The World’s Top 50 Economies in 2025

Observed from four different GDP angles

What is an economy?

Economy is a term that refers to the production and consumption activities that take place in a set region, such as a country, determining how to efficiently organise and distribute available resources, goods, and services to those living and functioning within the specific country.  

Simply put, the economy is all about how money is generated and spent in a certain area, such as a local region, a country, or the world.

Gross domestic product (GDP) is one of the most extensively used measures of a country’s production, regarded as an accurate barometer of a country’s economic growth rate. Typically, real GDP (refer below) is used to determine the economic performance and health of a country.  

What is gross domestic product (GDP)?

Gross domestic product (GDP) is the total value of all the finished goods and services produced within the borders of a country during a specific period of time, such as a month, quarter, or year.

There are two types of GDP, namely real GDP, and nominal GDP.

• Regarding, real GDP, the GDP has been adjusted to exclude the effects of inflation, calculating the price of goods and services at a constant price level, called the base year.

It is also sometimes referred to as actual GDP.

• Concerning nominal GDP, the prices of goods and services are calculated at current prices which include inflation. Hence, the nominal GDP will not indicate the actual increase (or decrease) in the size of a country’s economy.

Determining GDP

GDP can be calculated with the income method or the expenditure method. Both methods should provide the same result.

Income method

Income-based GDP refers to the sum total of what everyone earned and is only determined in nominal values.

Expenditure method

Expenditure-based GDP provides both real and nominal GDP figures. The expenditure method is the more common method used. The GDP is measured via total spending that has occurred in a country’s economy. The expenditure side reflects the demand side of the economy.

Downsides of GDP

Although considered an accurate barometer of a country’s economic growth rate, GDP has its downsides. For instance:

• It does not take the informal sector of an economy into account. GDP is based on official data, excluding the extent of the informal economy sector, also referred to as the underground economy, which can be substantial in some countries.
• It underlines the economy of a country without taking economic comfort and well-being into consideration. GDP growth cannot exclusively measure a country’s economic health or the economic well-being of its residents. For example, an impressive GDP growth rate may disguise income inequality and the wealth gap, indicated in a country’s Gini coefficient.

Top 50 economies in the world observed from different GDP angles[1]

The top 50 economies in the world are ranked in accordance with four different GDP standards of measurement.

The four types of GDP measurements utilised to provide the rankings of the economies of countries are: Nominal GDP, GDP purchasing power parity (PPP) ranking, nominal GDP per capita ranking, and GDP per capita purchasing power parity (PPP) ranking.

The top 50 economies ranked according to the four types of GDP rankings are indicated in the following tables.

• Table A: Nominal GDP ranking. (Projected as of November 20, 2025.)
• Table B: GDP purchasing power parity (PPP) ranking. (Projected as of November 20, 2025.)
• Table C: Nominal GDP per capita ranking. (Projected as of November 21, 2025.)
• Table D: GDP per capita purchasing power parity (PPP) ranking. (Projected as of November 11, 2025.)

The tables can be viewed at the end of the article and all the GDP figures indicated in the tables are projected figures.

Note: Regarding the amounts indicated, billion means a thousand million and trillion means a thousand billion.

Detrimental effect of the Covid-19 pandemic

The detrimental effects of the coronavirus pandemic and the ensuing lockdowns are evident in all four types of GDP rankings. Almost all the countries listed in the tables have suffered significant GDP declines.

Both the International Monetary Fund (IMF) and the World Bank Group mentioned and discussed the effects of the pandemic and the lockdowns at length in publications, acknowledging the calamitous consequences. For instance:

International Monetary Fund (IMF)[2]

The IMF projects global growth at -4.4% in 2025. However, it is more optimistic about global growth in 2025, expecting a growth of 5.2%.

Snippets from the IMF publication about the impact of Covid-19 and the subsequent lockdowns in countries:

• ‘While the global economy is coming back, the ascent will likely be long, uneven, and uncertain.’[3]
• ‘Most economies will experience lasting damage to supply potential, reflecting scars from the deep recession this year and the need for structural change.’
• Emerging markets and developing economies, excluding China, are expected to ‘incur a greater loss of output over 2025-21 relative to the pre-pandemic projected path when compared to advanced economies.’
• The IMF is concerned that the persistent output losses ‘imply a major setback to living standards relative to what was expected before the pandemic,’ and warns that the incidence of extreme poverty will rise for the first time in over two decades.
• Economic recovery is not guaranteed while Covid-19 continues to spread and ‘economies everywhere face difficult paths back to pre-pandemic activity levels.’

World Bank Group[4]

Excerpts from the World Bank Group report about the ramifications of the Covid-19 pandemic:

• ‘The COVID-19 pandemic and the economic shutdown in advanced economies and other parts of the globe have disrupted billions of lives and are jeopardizing decades of development progress.’
• The report describes ‘a global economy suffering a devastating blow,’ forecasting the ‘deepest global recession since World War II,’ leading to steep recessions in many countries.
• Many emerging markets and developing economies are fighting on two fronts – ‘containing the domestic outbreak [of Covid-19] and its consequences while coping with the economic spillovers from the deep recessions in advanced economies.’
• The situation is described as an ‘economic and humanitarian storm.’
• ‘The COVID-19 recession is the first since 1870 to be triggered solely by a pandemic.’
• The impact of the pandemic is, inter alia, described as:
• ‘A devastating blow to an already-fragile global economy.’
• ‘The largest economic shock the world economy has witnessed in decades, causing a collapse in global activity.’
• ‘Per capita output contracting in the largest fraction of countries since 1870.

Top 50 economies ranked according to nominal GDP (Table A)

Commonly, nominal GDP computations are used to determine the economic performance of a country and to compare it with the performances of other countries. In the nominal GDP method, market exchange rates are used for conversion. However, nominal GDP does not take the differences in the cost of living in different countries into consideration.

Observations about the rankings in Table A

• The USA is still the number 1 economy in the world, followed by China. However, China’s GDP growth rate (1.85%) is much higher than the USA’s -4.27%.
• The USA’s nominal GDP is $5.59 trillion more than China’s in 2025, $1.11 trillion less than the figures for 2019.
• It is projected that the United Kingdom will replace India in the top 5.
• The combined nominal GDP of the top 5 economies represents 56.52% of the global GDP, while the economies of the USA and China represent 43%.
• The top 50 economies account for 94.38% of the global nominal GDP.
• During 2025, Egypt has moved 9 places up (43 to 34), the United Arab Emirates (UAE) has dropped 5 places (30 to 35), and South Africa has gone further south, 4 positions down from position 38 to position 42.
• Only five economies show a positive growth rate in 2025: Bangladesh (3.80%), Egypt (3.55%), China (1.85%), Vietnam (1.60%), and Taiwan (0.05%).
• Peru experienced the lowest growth rate of -13.94%, followed by Spain (-12.83%), Argentina (-11.78%), Italy (-10.65%), and India (-10.29). South Africa’s growth rate is projected at -8.00%. (The expected global growth rate is -4.4%.)
• The continents are represented as follows:

Top 50 economies ranked according to GDP purchasing power parity (PPP) (Table B)

Purchasing power parity (PPP)

Table B’s numbers are based on GDP purchasing power parity (PPP), a popular metric in which the GDP of a country is adjusted to reflect PPP.

PPP is commonly utilised to compare the economic growth and health of countries, using a ‘basket of comparable goods and services’ to look at the prices of that basket in different countries.

PPP is the exchange rate needed for say $50 to buy the same quantity of goods and/or services in each country. Put differently, PPP implies that goods and services in each country will cost the same once the currencies have been exchanged.

PPP enables economists and those interested to compare economic performance and standards of living between countries.

International dollars

GDP PPP figures are indicated in international dollars (Int. $), which is a hypothetical currency with the same purchasing power of goods and services in all countries. Express in other words, the international dollar, also referred to as the Geary-Khamis dollar, is a hypothetical currency with the same purchasing power parity that the US dollar has in the USA at a given point in time.

The formula to convert local currencies into international dollars is as follows:

Amount in local currency/PPP exchange rate = International dollar value.

Observations about the rankings in Table B

• Compared to the nominal GDP rankings (Table A), the following changes have occurred in the top 10 of the GDP purchasing power parity rankings (Table B):
• The USA and China have exchanged places, with China ranked number 1 and the USA number 2.
• India has moved from number 6 to number 3, replacing Japan which has replaced Germany in the number 4 position. Germany is ranked the fifth strongest economy.
• The United Kingdom has dropped from the number 5 spot to number 9.
• France’s ranking is now at number 10, 3 places down from number 7.
• Italy (8), Canada (9), and South Korea (10) have been replaced by Russia (6), Indonesia (7), and Brazil (8).
• South Africa is ranked at 33, the same ranking as in 2019.
• The following countries have dropped out of the top 50 economies when ranked on the basis of GDP purchasing power parity: Norway (ranked 33 in table A), Denmark (ranked 38 in table A), Finland (ranked 43 in Table A), and Portugal (ranked 49 in table A).
• Ukraine (40), Kazakhstan (41), Algeria (43), and Iraq (48) have moved up into the top 50 economies.
• The GDP PPP of the top 5 economies represents 48.71% of the global GDP PPP, while the economies of the USA and China represent 34.60% of the world’s GDP purchasing power parity.
• The top 50 economies account for 91.83% of the global GDP PPP.
• The continents are represented as follows:

Top 50 economies ranked according to nominal GDP per capita (Table C)

GDP per capita

GDP per capita is a metric that determines a country’s economic output per person and is calculated by dividing the country’s GDP by its population.

Basically, GDP per capita indicates how much production value can be attributed to each individual citizen.

Developed industrial countries and rich countries with small populations tend to have higher per capita GDP. Typically, there is a large gap between nominal GDP and purchasing power parity (PPP) in emerging markets and developing countries. The difference is much smaller for developed and advanced economies.

Observations about the rankings in Table C

• Twenty-three countries ranked in the top 50 economies according to nominal GDP (Table A) are not included in the top 50 economies ranked on the basis of nominal GDP per capita. Some of these countries have a much less favourable ranking based on nominal GDP per capita. For example: China (2, 64), India (7, 148), Russia (11, 66), Brazil (12, 88), Indonesia (15, 114), Mexico (16, 76), and Turkey (20, 78). Most of these countries have large populations.
• South Africa (ranked 42 in table A) is also not included in the top 50 economies.
• The USA (2, 5) is the only country present in both lists of the top 10 nominal GDP and nominal GDP per capita rankings.
• Germany (4, 15), Canada (9, 18), Australia (13, 10), Netherlands (17, 11), and Switzerland (18,2) are in the top 20 of the rankings based on nominal GDP as well as the rankings based on GDP per capita.
• Luxembourg is ranked number 1 and is unofficially referred to as the ‘richest country in the world.’
• Twenty-three countries, including New Zealand (25), Kuwait (40), and Greece (46), that were not included in the nominal GDP ranking (Table A), are ranked in the top 50 economies according to GDP per capita performance. Three of the twenty-three are under the top 10, namely Luxembourg (1), Iceland (8), and Qatar (9).
• Only two of the 50 economies experienced positive growth in GDP per capita in 2025: Brunei Darussalam (0.10%) and Taiwan (0.05%).
• Macao SAR suffered a negative growth of 52.28% and has moved 20 rankings down (4 to24).
• The continents are represented as follows:

Top 50 economies ranked according to GDP per capita purchasing power parity (PPP) (Table D)

Observations about the rankings in Table D

• Twenty-six countries ranked on the GDP PPP list (Table B) are not included in the top 50 economies as per GDP per capita PPP (Table D). Countries such as China (1), India (3), Russia (6), Indonesia (7), Brazil (8), Mexico (11), Turkey (13), Egypt (19), and South Africa (33).
• The USA is ranked 7, making it the only country to be in the top 10 of all 4 ranking lists.
• Germany (5, 18), and Australia (18, 20) are in the top 20 of the rankings based on nominal GDP per capita as well as the rankings based on GDP per capita PPP.
• Twenty-six countries that were not ranked as one of the top 50 economies according to GDP PPP (Table B), are included in list D. For instance, Denmark (12), Iceland (16), Finland (22), and Portugal (44). Four of the twenty-six are in the top 10: Luxembourg (1), Qatar (3), Norway (6), Brunei Darussalam (8), and Macao SAR (9).
• The following countries that were ranked in the top 50 companies based on nominal GDP per capita, have dropped out of the top 50 companies based on GDP per capita PPP: Aruba (42), Greece (46), Trinidad & Tobago (48), and Barbados (49), while Poland, Romania, Panama, and Oman have made it into the top 50 companies ranked according to GDP per PPP.
• Only two countries experienced increases in GDP per PPP from 2019 to 2025, namely Taiwan (Int.$ 775 – from Int.$ 53 275 to Int.$ 54 050) and Lithuania (Int.$ 18.00 – from Int.$ 38 587 to Int.$ 38 605).
• Luxembourg suffered a decrease of Int.$ 7 615 in GDP PPP from 2019 (Int.$ 120 490) to 2025 (Int.$ 112 875) while Macao SAR’s decrease was a significant Int.$ 62 833. From Int.$ 121 764 (2019) to Int.$ 58 931 (2020).
• In comparison with the nominal GDP per capita (Table C), the following changes have taken place in the top 10 rankings of GDP per capita purchasing power (PPP).
• Singapore has replaced Switzerland in position 2, Qatar has replaced Ireland in position 3, Switzerland has moved from position 2 to position 5, Qatar has improved 6 positions (from 9 to 3), and Norway has moved from position 4 to position 6.
• Brunei Darussalam (8), Macao SAR (9), and UAE (10) have replaced Denmark (7), Iceland (8), and Australia (10).
• It is noteworthy that no African country is ranked in the top 50 economies regarding nominal GDP per capita or GDP per capita PPP, while only one country from South America (Panama) is ranked (49) based on GDP per capita purchasing power parity.
• The continents are represented as follows:

[1] The source for the GDP numbers in the article and the tables is StatisticsTimes.com which mentioned the International Monetary Fund World Economic Outlook (October 2025) as its source.

[2] World – Economic Outlook (WEO) October 2025 – ‘A Long and Difficult Ascent’. Published by the International Monetary Fund.

[3] Accentuations in citations, as well as other accentuations, are by the article writer.

[4] World Bank Group Flagship Report – ‘Global Economic Prospects’ – June 2025.

Table A – Nominal GDP ranking

Columns [2] to [7] reflect the nominal GDP ranking while columns [8] and [9] indicate the nominal GDP per capita.

* Hong Kong SAR is a special administrative region (SAR) of greater China.

Table B – GDP purchasing power parity (PPP) ranking

Columns [2] to [7] reflect the GDP PPP ranking while columns [8] and [9] indicate the GDP per capita (PPP).

Table C – Nominal GDP per capita ranking

Columns [2] to [6] reflect the nominal GDP per capita ranking while columns [7] and [8] indicate the nominal GDP.

* Macao SAR is a special administrative region (SAR) of greater China.

Table D – GDP per capita purchasing power parity (PPP) ranking

Columns [2] to [5] reflect the GDP per capita PPP ranking while columns [6] and [7] indicate the nominal GDP per capita.