California Ranked World’s 5th Largest Economy for 7th Straight Year

California has once again secured its position as the fifth-largest economy globally, according to a report by the World Economic Outlook released by the International Monetary Fund April 16. “California continues to punch above its weight, overperforming all but a handful of the largest countries in the world,” said Gov. Gavin Newsom in a statement. “And with our unparalleled combination of innovation, higher education, a talented workforce, diverse industries, and unparalleled natural resources, we will continue to do so well into the future.” Last year, California’s nominal Gross Domestic Product—or GDP—calculated based on 2023’s prices, reached almost $3.9 trillion, representing a growth rate of 6.1 percent from the previous year, according to the U.S. Bureau of Economic Analysis. On an average per-person basis, the state ranks as the second-largest economy in the world....