50 Largest Economies in the World in 2024

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In the article we are going to talk about the 50 Largest Economies in the World in 2024.

Global Economic Update

The global economy is facing a ‘see-saw’ kind of situation, facing political unrest that is impacting the global economy significantly. Rising tensions in the Middle East are creating havoc among global economies and if the war spreads across the region, it will have widespread economic impact worldwide. As of the July 2024 update, the IMF expects the global economic growth rate to be around 3.2% in 2024 and 3.3% in 2025. Services inflation is holding up progress on disinflation, which is creating a hurdle in monetary policy normalization.

The IMF pointed out in its July update that the US was experiencing signs of cooling. However, the drop in unemployment in the US reached near a three-year high of 4.3% in July, up from 4.15% in June. The fears of the labour market under pressure and the Fed still keeping the interest rates unchanged have impacted the stock market. Economists are pointing out that the economy is vulnerable to a recession, as things stand. Experts have mixed thoughts on an emergency rate cut before the next meeting in September. Economist and Wharton’s Professor Jeremy Siegel spoke to CNBC and said that the Fed is keeping the potential risk of recession in view and we might see an emergency rate cut if the data continues to go in the direction it is moving currently. However, Siege added that the Fed might not act at the moment and wait for the next meeting on September 31. Siegel anticipates the Fed to cut more than 0.25 basis points in September. Experts believe that making an emergency rate cut could signal more panic than stability and for stability, it is important that the Fed does not signal more panic.

Most important developments occurred in Asia, and the growth continues in India and China. The IMF has revised upwards for China with a 5% growth expected in 2024 and 4.5-4.6% growth anticipated in 2025. The Chinese economy is experiencing stronger consumption and stronger exports, which has led to revisions. Whereas, the Euro Area is expected to have a modest growth rate of 0.9% in 2024 and expected to increase to 1.5% in 2025.

What’s Happening in the Stock Market?

The panic among investors has led to wide sell-off around the global markets. Japan’s Nikkei saw the biggest drop in its history. On Monday, Japan’s stock market dropped by over 12%, recording the worst day for the index since the “Black Monday” of 1987. Things changed as the Bank of Japan announced an increase of around 0.25% in its key interest from a previous range of 0-0.1%.

The US stock market saw a huge sell-off with most of the companies in red. The tech giants dropped between 2% to 5% in a single trading session on Monday. The major development was the US labor market which experienced pressure as unemployment soared to 4.3%, reflecting a potential recession in the US. The S&P 500 fell 3%, its worst day since September 2022. The market crash has brought the index down 8.5% from an all-time high in July, but it still trades up 8.7% in 2024 overall.

Considering this market crash, it seems Warren Buffett’s Berkshire Hathaway was long expecting this to happen. Berkshire has been a seller of stocks for seven quarters straight, especially during Q2 2024, the company accelerated selling when it sold equities worth $75 billion. During the third quarter so far, Berkshire has sold the majority of its stake in Bank of America and Apple. Berkshire Hathaway now has record cash of $277 billion.

The economic growth of countries depends on two broad factors: one is population growth rate and the other is productivity growth rate which is a function of technological advancement or superiority. In this regard, the United States dominates the other countries. One such stock that’s contributing to the growth of the US is NVIDIA Corporation (NASDAQ:NVDA). The stock saw the highest drop in share price on Monday with shares dropping by 6.36%. NVIDIA Corporation (NASDAQ:NVDA) has been in the news for a while now and experts expect a lot from its AI projects going forward.

NVDA’s potential is based on its promises and its growing development in AI. Nvidia is the market leader in designing and selling Graphics Processing Units (GPU), with high demand due to its AI models. Some of the top customers of Nvidia include Amazon, Meta Platforms, Microsoft, and Alphabet, making up approximately 40% of its revenue. Tesla and OpenAI are also major customers of Nvidia. On July 31, Nvidia announced that Oracle is expanding its GPU-Accelerated Instances for AI. The new VM will expand Oracle Cloud Infrastructure’s (OCI) existing H100 portfolio, which includes an NVIDIA HGX H100 8-GPU bare-metal instance.

NVIDIA Corporation (NASDAQ:NVDA) has yet to justify its valuation, however, the company is improving its sales and increasing its cash. During Q1 2024, the company posted earnings per share of $0.61, up from an estimated EPS of $0.56. The revenue was reported around $26.04 billion, beating estimates by 6.04% and up by 262% year over year. Those investors who were worried about Nvidia’s valuation might have a chance to explore the stock during the current market crash. With a current price of $100.45, NVDA has an upside of almost 40% with a 90% ‘buy’ rating from 62 analysts.

Patient Capital Opportunity Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) continued to lead both the market and the portfolio, remaining a top performer in the period gaining 36.7%. Nvidia is the market leader in designing and selling Graphics Processing Units (GPU), which has recently benefited from the insatiable demand for artificial intelligence (AI) models. The company currently captures a 92% market share of data center GPUs and grew revenue, earnings and free cash flow (“FCF”) an astounding 126%, 392%, and 610%, respectively, over the last year. While we expect competition to increase, we think NVDA can continue to maintain top market share. While many are concerned with backlog times shortening, we think the rollout of the B100, which promises 2.5x better performance for only 25% more cost, later this year will create more shortages.With leading-edge technology, an increasing innovation cycle and strong cash generation, the company is well positioned for the increased adoption of artificial intelligence (AI).”

Overall, NVIDIA Corp (NASDAQ:NVDA) ranks 3rd on Insider Monkey’s list titled Top 10 Latest AI Stock News and Analyst Ratings.

While we acknowledge the potential of NVIDIA Corp (NASDAQ:NVDA), there are cheaper opportunities in the market for investors looking to increase their exposure to AI. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

With that said, let’s take a look at the 50 largest economies in the world in 2024.

50 Largest Economies in the World in 2024

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Our Methodology

We shortlisted the 50 countries with the largest economies in the world based on their GDP (PPP). The data for GDP (PPP) of all the countries was gathered from the IMF, as of 2024. The countries with the largest economies in the world in 2024 are ranked in ascending order of their GDP (PPP).

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).

Note: We have excluded Israel and Ukraine due to ongoing wars and instability in the region.

50 Largest Economies in the World in 2024

50. Denmark

GDP (2024): $462 Billion

Denmark is a Scandinavian country in Europe and it is one of the largest economies in the world in 2024. Denmark has an estimated GDP (PPP) of around $462 billion, as of 2024.

49. Portugal

GDP (2024): $485.74 Billion

Portugal is one of the richest countries in Europe and is expected to grow by 1.7% in 2024. Portugal has a GDP (PPP) of around $485.74 billion, as of 2024.

48. Iraq

GDP (2024): $530.86 Billion

Iraq is progressing after years of war and is anticipated to grow by 1.4% in 2024. With a GDP (PPP) of around $530.86 billion, Iraq ranks 48th among the largest economies in the world in 2024.

47. Czech Republic

GDP (2024): $551.96 Billion

The Czech Republic is estimated to have a growth rate of a mere 0.7% in 2024. The Czech Republic is one of the biggest economies in Europe.

46. Peru

GDP (2024): $566.58 Billion

Peru ranks 46th among the largest economies in the world in 2024 with a GDP (PPP) of $566.58 billion. The South American country is estimated to grow by 2.5% in 2024.

45. Hong Kong 

GDP (2024): $570.08 Billion

Hong Kong has a GDP (PPP) of just over $570 billion and it is estimated to grow by 2.9% in 2024.

44. Chile

GDP (2024): $622.78 Billion

Chile has an anticipated growth rate of around 2% in 2024. With a GDP (PPP) of $622.78 billion, Chile is one of the largest economies in the world in 2024.

43. Austria

GDP (2024): $634.36 Billion

Austria has a GDP (PPP) of $634.36 billion, as of 2024, with an expected growth rate of 0.4%.

42. Kazakhstan

GDP (2024): $693.41 Billion

Kazakhstan is expected to have a growth rate of 3.1% in 2024 and has a GDP of $693.41 billion. Kazakhstan ranks 42th among the largest economies in the world in 2024.

41. Ireland

GDP (2024): $712.06 Billion

Ireland is another European country on our list with an expected growth rate of 1.5% in 2024. Ireland is one of the biggest economies in the world with a GDP (PPP) of around $712 billion.

40. Sweden

GDP (2024): $736.40 Billion

Sweden is one of the largest economies in Europe and in the world in 2024. Sweden is expected to grow by 0.2% in 2024.

39. Algeria

GDP (2024): $768.52 Billion

Algeria is one of the largest economies in Africa with a GDP (PPP) of around $768.52 billion. Algeria’s expected growth rate for 2024 is around 3.8%.

38. Singapore

GDP (2024): $794.18 Billion

Singapore is one of the richest countries in the world. Singapore has a GDP (PPP) of around $794 billion and it is expected to grow at 2.1% in 2024.

37. Belgium

GDP (2024): $803.17 Billion

Belgium has a GDP (PPP) of just over $803 billion and ranks among the largest economies in the world in 2024. Belgium’s GDP is expected to grow by 1.2% in 2024.

36. Switzerland

GDP (2024): $816.46 Billion

Switzerland ranks 36th among the largest economies in the world in 2024. Switzerland has a GDP (PPP) of around $816.46 billion and it is estimated to grow by 1.3% in 2024.

35. Romania

GDP (2024): $817.99 Billion

Romania’s GDP is expected to grow by 2.8% in 2024. Romania is one of the richest countries in Europe.

34. United Arab Emirates

GDP (2024): $948.04 Billion

The United Arab Emirates is one of the richest Arab countries with a GDP (PPP) of $948 billion. The United Arab Emirates is estimated to have a growth rate of around 3.5% in 2024.

33. South Africa

GDP (2024): $1.02 Trillion

South Africa is one of the few economies in Africa with a GDP (PPP) of over $1 trillion. South Africa is one of the largest economies in the world in 2024.

32. Colombia

GDP (2024): $1.04 Trillion

Colombia has a GDP (PPP) of around $1.04 trillion and is expected to grow by 1.1% in 2024. Colombia is one of the few economies in South America with a GDP of over $1 trillion.

31. Argentina

GDP (2024): $1.24 Trillion

Argentina is one of the few large economies suffering from extreme inflation. Argentina has an inflation rate of around 249%, as of 2024.

30. Malaysia

GDP (2024): $1.30 Trillion

Malaysia is one of the largest economies in Asia with a GDP (PPP) of around $1.30 trillion. Malaysia is expected to grow its GDP by 4.4% in 2024, one of the highest expected growth rates in the world in 2024.

29. Netherlands

GDP (2024): $1.33 Trillion

The Netherlands is one of the richest countries in Europe and has a GDP of around $1.33 trillion. The Netherlands ranks 29th among the largest economies in the world in 2024.

28. Philippines

GDP (2024): $1.39 Trillion

The Philippines has a GDP (PPP) of $1.39 trillion and is one of the largest economies in the world in 2024. The Philippines GDP is expected to grow by 6.2% in 2024.

27. Nigeria

GDP (2024): $1.44 Trillion

Nigeria is the largest economy in Africa with a GDP (PPP) of around $1.44 trillion. Nigeria is expected to have a growth rate of around 3.3% in 2024.

26. Vietnam

GDP (2024): $1.56 Trillion

Vietnam has a GDP (PPP) of $1.56 billion in 2024 with an expected growth rate of 5.8% this year. Vietnam ranks 26th among the largest economies in 2024.

25. Bangladesh

GDP (2024): $1.62 Trillion

Bangladesh has a GDP (PPP) of around $1.62 trillion and is one of the largest economies in Asia.

24. Pakistan

GDP (2024): $1.64 Trillion

Pakistan is expected to have a growth rate of 2% in 2024. With a GDP (PPP) of around $1.64 trillion, Pakistan is one of the largest economies in the world in 2024.

23. Thailand

GDP (2024): $1.64 Trillion

Thailand ranks 23rd among the largest economies in the world in 2024. Thailand’s GDP is expected to grow at 2.7% in 2024.

22. Australia

GDP (2024): $1.79 Trillion

Australia has a GDP (PPP) of around $1.79 trillion and has one of the largest economies in the world in 2024.

21. Taiwan 

GDP (2024): $1.79 Trillion

Taiwan has an expected growth rate of 3.4% in 2024 and has a GDP (PPP) of around $1.79 trillion.

20. Poland

GDP (2024): $1.80 Trillion

Poland ranks 20th among the largest economies in the world in 2024. Poland is expected to have a growth rate of 3.1% in 2024.

19. Iran

GDP (2024): $1.85 Trillion

Iran’s economy has flourished over the past few years. In 2024, its GDP is expected to grow by 3.3% and ranks among the largest economies in the world.

18. Egypt

GDP (2024): $1.89 Trillion

Egypt has a GDP (PPP) of $1.89 trillion and is expected to grow at 3% in 2024.

17. Saudi Arabia

GDP (2024): $2.35 Trillion

Saudi Arabia is one of the fastest developing countries in the world and has a GDP (PPP) of around $2.35 trillion.

16. Canada

GDP (2024): $2.47 Trillion

Canada has a GDP (PPP) of around $2.47 trillion and is expected to grow by 1.2% in 2024. Canada ranks 16th among the largest economies in the world in 2024.

15. Spain

GDP (2024): $2.52 Trillion

Spain is one of the richest countries in Europe and has a GDP (PPP) of around $2.52 trillion. With an expected growth rate of 1.9%, Spain is one of the largest economies in the world in 2024.

14. South Korea

GDP (2024): $3.06 Trillion

South Korea has a GDP (PPP) of just over $3 trillion and is expected to grow by 3.8% in 2024.

13. Italy

GDP (2024): $3.35 Trillion

Italy ranks 13th among the 50 largest economies in the world in 2024. Italy has a GDP (PPP) of $3.35 trillion, as of 2024.

12. Mexico

GDP (2024): $3.43 Trillion

Mexico is one of the largest economies in the Americas with a GDP (PPP) of $3.43 trillion. Mexico’s GDP is estimated to grow by 2.4% in 2024.

11. Türkiye

GDP (2024): $3.83 Trillion

Türkiye is expected to grow by 3.1% in 2024. With a GDP (PPP) of $3.83 trillion, Türkiye ranks among the largest economies in the world in 2024.

10. France

GDP (2024): $3.99 Trillion

France has a GDP (PPP) of just under $4 trillion. France is expected to grow at 0.7% in 2024.

9. United Kingdom

GDP (2024): $4.03 Trillion

The United Kingdom has dropped its ranks in recent times. As of 2024, the United Kingdom has a GDP (PPP) of around $4.03 trillion.

8. Brazil

GDP (2024): $4.27 Trillion

Brazil is the largest economy in South America and one of the largest economies in the world in 2024. Brazil’s GDP is expected to grow by 2.2% in 2024.

7. Indonesia

GDP (2024): $4.72 Trillion

Indonesia is one of the largest economies in Asia. Indonesia’s expected growth rate for 2024 is around 5%.

6. Russia

GDP (2024): $5.47 Trillion

Russia is one of the largest economies in the world in 2024 with a GDP (PPP) of around $5.47 trillion. Russia is expected to grow by 3.2% in 2024.

5. Germany

GDP (2024): $5.68 Trillion

Germany is the fifth largest economy in the world. Germany has a GDP (PPP) of around $5.68 trillion, as of 2024.

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