California Remains the World’s 5th Largest Economy
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SACRAMENTO ~ Sacramento, California - According to the recently released World Economic Outlook by the International Monetary Fund (IMF), California has maintained its position as the 5th largest economy in the world for the seventh consecutive year. This news comes as no surprise, thanks to the state's continued economic growth and strong performances across various industry sectors.

Governor Gavin Newsom expressed his pride in California's economic standing, stating that the state "continues to punch above its weight" and outperform all but a handful of the largest countries in the world. He also highlighted California's unique combination of innovation, higher education, talented workforce, diverse industries, and unparalleled natural resources as key factors contributing to its success.

The U.S. remains far ahead of other countries in terms of nominal GDP, with a staggering $27 trillion. However, California is not far behind with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the previous year, according to data from the U.S. Bureau of Economic Analysis (BEA). On a per capita basis, California ranks as the second largest economy in the world.

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Other states that made it into the top 20 economies include Texas, New York, and Florida. However, Florida slipped one spot to 19th place this year and was overtaken by Spain.

Meanwhile, India continues to experience accelerated economic growth and has maintained its position as the sixth largest economy since surpassing the United Kingdom in 2021.

Looking at data from the past seven years provided by both IMF and BEA, it is evident that California has consistently held onto its spot as one of the top economies in the world. This further solidifies its reputation as a global leader in innovation and economic strength.

As California continues to thrive economically, it is clear that it will remain a force to be reckoned with on both national and international levels for years to come.

Filed Under: Government, State
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