New data from the IMF and the US Bureau of Economic Analysis reveals that California's gross domestic product (GDP) reached $4.10 trillion in 2024, surpassing Japan's $4.01 trillion. Governor Gavin Newsom emphasized that while the state celebrates this milestone, concerns over reckless federal tariff policies pose a threat to its economic momentum.
California Surpasses Japan, Now Fourth Largest Economy in the World
California Surpasses Japan, Now Fourth Largest Economy in the World
California's economy has officially overtaken Japan, securing its position as the fourth largest economy globally.
California has set a remarkable economic milestone by surpassing Japan and becoming the fourth largest economy globally, with a GDP of $4.10 trillion as of 2024, according to new data from the International Monetary Fund (IMF) and the US Bureau of Economic Analysis. This achievement positions California behind only Germany, China, and the United States as a whole. Governor Gavin Newsom praised the state's economic growth, stating, "California isn't just keeping pace with the world - we're setting the pace."
Newsom's comments come amid his critique of the current federal administration's tariffs, particularly those enacted by President Donald Trump. These tariffs, which include a 10% levy on nearly all countries exporting to the US, aim to boost domestic manufacturing and job growth but have raised concerns about their impact on California's economy. The state is home to a significant share of US manufacturing, agriculture, and technology industries, along with being the center of global entertainment.
As the state celebrates this significant achievement, Newsom cautioned that continued prosperity is at risk due to reckless tariff policies from the federal government. He highlighted the need to protect California's economy, which he views as a vital engine for national growth.
California's GDP growth outpaces Japan's, which is currently grappling with the challenges of an ageing population and labor shrinkage, leading to reduced economic dynamism. This week, the IMF has also downgraded its economic growth forecast for Japan amid concerns about rising tariffs and their effects on the economy.
Newsom's comments come amid his critique of the current federal administration's tariffs, particularly those enacted by President Donald Trump. These tariffs, which include a 10% levy on nearly all countries exporting to the US, aim to boost domestic manufacturing and job growth but have raised concerns about their impact on California's economy. The state is home to a significant share of US manufacturing, agriculture, and technology industries, along with being the center of global entertainment.
As the state celebrates this significant achievement, Newsom cautioned that continued prosperity is at risk due to reckless tariff policies from the federal government. He highlighted the need to protect California's economy, which he views as a vital engine for national growth.
California's GDP growth outpaces Japan's, which is currently grappling with the challenges of an ageing population and labor shrinkage, leading to reduced economic dynamism. This week, the IMF has also downgraded its economic growth forecast for Japan amid concerns about rising tariffs and their effects on the economy.
