Top 10 Largest Economies In the World By GDP (PPP) 2024: India Already World’s 3rd Largest! US Doesn’t Top – Where Do China, Japan Rank? Check List

Top 10 Largest Economies In the World By GDP (PPP): Did you know that India is already the world’s third largest economy in GDP (PPP) or purchasing power parity terms? PPP focuses on the purchasing power of the domestic currency within the economy for a basket of goods. Also, the United States of America does not top this ranking! In fact, America’s GDP (PPP) is just 1.9 times that of India’s as per the 2024 estimates! Also, India’s GDP (PPP) is more than 2 times that of Japan! So, where do China, US, Japan, Germany rank in the list of the top 10 largest economies in the world by GDP (PPP)? We take a look at the world’s top economies by GDP-PPP as per IMF’s World Economic Outlook data sourced from EY:

Top 10 largest economies by GDP (PPP): China is the world’s largest economy in terms of GDP (PPP), according to the IMF. The International Monetary Fund estimates that China’s GDP (PPP) in 2023 stood at $32,931.4 billion. It is estimated to be $35,291.0 billion in 2024. In terms of nominal GDP, China is the world’s second largest economy. (AI image)

The United States of America or the USA ranks second on the list of the top 10 largest economies in the world in terms of GDP (PPP). According to the IMF, America’s GDP in PPP terms was $27,357.8 billion in 2023 and is expected to be $28,781.1 billion in 2024. In terms of nominal GDP, the USA is still the world’s largest economy. (AI image)

India is the world’s third largest economy in terms of GDP by PPP calculations. India’s GDP (PPP) for 2023 stood at $13,342.5 billion and is expected to rise to $14,594.5 billion by 2024, according to the IMF. EY in its Economy Watch last year had noted that by FY28, the US economy would be only about 1.7 times that of India in PPP terms. It also said that in the next few decades, if India can maintain a real growth of about 6% to 7%, it would be possible to catch up with the US economy. In nominal GDP terms, India is the world’s fifth largest economy. (AI image)

Japan ranks 4th on the list of the top 10 largest economies in the world in GDP (PPP) terms. As per IMF, Japan’s GDP (PPP) for 2023 was $6,507.1 billion. It is expected to rise to $6,721.0 billion in 2024. Japan is well below the top three economies – China, USA and India. At present, Japan is the world’s fourth largest economy by nominal GDP. (AI image)

Germany is the world’s 5th largest economy by GDP (PPP) rankings. It had a GDP (PPP) of $5,544.3 billion in 2023, which is expected to rise to $5,686.5 billion in 2024, according to the IMF. Germany is the world’s 3rd largest economy in nominal GDP terms. (AI image)

Russia ranks 6th in the list of the top 10 largest economies in the world by GDP (PPP) list. Russia’s GDP in PPP terms was $5,180.1 billion in 2023, as per IMF estimates. This is expected to rise to $5,472.9 billion in 2024. In nominal GDP rankings, Russia is the world’s 11th largest economy. (AI image)

Indonesia, which is the world’s 16th largest economy by nominal GDP, ranks 7th on the top 10 largest economies in the world by GDP (PPP) list. It had a GDP (PPP) of $4,391.4 billion in 2023, which is likely to rise to $4,720.5 billion in 2024, as per IMF estimates. (AI image)

Brazil is the world’s 8th largest economy in GDP (PPP) rankings. Its GDP (PPP) for 2023 stood at $4,085.0 billion in 2023, which is expected to go to $4,273.7 billion in 2024, according to the IMF. Interestingly, Brazil is also expected to become the world’s 8th largest economy in nominal GDP rankings in 2024. (AI image)

The United Kingdom holds the 9th rank in the list of the top 10 largest economies in the world by GDP (PPP). In nominal GDP rankings, the UK is the sixth largest economy in the world. According to the IMF, the United Kingdom’s GDP (PPP) for 2023 was $3,916.5 billion. This is estimated to be $4,029.4 billion in 2024. (AI image)