This week’s chart shows the top 10 countries in the world ranked by nominal GDP or economic growth. As you can see, the U.S. continues to dominate the rest of the world—and by a pretty wide margin.
According to the latest IMF World Economic Outlook report, the United States had a nominal GDP of nearly $27 trillion in 2023. That’s about $10 trillion more than the next largest country—China—and more than every other country on the list combined. More so, the GDP growth rate in the U.S. was faster than any other large, advanced economy last year—and is expected to do so again in 2024.
A couple of factors explain the United States’ dominance, but the main contributors in recent years seem to be strong labor force growth and robust productivity gains in the corporate sector.
All of this has spilled over into financial market performance, where the U.S. stock market continues to overpower the rest of the world.
This is intended for informational purposes only and should not be used as the primary basis for an investment decision. Consult an advisor for your personal situation.
Indices mentioned are unmanaged, do not incur fees, and cannot be invested into directly.
Past performance does not guarantee future results.