G20 Countries Ranking 2024: In the realm of global economics and geopolitics, the G20 countries stand out as the premier league of nations. These powerful economies collectively shape the course of the world, making their ranking within the group a matter of great significance. In this article, we delve into the G20 countries GDP ranking, unravelling the intricacies of their economic prowess and their impact on the global stage. Join us on a journey to understand the pecking order of these influential nations within the G20, exploring not only their economic might but also the implications of their rankings on international diplomacy, trade, and strategic alliances. Whether you’re an economist, a policymaker, or simply curious about the dynamics of global power, this article will provide valuable insights into the G20 countries’ standings and their multifaceted roles in the modern world.
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Table of Contents
G20 Countries’ GDP Ranking 2024 – 85% of global GDP
The G20 is an international forum for the world’s 20 largest economies. The GDP ranking of the G20 countries is based on the nominal GDP of each country. The latest data shows that the United States is the largest economy in the G20, followed by China, Japan, Germany, and India. The smallest economies in the G20 are Turkey, South Africa, and Argentina.
The GDP ranking of the G20 countries can change over time as the economies of each country grow or shrink. For example, China’s economy has been growing rapidly in recent years, and it is now the second largest economy in the world. Indonesia’s economy is also growing rapidly, and it is expected to become the seventh largest economy in the world by 2030.
The GDP ranking of the G20 countries is an important indicator of the economic power of each country. The larger the economy, the more influence the country has in the global economy. The G20 countries are responsible for about 80% of the world’s GDP, so their decisions have a significant impact on the global economy.
| Ranking | G20 Country Name | 2024 GDP in trillion dollars |
|---|---|---|
| 1 | United States | 25.46 |
| 2 | China | 17.96 |
| 3 | Japan | 4.23 |
| 4 | Germany | 4.07 |
| 5 | India | 3.38 |
| 6 | United Kingdom | 3.07 |
| 7 | France | 2.78 |
| 8 | Russia | 2.24 |
| 9 | Canada | 2.14 |
| 10 | Italy | 2.01 |
| 11 | Brazil | 1.92 |
| 12 | Australia | 1.68 |
| 13 | South Korea | 1.67 |
| 14 | Mexico | 1.41 |
| 15 | Indonesia | 1.31 |
| 16 | Saudi Arabia | 1.1 |
| 17 | Turkey | 0.91 |
| 18 | Argentina | 0.63 |
| 19 | South Africa | 0.4 |
Reference – https://indianexpress.com/article/india/all-about-g20-member-states-8929001/
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G20 Countries’ Population Ranking 2024 – Over 60% of world’s population
The G20 member states collectively house more than 4.9 billion individuals, boasting an average life expectancy of 78 years and a current median age of 39. This contrasts significantly with the global average, which stands at 30 years.
According to data from the World Population Review, India (17.85 percent) and China (17.81 percent) jointly represent more than 35 percent of the world’s population. The United States, also a member of the G20, ranks third with a share of just 4.25 percent of the global population, followed by Indonesia at 3.47 percent.
Australia, on the other hand, contributes a mere 0.33 percent to the world’s population, making it the least populous among the G20 nations.
G20 Countries Global Trade
Accounting for more than 70% of global trade, the G20 countries hold a substantial share of the world’s economic activity. According to a report by ANI, India’s bilateral trade with G20 nations in the fiscal year 2022-23 reveals interesting insights.
The United States emerges as India’s largest trading partner among the G20 members, with a merchandise trade volume reaching $129 billion, resulting in a trade surplus of $27.7 billion for India.
China follows closely as the second-largest trade partner, with a total merchandise trade value of $113.8 billion. Saudi Arabia and Russia also feature prominently, with trade volumes of $49.9 billion and $49.4 billion, respectively.
Within the G20, the European Union (EU) stands out as the sole regional group, and it holds significant importance as a trade partner for India. The total merchandise trade between India and the EU amounts to $135.9 billion, creating a trade surplus of $13.8 billion for India.
These figures underscore the diverse and substantial trade relationships that India maintains with G20 countries, highlighting the economic interdependence and opportunities for collaboration on the global stage.
FAQs on G20 Countries Ranking 2024
The GDP ranking of G20 countries in 2024 is significant because it reflects the economic power and influence of each country within this group of the world’s largest economies. It helps us understand which countries have the largest economies and, therefore, the potential to impact the global economy significantly.
The population ranking of G20 countries in 2024 is important because it sheds light on the demographic composition of these influential nations. It helps us understand the distribution of global population among G20 members, which can have implications for various aspects of international relations and trade.
India has the largest population among G20 countries, with approximately 17.85 percent of the world’s population. This means that India accounts for a significant portion of the global population, highlighting its demographic importance on the world stage.
Global trade is a crucial aspect of G20 countries’ economic activities, accounting for more than 70% of global trade. The United States, China, Saudi Arabia, and Russia are among the prominent G20 countries in terms of trade volume and partnerships. The European Union (EU) also plays a significant role in global trade within the G20 context, contributing to substantial trade relationships.
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