In this piece, we will take a look at the 5 Countries with the Best Economy in the World in 2024. If you want to learn about the latest trends in the global economy, then check out 20 Countries with the Best Economy in the World in 2024.
5. Taiwan
GDP Growth: 3.10%
GDP Value: $802.9 billion
GDP Per Capita: $34,430
While the status of Taiwan as a country is disputed, and it is often considered a part of China, its sheer economic heft makes it a mandatory entry on our list. Taiwan’s economy sits at a whopping $802.9 billion, and its 3.1% growth rate makes it the fourth highest ranking Asian country on our list in terms of growth. Key to Taiwan’s prosperity is the electronics industry, as it is the hub of global semiconductor fabrication.
4. Saudi Arabia
GDP Growth: 2.60%
GDP Value: $1.1 trillion
GDP Per Capita: $33,040
Saudi Arabia is the final West Asian country on our list. Its $1.1 trillion economy is powered by oil, as Saudi Arabia is the backbone of the global oil industry. Saudi Aramco, the state owned oil company, is the largest of its kind in the world, and the Saudi government finances a large portion of its budget from Aramco’s dividends.
3. Spain
GDP Growth: 1.90%
GDP Value: $1.65 trillion
GDP Per Capita: $34,050
Spain is the final European country on our list. A former colonial power, the automotive industry plays an important role in the country. Spain has the second largest automotive industry in Europe after Germany, and it also benefits from tens of millions of tourists visiting it each year.
2. South Korea
GDP Growth: 2.3%
GDP Value: $1.76 trillion
GDP Per Capita: $34,165
South Korea is another global leader when it comes to technological advancement. Its economy is dominated by key sectors such as heavy industrial manufacturing, automobiles, and electronics. South Korean firms like Samsung are global economic giants, and it has managed to keep a strong 2.3% GDP growth rate despite the size of its economy.
1. United States of America
GDP Growth: 2.70%
GDP Value: $28.7 trillion
GDP Per Capita: $85,370
America’s $28.7 trillion GDP is 3x the times of all other GDPs on our list combined. The total value of the ex-USA economies in our list of the best economies in the world is roughly $9.1 trillion, which isn’t even half of the American output. America’s economic crown jewel is its technology industry, as it houses all of the world’s biggest technology companies. These firms have also led the world in the ongoing AI revolution, and the US’s financial hub of Wall Street sets the tone for the global industry. American universities are among the best in the world, and its defense industry is the envy of dictatorships and repressive regimes who are often willing to go to extreme lengths to have a chance to enjoy the technological advantage that makes the US military the most formidable in the world.
To take a complete look at the best economies in the world, you can check out our coverage of the 20 Countries with the Best Economy in the World in 2024. At Insider Monkey, we delve into a variety of topics, ranging from the cities that smoke the most weed to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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