Published on 31 May 2024 on Insider Monkey via Yahoo Finance

The Richest Country in the World by GDP

We recently compiled a list of the 50 Richest Countries in the World by GDP and in this article we will talk about the country with the largest GDP in the world.

Global Economic Outlook of Richest Countries

The global economy has been facing strong headwinds since the COVID-19 pandemic including the world's richest countries by GDP. The major economic issues include high inflation, high interest rates, and geopolitical risks. Japan’s economic situation looks bleak and the country’s GDP has plunged during the last two quarters. Japan's GDP shrank by 3.3% in Q1 2024 and 0.4% in Q4 2023 year-over-year. In the ongoing economic shift, Japan lost its position as the third-largest economy with its GDP at around $6.72 trillion, as of 2024. On May 9, Reuters reported that the Bank of Japan could raise interest rates if the yen drops sharply, leading to higher inflation. Recently, the Bank of Japan ended eight years of negative interest rates, changing the policy following decades of aggressive monetary easing. Japan’s new interest rate ranges between 0% to 0.1%. Japan’s central bank board member, Seiji Adachi, said that the bank can move towards increased interest rates if excessive yen falls persist. Adachi further added: