Emerging economies reached a total nominal GDP of $30.29T in 2024, with a modest 3.81% growth. China and India led the bloc, while Iran and Ethiopia posted standout gains among newer members. Real GDP hit $28.13T with $7,855 per capita, signaling steady momentum across the Global South.
Emerging economies made a bold entrance into 2024 with striking new figures: a total nominal GDP of $30.29 trillion, up by more than $1.11 trillion from the previous year. While the nominal growth rate stood at just 3.81%, beneath the surface lies a wave of momentum reshaping the economic power map of the Global South.
China maintained its leading position with $18.94 trillion, dominating the bloc’s overall output. India, with an 8.54% growth rate and over $3.84 trillion in nominal GDP, solidified its second-place spot. Russia and South Africa posted solid gains, while Brazil saw a slight decline. Among the newcomers, Iran emerged as one of the year’s highlights with $555 billion and a 9.3% growth rate. Ethiopia stunned observers with a 28.29% surge, firmly establishing itself as a rising force. Saudi Arabia, the UAE, and Egypt showed mixed performance but continued strengthening their regional economic roles.
In real terms, based on constant 2020 dollars, total GDP reached $28.13 trillion—a solid 4.8% year-on-year growth. Average real GDP per capita rose to $7,855. The UAE led with $49,570 per person, while India and Ethiopia continued climbing with significant pace. These numbers show that while gaps remain, the ascent of emerging economies is accelerating—and the road upward is clearly open.