Equity, Diversity and Inclusion

China could overtake the US as the world’s largest economy by 2024

A man sleeps while sitting inside a subway train in a suburban area of Shanghai August 27, 2012. REUTERS/Carlos Barria (CHINA - Tags: SOCIETY TRANSPORT) - GM1E88R16DV01

These are the largest economies from 1992 - 2024. Image: REUTERS/Carlos Barria

Katharina Buchholz
Data Journalist, Statista
Share:
Our Impact
What's the World Economic Forum doing to accelerate action on Equity, Diversity and Inclusion?
The Big Picture
Explore and monitor how The Digital Economy is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

The New Data Economy

  • According to data from the World Bank and IMF, these are the largest global economies, since 1992.
  • The data also predicts China will overtake the U.S. in the future, with India taking third spot.

According to data from the World Bank and IMF, Asian countries are expected to make up most of the top 5 countries in the world by size of GDP in 2024, relegating European economic powerhouses to lower ranks.

China's economic growth has been steep since the 1990s, while India and Indonesia have even more recently entered the top 10 of the biggest economies in the world and are expected to reach ranks 3 and 5 by 2024. Japan, an established economy, is expected to cling on to rank 4 in 2024, while Russia will rise to rank 6.

Have you read?

Asia’s burgeoning middle class is one of the reasons for the continental shift in GDP. While China has been the posterchild of market growth in the 21st century so far, the country is expected to tackle an ageing population further down the line, which will put a damper on consumption. Indonesia, together with the Philippines and Malaysia, are expected to grow their labor forces significantly in the years to come, contributing to a rise in average disposable incomes, according to the World Economic Forum.

Asian multinationals, like China’s Huawei and India’s Tata, have already emerged in this century and more are expected to appear on the global scene. But rapid growth in Asia also comes with its own set of problems, like a quickly growing divide between rural and urban incomes, environmental degradation and new challenges for governance and institutions, according to the FAO.

Global economies.
China is predicted to take 1st spot, with India entering at number 3. Image: Statista
Loading...
Loading...
Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:
Equity, Diversity and InclusionEconomic GrowthGeo-Economics and Politics
Share:
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

We must move towards gender equity when it comes to care. Here's why

Gary Barker

June 14, 2024

About Us

Events

Media

Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum