Major industries include electronics, petrochemicals, and automotive production. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty about Turkey’s economic future. However, according to the World Bank, „macroeconomic stabilization policies have reduced uncertainty and disinflation,“ paving the way towards more stable economic growth.
Switzerland has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force. High-quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per-capita GDPs in the world. The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing. It has a highly developed agricultural sector and is one of the largest agricultural exporters in the world. The Netherlands has a large financial services sector, engaged in asset pooling and supported by the Dutch Ministry of Finance.
- Germany primarily trades with the US, France, Netherlands, China, and Poland.
- South Korea’s economy is a 20th-century success story that is today firmly established as an advanced, industrial economy.
- China is a key member of BRICS and actively participates in groups like the Shanghai Cooperation Organization (SCO).
- The country benefits from its abundance of natural resources and agricultural products such as coffee and soybeans.
- Many urban workers see themselves as the „highly skilled workforce“ and demand higher pay, while agriculture and some manufacturing sectors have stagnated.
- With a GDP of 29.18 trillion dollars, the USA is by far the world’s largest economy in this ranking for 2024.
China has the world’s second-largest nominal GDP in current dollars and the largest in terms of PPP. Its economy has seen historic growth in the last two decades, causing some economists to speculate that China may overtake the U.S. as the world’s largest economy in the future. Italy has also had a long-standing position within the top 10, briefly holding the number five spot in 1992.
Also Read: India overtakes Japan to become world’s fourth largest economy
As countries take measures to reduce corruption, open their markets, and take advantage of their natural resources and new technologies, they can see their GDP grow. Economy is driven by its large service sector, particularly in finance, insurance, and business services. The United States has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country.
The country has a strong, export-based EU economy, a multinational business-friendly environment, and strong social equity and cohesion. Canada’s free trade relationship with the United States means that 76% of Canadian exports headed to the U.S. market in 2024. Canada’s close ties to the United States mean that it has developed largely in parallel to the world’s largest economy. Strong cooperation between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy. Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu.
France ($3.28 trillion)
The country benefits from its abundance of natural resources and agricultural products such as coffee and soybeans. South Korea’s economy is a 20th-century success story that is today firmly established as an advanced, industrial economy. Brazil is the 11th-largest economy in the world and the largest in South America.
Largest Economies in the World, Ranked by Nominal GDP
Key contributing factors of China’s economy include the agriculture, industry, and service sectors. China is infamous for exporting its manufactured goods worldwide, and some of their its trade partners include the United States, Japan, South Korea, Hong Kong, and Vietnam. The Saudi economy is heavily based on oil, as the country is the world’s largest oil exporter.
- Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu.
- It also has a large agricultural sector that makes it a major exporter of coffee and soybeans.
- China is the second-largest economy in the world, with a GDP of $19.398 trillion.
- As with most complex phenomena — and it’s hard to find phenomena more complex than an entire country’s economy — there’s no simple, easy way to measure economic activity.
USA is the biggest in the list of largest economies in the world based on GDP nominal closely followed by China reflecting their significant influence on global markets. United state of America has the highest nominal GDP as per reports from IMF in 2024 with 26.5% of share in World GDP. Brazil’s GDP ranking has fluctuated the most, with the nation often moving in and out of the top 10 economies. The most recent dip occurred in 2020 (attributed to the Covid-19 pandemic), before re-entering the top 10 ranks in 2023. Brazilian exports largely revolve around food goods like soybeans, poultry meat, and raw sugar. Some of Brazil’s key trading partners are the US, Argentina, China, and the Netherlands.
Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products. The UK has remained among the top 10 largest economies for over 40 years. A few of the country’s major export products include crude oil, cars, aircraft parts, and pharmaceutical products. Key trade partners for the UK include the US, China, Netherlands, France and Germany. India’s economy has experienced some major growth within the last few years, and the country has held a position within the top five ranks since 2021.
The world’s largest economies
Russia’s Forex trading systems economy is built largely on its rich natural resources, especially oil, gas, and minerals, which form the backbone of its exports. Beyond energy, the country has a strong industrial base with key sectors like manufacturing, defense, and agriculture. In recent years, Russia has been focusing on boosting technology and building new trade partnerships to make its economy more self-reliant and adaptable to global changes. Turkey has a largely open economy, with large industrial and service sectors.
Belgium is a trade and transport hub that has a diversified economy with a mix of service, manufacturing, and high-tech industries. Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth. France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. However, there is still heavy government involvement in certain key sectors, such as defense and electrical power generation. Liberalization of India’s economy since the 1990s has boosted economic growth, but inflexible business regulation, geopolitical shifts, and persistent poverty pose challenges to ongoing expansion. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports.
World’s Largest Economies (Updated October
Meanwhile, the more rural south is where many of the biggest tourist draws exist, as well as much of the rich agricultural land. The largest economy in Asia is China, with a nominal GDP of over $18,270 billion in 2025. As a result of its actions, the country was hit by many sanctions and other economic punishments, which greatly hurt its economy. Rapid growth and modernization in the urban centers has seen uneven benefits to the society as a whole, even as the country’s elite strives to compete with other advanced economies. Emerging powers like India is growing at fast pace and catching up with the economies like Japan and Germany and left behind the likes of United Kingdom and France in past years.
In his spare time, he loves reading fiction, watching action movies and web series. As of 2025, the country with the smallest GDP was the nation of Tuvalu, which comprises nine islands in the South Pacific. Ireland’s biggest exports are vaccines, packaged medicine, nitrogen compounds, integrated circuits, and scented mixtures. The Saudi government has partially privatized Aramco, listing the company on the Saudi Stock Exchange through an initial public offering (IPO) in December 2019.
However, the country used to rank higher, maintaining the second spot till 2009, before being dethroned by China. Similar to the other countries with the top five highest GDPs, Japan’s exports mainly revolve around goods like cars, automotive parts, and electric circuits. Japan’s most popular trading partners include the US, China, Australia, Thailand, and South Korea.
How are the countries ranked on this list?
The values shown below are based on Nominal GDP, also referred to as GDP, current prices. The table below presents the largest economies globally, ranked by nominal GDP. Over half of GDP comes from the services sector with a third coming from industry. The primary industries in Ireland are pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing, and medical devices.