Top 15 Countries by GDP in 2024 | Global PEO Services (2024)

1. United States – Country GDP $25.43 trillion

A number of factors contribute to the success of the United States. An entrepreneurial environment that encourages hard work and long hours certainly helps. But decentralized government, advanced research universities, and favorable regulatory environments also contribute. The United States will likely always be in the top countries by GDP in the world.

2. China – Country GDP $14.72 trillion

The Chinese economy, one of the fastest growing economies of the 21st century, now ranked as the second largest economy in the world, is currently valued at a GDP of $14.72 trillion. With China’s Belt and Road Initiative effectively merging its foreign and economic policy, promotion of using the Chinese Renminbi for the use of settlements has increased. The country is increasingly playing an influential role in the global economy. It has been the largest contributor to global growth since the financial crisis of 2008.

3. Japan – Country GDP $4.25 trillion

Japan’s four main islands – Honshu, Hokkaido, Shikoku, and Kyushu – constitute nearly 98% of its land area. It has the world’s 3rd largest economy by nominal GDP and the 4th largest economy by purchasing power parity (PPP).

Ranked as one of most innovative countries in the world, Japan is the world’s largest electronic goods producer and the 3rd largest automobile manufacturer. The country generally has a surplus in annual trade and international investment. The country’s workforce is highly qualified and skilled, proving to be instrumental in organizational growth. All of these factors contribute to Japan being one of the top countries by GDP.

4. Germany – Country GDP $3.85 trillion

Germany has the 4th largest GDP in the world. The total value of exports is equal to 38.9% of GDP. Germany is a European nation with the biggest drivers of its economy being its service industries, including telecommunication, healthcare, and tourism.

The nation employs a social market economy that emphasizes the value of open-market capitalism and also ensures a number of social services guarantees. The country is ranked #2 in the world for entrepreneurship (only behind the United States) due to its skilled labor force, highly developed infrastructure, and technological expertise.

5. India – Country GDP $3.41 trillion

The Republic of India is a federal democracy that consists of 28 states and 8 union territories. It is the largest democracy and the 5th largest economy in the world. India has thriving manufacturing, technology, and service sectors. Since 2014, the rate of foreign direct investment (FDI) inflows to India has grown steadily as some key policy changes were incorporated by the government to facilitate this growth. This makes India one of the top countries by GDP in 2024.

Some strategic steps have been taken to stimulate India’s business environment including reforms to remove bottlenecks in key business areas, reducing minimum capital requirement, and simplifying the process of obtaining necessary licenses.

6. United Kingdom – Country GDP $2.67 trillion

The United Kingdom (UK), also known as the United Kingdom of Great Britain and Northern Ireland consists of England, Wales, Scotland, and Northern Ireland. It is the 6th largest economy in the world and the 2nd largest in Europe in terms of GDP. The UK ranked high in the annual Global Competitiveness Reports and the World Bank’s Ease of Doing Business Rankings, until reporting was closed in 2020.

7. France – Country GDP $2.63 trillion

France is the 7th largest economy in the world. It is the most visited destination in the world and consequently has a thriving tourism industry. It has a very high standard of living, which makes it an attractive travel destination. Also, foreign trade is an essential component of its economy.

The value of imports (38.6%) and exports (34.7%) comprise 73.3% of the country’s GDP. Strong protection of property rights and an efficient regulatory framework encourage investors. Before being discontinued in 2019, France ranked 32 in the World Bank’s Ease of Doing Business index. There are foreign players in various sectors, and 31 out of Fortune 500 companies are from this prominent EU member.

8. Russia – Country GDP $2.24 trillion

Russia has the largest landmass of all countries in the world and boasts natural resources worth $75 trillion, according to Statista estimates. Ever since the privatization of Russia’s energy and defense-related sectors in the 1990s, the country has taken great strides when it comes to growth in the context of the world GDP.

Revenues from oil, natural gas, and energy drive the Russian economy. Foreign trade is important as the total value of imports and exports is equal to 46.7% of GDP, making Russia one of the top countries by GDP. However, with the recent conflicts with Ukraine, we will likely see a negative impact from global sanctions impacting these outputs in years to come.

9. Canada – Country GDP $2.16 trillion

Canada has a mainly service-based economy. The threshold for foreign investment in Canada is CAD 5 million for direct investments, and CAD 50 million for indirect investments. The country has also been a key member of the World Trade Organization (WTO) since 1995.

It also has extensive trading ties with many nations due to its bilateral and regional Free Trade Agreements (FTAs). A well-educated workforce, multicultural/multilingual coexistence, a thriving economy, and the government’s support for setting up business make Canada a preferred investment destination.

10. Italy – Country GDP $2.04 trillion

Italy’s economy is the 3rd largest in the Eurozone and the 10th largest by GDP. In addition to its sizable economy, Italy is one of the most influential countries in Europe; it is a key member of the Eurozone, EU, the G7, the OECD, and the G20.

Italy’s diversified economic growth is propelled by the consumer goods industry. GDP’s expenditure side includes 61% of household consumption, 19% of government expenditure, and 17% of the gross fixed capital formation. Exports of services and goods contribute to 30% of GDP while imports account for 27%, adding 3% to GDP.

11. Brazil – Country GDP $1.92 trillion

Brazil’s economy is the 11th largest in the world with an estimated worth of natural resources being $21.8 trillion. This is one of the main reasons Brazil is one of the top countries by GDP in 2024. The country’s diverse and open economy has developed flourishing trade relationships with more than 100 different countries. According to the U.S. Department of State, the total FDI in Brazil was $67.5 billion.

The Brazilian government promotes foreign investment in scientific and technological infrastructure. Brazil’s moderate climate, excellent infrastructure, supportive government and wealth of natural resources make it a highly favored destination for foreign investment.

12. Australia – Country GDP $1.69 trillion

Australia has the 12th largest economy in the world, with an overall GDP of $1.69 trillion and a GDP per capita of $65,099. The economy experienced slower growth in 2017, with a 1.96% increase in GDP.

Having rolled out in early 2017, Australia’s new foreign policy (a type of white paper agenda) has created a roadmap for the country’s economic, security, and foreign policy relations. The nation is ranked as the 12th best country in the world to set up a business due to low entry costs and streamlined procedures.

13. South Korea – Country GDP $1.67 trillion

South Korea was considered a developing country until the 1960s. Due to far-reaching economic reforms (referred to as the Miracle of the Hangang River), the country’s economy entered a period of rapid growth (about an annual 10% growth for over 30 years). Today, South Korea‘s GDP is almost $2 trillion, and it’s one of the most developed and industrialized countries in the world.

South Korea places great importance on education, innovation and investment into research and development. The country has a highly skilled workforce earning a high median household income. Services provide the majority of the country’s GDP at 58%, with industry at 31.7% and agriculture at 1.6%.

14. Mexico – Country by GDP $1.46 trillion

Employment relations are regulated by the Mexican Constitution of 1917 and the Federal Labor Law, which address work hours, minimum wage, discrimination, workplace health and safety, and unions. All these factors contribute to a lower cost of living, which makes it an attractive hiring destination for foreign employers.

Although the Labor Law is the legal standard for employer activity in Mexico, the country continues to adjust its labor laws to be more accommodating to all businesses. One major addition to the country’s labor statutes is a 2017 initiative from the Mexico Labor Department that created a new digital-based system that enables companies to self-report regulatory activities to create a more transparent compliance environment.

15. Spain – Country by GDP $1.41 trillion

Spain is the 2nd largest country in the EU. Spain’s economy is facilitated by structural reforms, transparent judicial/regulatory systems, and sound economic institutions. Steady modernization has helped the Spanish economy grow continually with the industry sector contributing nearly 27% to the country’s GDP. The total value imports and exports is equal to 65.5% of GDP.