In 2024, the U.S. GDP increased from the previous year to about 29.18 trillion U.S. dollars. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2024, the United States has the largest economy in the world. What is GDP? Gross domestic product is one of the most important indicators used to analyze the health of an economy. GDP is defined by the BEA as the market value of goods and services produced by labor and property in the United States, regardless of nationality. It is the primary measure of U.S. production. The OECD defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs). GDP and national debt Although the United States had the highest Gross Domestic Product (GDP) in the world in 2022, this does not tell us much about the quality of life in any given country. GDP per capita at purchasing power parity (PPP) is an economic measurement that is thought to be a better method for comparing living standards across countries because it accounts for domestic inflation and variations in the cost of living. While the United States might have the largest economy, the country that ranked highest in terms of GDP at PPP was Luxembourg, amounting to around 141,333 international dollars per capita. Singapore, Ireland, and Qatar also ranked highly on the GDP PPP list, and the United States ranked 9th in 2022.

Graph and download economic data for Infra-Annual Labor Statistics: Working-Age Population Total: From 15 to 64 Years for United States (LFWA64TTUSM647S) from Jan 1977 to May 2025 about working-age, 15 to 64 years, population, and USA.

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In 2025, Luxembourg was the country with the highest gross domestic product per capita in the world. Of the 20 listed countries, 13 are in Europe and five are in Asia, alongside the U.S. and Australia. There are no African or Latin American countries among the top 20. Correlation with high living standards While GDP is a useful indicator for measuring the size or strength of an economy, GDP per capita is much more reflective of living standards. For example, when compared to life expectancy or indices such as the Human Development Index or the World Happiness Report, there is a strong overlap - 14 of the 20 countries on this list are also ranked among the 20 happiest countries in 2024, and all 20 have "very high" HDIs. Misleading metrics? GDP per capita figures, however, can be misleading, and to paint a fuller picture of a country's living standards then one must look at multiple metrics. GDP per capita figures can be skewed by inequalities in wealth distribution, and in countries such as those in the Middle East, a relatively large share of the population lives in poverty while a smaller number live affluent lifestyles.

As of 2023, the countries with the highest life expectancy included Switzerland, Japan, and Spain. As of that time, a new-born child in Switzerland could expect to live an average of **** years. Around the world, females consistently have a higher average life expectancy than males, with females in Europe expected to live an average of *** years longer than males on this continent. Increases in life expectancy The overall average life expectancy in OECD countries increased by **** years from 1970 to 2019. The countries that saw the largest increases included Turkey, India, and South Korea. The life expectancy at birth in Turkey increased an astonishing 24.4 years over this period. The countries with the lowest life expectancy worldwide as of 2022 were Chad, Lesotho, and Nigeria, where a newborn could be expected to live an average of ** years. Life expectancy in the U.S. The life expectancy in the United States was ***** years as of 2023. Shockingly, the life expectancy in the United States has decreased in recent years, while it continues to increase in other similarly developed countries. The COVID-19 pandemic and increasing rates of suicide and drug overdose deaths from the opioid epidemic have been cited as reasons for this decrease.

Seventy percent of the global workforce will be shared equally by Generation X and Generation Y by 2020, with forecasts suggesting that Generation Z will make up nearly a ******* of the workforce as they start to enter adulthood. Employment rates in industrialized countries In member countries of the Organisation for Economic Co-operation and Development (OECD), employment rates range between ** and ** percent of the working age population. Northern European countries such as Iceland, Sweden, and Denmark have some of the highest employment rates, along with New Zealand and Japan. Italy, Greece, and Turkey had the lowest employment rates in OECD countries. The staffing industry Recruitment firms are now well-established in many industrialized countries. The global staffing industry was estimated to have revenues of *** billion U.S. dollars in 2017, with firms from the United States generating a ** percent share of that figure. Firms from Japan also held a significant market share and this highlights the growth in the staffing industry across Asia, with the Chinese market expecting revenues to increase by around ** percent in 2019.