The International Monitory Fund(IMF) has released its World’ Economic Outlook data. As per the data, Indian economy has grown over 90% in the last 10 years from 2013 to 2023. This is highest growth by any major economy in the world in the last ten years. India is the 5th largest economy in the world. Indian economy jumped from 11th to the 5th spot in just a decade.
Here is the list of top-10 economies in the world:
United States of America
The United States of America is the world’s largest economy with a nominal GDP of $27,358 billion in 2023. Its GDP in 2013 stood at $16,881 billion. The US economy has shown a growth of 62.06% in the last 10 years.
China
China ranks second in the list of the top 10 largest economies in the world in nominal GDP terms. The Chinese economy has grown 83.50% in the last ten years – from $9,625 billion in 2013 to $17,662 billion in 2023 .
Germany
Germany is the 3rd largest economy in the world at present with a nominal GDP of $4,457 billion in 2023. According to IMF data, Germany’s economy had a GDP of $3,734 billion in 2013. It has reported a growth of 19.38% in the last 10 years.
Japan
Japan ranks 4th on the list of the world’s top 10 largest economies. But, in 2013 it was the world’s 3rd largest economy. Japan’s nominal GDP in 2013 was $5,212 billion, and it came down to $4,213 billion in 2023. Japan’s economy has de-grown 19.18% in the last 10 years
India
India is the world’s 5th largest economy. As per experts, India may become the third largest economy in the coming years, surpassing Japan and Germany. As per IMF’s data, India’s nominal GDP was $1,857 billion in 2013 (FY14) and it has grown to $3,572 billion in 2023 (FY24). The Indian economy has grown 92.38% in the last 10 years. This is the highest growth shown by a major economy in the last 10 years.
United Kingdom
The United Kingdom is the world’s sixth largest economy. It has grown 20.02% in the last 10 years from 2013 to 2023. According to IMF data, the UK’s nominal GDP in 2013 was $2,787 billion. It has grown to $3,345 billion in 2023.
France
France ranks 7th as per the latest IMF data. The nominal GDP of France has grown from $2,812 billion in 2013 to $3,032 billion 2023, exhibiting a growth of 7.81% in the last 10 years.
Italy
Italy is currently the world’s 8th largest economy. In 2013, Italy’s nominal GDP was $2,142 billion. It has grown to $2,256 billion by 2023, showing a growth of 5.3% in 10 years.
Brazil
Brazil, which is the 9th largest economy in the world. It was ranked in the 7th position in 2013. Brazil’s nominal GDP stood at $2,472 billion in 2013 and it has come down to $2,174 billion. Brazil’s economy has de-grown 12.05% in the last 10 years.
Canada
Canada ranks 10th on the list of the world’s top 10 largest economies. Canada’s nominal GDP has grown from $1,847 billion in 2013 to $2,140 billion in 2023. Canada’s economy has seen a growth of 15.89% in the last 10 years.
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IMF also released a list of fastest-growing economies in the world from 2014 to 2024.
Bangladesh has experienced the highest growth in the group. In 2014, its GDP was $207 billion. By 2024, it has more than doubled to $455 billion, marking a 120% increase.
Ireland ‘s economy grew by 117%, from $259 billion in 2014 to $564 billion in 2024. In the last year, Ireland’s economic growth rate was 3.3%.
Vietnam followed closely with a 100% increase. Its economy expanded from $233 billion to nearly $466 billion over the same period. Vietnam posted a 7.4% GDP growth in 2024.
India’s economy grew by 93%, rising from $2 trillion in 2014 to nearly $4 trillion in 2024. Besides, in 2024 it witnessed a 10.2% annual economic growth.
Romania experienced an 85% growth, with its economy climbing from $200 billion to nearly $370 billion. In 2024, its GDP grew by 7%.
China’s economy grew by 76% increase, from $10.5 trillion in 2014 to $18.5 trillion in 2024. It posted a 4.9% annual growth in 2024.
Israel’s economy grew by 69%, reaching $531 billion, while Singapore’s economy grew by 67%, reaching $525 billion. In 2024, Israel’s GDP rose by 4.2% while Singapore grew by 4.7%.
Indonesia experienced a 66% growth, with its economy expanding from $891 billion to $1.5 trillion. It also recorded a 7.6% GDP growth in 2024.
Finally, the United States saw a 63% increase in its economy, growing from $17.6 trillion to $28.8 trillion. The US economy surged by 5.2% last year.
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