Ukraine rises to 57th place in world's largest economies ranking
Photo: Ministry of Energy

Ukraine has climbed to 57th place in the World Bank's ranking of the world's largest economies.

According to the World Bank, Ukraine's gross domestic product grew by 5.3% in 2023, from $162 billion to $178.8 billion. As a result, Ukraine rose from 59th to 57th place in the ranking, surpassing Kuwait (and gaining another place due to Cuba's exclusion from the ranking). Ukraine's neighbors in the list are Hungary with $212.4 billion and Ethiopia with $163.7 billion.

Ukraine rises to 57th place in world's largest economies ranking
Chart of GDP of Ukraine since 1991 (Source: World Bank)

The United States maintains a significant lead in the first place. In absolute dollar terms, the American economy is one-third larger than China's – $27.4 trillion and $17.8 trillion respectively.

Germany overtook Japan to reach third place – $4.5 trillion versus $4.2 trillion.

Japan had been in the top three largest economies since the mid-20th century. In 1968, it surpassed West Germany in gross national product – the main indicator at the time – becoming second in the world after the US. It held this position until 2010 before being overtaken by China.

The top ten largest economies are rounded out by India, the United Kingdom, France, Italy, Brazil, and Canada.

The world's smallest economy is Tuvalu, with its GDP estimated at only $62 million.

The British Virgin Islands, Cuba, Eritrea, Gibraltar, North Korea, Northern Mariana Islands, South Sudan, Venezuela, and Yemen did not make the ranking.

Read also: Ukraine enters World Bank's upper-middle-income country list for first time