In 2024, India outpaces the US and China, securing a spot among the top 10 fastest growing major economies globally. The ranking, based on IMF projections from the World Economic Outlook, highlights countries with the highest GDP growth rates. India's position in this list emphasizes its economic momentum compared to other major economies.
Courtesy, Times of India
Top 10 Fastest Growing Major Economies In The World 2024
Top 10 fastest growing major economies 2024: Which are the top 10 fastest growing major economies in the world? This is one ranking in which India beats the United States of America and China! For the purpose of arriving at the list of the fastest growing major economies for 2024, we have short-listed the world’s top 25 largest economies in the world by nominal GDP size. These economies have then been ranked in terms of the highest GDP growth rate for 2024 as projected by the International Monetary Fund (IMF) in its latest World Economic Outlook. We take a look at the top 10 fastest growing major economies in the world for 2024: (AI image)
India
India is the fastest growing major economy in the world according to the IMF’s World Economic Outlook Update - July 2024. IMF projects that India’s economy will grow at 7% in 2024 and 6.5% in 2025. In terms of GDP, India is currently the world’s fifth largest economy and is slated to become the third largest in the coming years. (AI image)
China
China is the world’s second fastest growing major economy with a projected GDP growth rate of 5% in 2024 and 4.5% in 2025, according to the IMF. In nominal GDP terms, China is currently the world’s second largest economy. (AI image)
Indonesia
Indonesia ranks 3rd on this list with an expected GDP growth rate of 5% in 2024, as per IMF data. The IMF projects that Indonesia’s economy will grow at 5.1% in 2025. Indonesia currently holds the 16th rank in the world’s largest economies list. (AI image)
Turkey
Turkey is 4th on the list of the world’s top 10 fastest growing major economies in the world. IMF estimates that Turkey’s GDP will grow at 3.6% in 2024. The growth rate is expected to dip to 2.7% in 2025. At present, Turkey is the world’s 18th largest economy. (AI image)
Russia
Russia ranks fifth in the list of the world’s top 10 fastest growing major economies. According to IMF, Russia’s GDP expected to grow at 3.2% in 2024. However the GDP growth will dip significantly to 1.5% in 2025, projects IMF. Russia is currently the 11th largest economy in the world in terms of nominal GDP. (AI image)
Poland
Poland holds the 6th rank in the top 10 fastest growing major economies list for 2024. As per IMF’s latest estimates, Poland’s economy will grow at 3.1% in 2024 and this growth rate will rise to 3.5% in 2025. Poland ranks 21st on the list of the largest economies in the world. (AI image)
United States of America
United States ranks 7th in the top 10 fastest growing major economies list for 2024. The US economy is expected to grow at 2.6% in 2024, according to IMF. This growth will likely dip to 1.9% in 2025, says IMF. The United States of America is currently the world’s largest economy in nominal GDP terms. (AI image)
South Korea
South Korea, which ranks 8th in the top 10 fastest growing major economies list, is expected to grow at 2.5% in 2024. IMF’s latest estimates project that the GDP growth will slow to 2.2% in 2025. Korea is at present the world’s 14th largest economy. (AI image)
Spain
Spain is among the top 20 largest economies in the world. It ranks 9th on the list of the world’s fastest growing major economies list. According to the IMF, Spain’s economy will grow at 2.4% in 2024 and 2.1% in 2025. In nominal GDP terms, Spain is the 15th largest economy in the world. (AI image)
Mexico
Mexico ranks 10th on the top 10 fastest growing major economies list for 2024. IMF’s latest estimates peg Mexico’s GDP growth for 2024 at 2.2%. This is expected to moderate to 1.6% in 2025. Mexico is currently the world’s 12th largest economy. (AI image)
Brazil
Brazil is the 11th fasting growing major economy in the world. According to the IMF, Brazil’s GDP is expected to grow at 2.1% in 2024 and 2.4% in 2025. At present Brazil is the world’s ninth largest economy in nominal GDP terms. (AI image)
Saudi Arabia
Saudi Arabia ranks 12th in the list of the top 10 fastest growing major economies in the world. IMF has predicted that Saudi Arabia will grow at 1.7% in 2024. This GDP growth rate is expected to accelerate substantially to 4.7% in 2025. Saudi Arabia is at present the 19th largest economy in the world, measured in nominal GDP terms. (AI image)
Australia
Australia is the 13th fastest growing major economy in the world for 2024, as per IMF’s latest projections. The World Economic Outlook suggests that Australia’s economy will grow at 1.4% in 2024 and 2.0% in 2025. Australia is also the 13th largest economy in the world, when ranked in terms of nominal GDP. (AI image)
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