California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, Governor Gavin Newsom announced on Thursday.
The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn and Germany at $4.65tn.
Along with the tech and entertainment industry capitals, the state, which has a population of nearly 40 million people, is the center for US manufacturing output and is the country’s largest agricultural producer.
“California isn’t just keeping pace with the world – we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation,” Newsom said in a statement.
The state has outperformed the world’s top economies with a growth rate in 2024 of 6% compared with the US’s 5.3%, China’s 2.6% and Germany’s 2.9%. This week’s new rankings come six years after California surpassed the United Kingdom and became the world’s fifth largest economy.
Newsom noted, however, that the Trump administration’s agenda endangers California’s economic interests.
“And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”
Source: The Guardian
Bd-pratidin English/Lutful Hoque
