Countries With The Strongest Economy In The World 2024

Here we’ve listed the countries with the strongest economy in the world. The economy of a country displays how healthy and wealthy the country is. It also shows that the country is thriving domestically and has a booming Gross Domestic Product (GDP).

Currently, not every country in the world is economically strong in fact, some country economy depends on other countries to survive.

As such, this article is about Countries with Strongest Economy in the World and these countries are rated among the Top 20 Economies in the World. Read through this article to find out which countries in the world have the strongest economy this year.

Countries With The Strongest Economy In The World

After the economic activities in several countries in 2019, we decided to take a look at the countries in the world that have a strong and healthy economies today, then you should scan through the list of the 10 countries listed below.

#1. United States of America

Nominal GDP: $21.3 trillion
GDP (PPP): $21 trillion

Coming on at the first spot on our list of countries with the strongest economy in the world is the United States of America. The largest country in North America is considered to be the financial capital of the world and has continually occupied this spot for over a century and is not giving up the spot anytime soon.

The country was faced with challenges at the domestic level along with a rapidly transforming global landscape, yet the U.S. economy continues to thrive and grow. The country’s economy accounts for 20% of the total global economy.

U.S. economy is continued to be supported by modern infrastructure, technology, and natural resource wealth.

#2. China

Nominal GDP: $14.2 trillion
GDP (PPP): $27.3 trillion

China has been a close rival to the United States of America for a while now due to its exponential growth and global presence which has contributed immensely to its economy.

The country is also one of the Top 20 Economies in the World thanks to its healthy manufacturing and exportation business which is often the highest in the world earning it the title as the world’s factory and exportation hub.

This growth has been since the economic reformation in 1978 which broke and overthrew the centrally planned communist economy.

#3. Japan

Nominal GDP: $5.18 trillion
GDP (PPP): $5.75 trillion

Japan is another country in Asia to make the list as one of the countries with the strongest economy in the world. Japan is the most advanced country in the world in terms of technology. This is no surprise as the driving force of this country is technology and electronics which contributes immensely to the country’s economy.

The country used to occupy the second spot until it was overthrown by China. However, the country’s economy is not what it used to be around the 60s to 80s when the country experienced a financial boom.

More so, the country has been experiencing financial slowdown since the financial crisis in 2008. Nonetheless, the country is hosts the 2020 Olympics game which is believed to have a positive impact on the country’s economy.

#4. Germany

Nominal GDP: $4 trillion
GDP (PPP): $4.356 trillion

Germany takes us to Europe and leaving the Asian continent as one of the Countries with Strongest Economy in the World. Germany has steadily remained among the big countries for a long time thanks to its solid employment level and openness to the global market.

Germany’s economy is expected to blossom more than it was in previous years. The country is known for the manufacturing and exportation of automotive machinery & other types of equipment.

Also, the country is among the biggest iron, steel, coal, chemicals, machinery, automobiles, and machine tools suppliers in the world. German governments are at the forefront to revamp its production by introducing Industries 4.0, you can check out Germany economy facts.

#5. United Kingdom

Nominal GDP: $2.829 trillion
GDP (PPP): $3.128 trillion

The United Kingdom takes us further in our discussion considered one of the countries whose economy is strong. The United Kingdom experienced a boom in its economy during the late 90s and early 2000.

However, the country’s economy was affected during the great depression. The country’s service sector is the main driver of the country’s economy, alongside manufacturing and farming. There is a forecast of slow economic activities due to Brexit uncertainty and depression of the pounds, see more on United Kingdom economy facts.

#6. India

Nominal GDP: $2.972 trillion
GDP (PPP): $11.468 trillion

Going back to Asia, we come across India occupying the sixth spot on our list. The country has steadily and continuously experienced economic growth in recent times. Thanks to its ever-growing service sector, manufacturing industries, technology and medical advancement.

The country also has its fair share of experiencing an economic slowdown due to the depreciation of the rupee, a high current account balance, and weak industry growth.

We hope with its booming energy sector and large coal production and exports of products such as refined petroleum products, agricultural products, precious gems and jewelry, machinery, Pharma, IT services, Textile, etc. the country’s economy will bounce back.

#7. France

Nominal GDP: $2.761 trillion
GDP (PPP): $3.054 trillion

Moving back to Europe we move to France which we considered being among the countries with the strongest economy in the world. Remarkably, France economy accounts for about one-fifth of the European Union’s total GDP.

More so, France among the leading manufacturers of automotive, aviation and rail industries, as well as cosmetics and luxury goods.

The service sector is the highest contributor to the country’s GDP. More so, the country’s tourism sector is thriving. Paris, the country’s capital is the most visited city in the world. Also, the country is involved in high exportation of military and arms equipment.

#8. Italy

Nominal GDP: $2.072 trillion
GDP (PPP): $2.397 trillion

Still stuck in Europe, we move to Italy which holds the eighth spots on our list, over the years, the country has been faced highly with political instability, economic stagnation and a lack of structural reforms.

These challenges have posed a drastic setback on the country’s economic growth. Nonetheless, the country is one of the eight largest exporters in the world.

Also, Italy’s economy benefits from profitable product exports such as automobile, naval, industrial, agricultural products, and wine (Italy is the largest wine producer) among others. Albeit, Italy is home to the third biggest luxury hub in the world and the biggest in Europe.

#9. Brazil

Nominal GDP: $2.972 trillion
GDP (PPP): $11.468 trillion

Finally moved to South America duly represented by Brazil at the ninth spot on our list. The country used to experience high economic growth until the great recession crept in causing an economic slowdown.

The country’s economy is largely driven by its textile, shoe, cement, lumber, iron ore, and tin sectors and the continues to thrive to come out of recession. It is expected that the country’s economy to increase as a result of its growing manufacturing industry and exportation.

#10. Canada

Nominal GDP: $1.82 trillion
GDP (PPP): $1.93 trillion

Canada brings us to a close on our discussion and comes in at the tenth spot on our list as the tenth biggest economy in the world. Canada is among the most abundant developed countries in the world because of its large crude oil and natural gas reserves.

The three major tiers of Canada sector contributing immensely to its economy are the services sector, manufacturing sector and natural resource sector making it one of the Top 20 Economies in the World.

Conclusion

There you have the countries with the strongest economy in the world which are listed based on their Nominal GDP and Purchasing Power Parity of each country. The countries listed in this article have continually been the same because of their stable and continual economic growth.

However, we will give you an update when we observe a shift or change on the list be as inclusion or removal of any country on the list.

Countries With The Strongest Economy In The World 2024