Top 10 Largest Economies in the World: India’s Economy Grows Over 90% in Just a Decade!
India, now the world’s 5th largest economy, has surged from the 11th spot to 5th in just a decade. According to the IMF’s World Economic Outlook data, India’s economy has expanded by over 90% from 2013 to 2023. This marks the highest growth rate among major economies over the past ten years. Let’s explore how the United States and China have fared in terms of nominal GDP growth among the top 10 economies.
United States
The United States remains the world’s largest economy, with a nominal GDP of $27,358 billion in 2023. In 2013, its GDP was $16,881 billion, representing a 62.06% growth over the past decade.
China
China holds the second spot in the global economy rankings. Its GDP has grown by 83.50% from $9,625 billion in 2013 to $17,662 billion in 2023, according to IMF data.
Germany
Germany is currently the 3rd largest economy, with a nominal GDP of $4,457 billion in 2023. In 2013, Germany’s GDP was $3,734 billion, showing a growth of 19.38% in the last ten years.
Japan
Japan ranks 4th among the world’s largest economies today. However, in 2013, Japan was the 3rd largest economy. Its GDP decreased from $5,212 billion in 2013 to $4,213 billion in 2023, representing a decline of 19.18% over the decade.
India
India, now the 5th largest economy, is poised to overtake Japan and Germany in the near future. The nominal GDP of India was $1,857 billion in 2013 and has grown to $3,572 billion in 2023, marking a 92.38% increase—the highest growth rate of any major economy in the last decade.
United Kingdom
The United Kingdom is the 6th largest economy globally, with a 20.02% growth in the past decade. Its GDP increased from $2,787 billion in 2013 to $3,345 billion in 2023.
France
France ranks 7th among the top economies. Its nominal GDP increased from $2,812 billion in 2013 to $3,032 billion in 2023, showing a growth of 7.81% over the past decade.
Italy
Italy is the 8th largest economy, with a modest growth of 5.3% over the past decade. Its GDP increased from $2,142 billion in 2013 to $2,256 billion in 2023.
Brazil
Brazil, now the 9th largest economy, was ranked 7th in 2013. Its GDP decreased from $2,472 billion in 2013 to $2,174 billion in 2023, showing a decline of 12.05% over the last decade.
Canada
Canada holds the 10th position in the global rankings. Its nominal GDP grew from $1,847 billion in 2013 to $2,140 billion in 2023, representing a growth of 15.89% in the past ten years.