united-states


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