California
\nCalifornia has officially surpassed Japan to become the fourth-largest economy in the world, Governor Gavin Newsom announced on Wednesday, citing data from the International Monetary Fund (IMF) and the US Bureau of Economic Analysis (BEA).
\nThe state\u2019s nominal GDP reached $4.1 trillion, pushing it ahead of Japan\u2019s $4.02 trillion and trailing only the United States, China, and Germany.
\nAccording to the IMF\u2019s 2024 World Economic Outlook and recent BEA figures, California\u2019s economy continues to outpace global powerhouses. With a growth rate of 6% in 2024, the state is ahead of the United States (5.3%), China (2.6%), and Germany (2.9%).
\nThe full report released by Newsom\u2019s press office revealed that, over the past four years, California\u2019s average GDP growth rate has held steady at 7.5%, cementing its place as a long-term economic leader.
\nGovernor Newsom attributed the state\u2019s economic success to policies centred around sustainability, innovation, and investment in people.
\n\u201cCalifornia isn\u2019t just keeping pace with the world\u2014we\u2019re setting the pace,\u201d Newsom said in a statement. \u201cWhile we celebrate this success, we also recognise the threat reckless federal tariff policies pose to our progress.\u201d
\nCalifornia continues to drive national economic growth. The state leads the U.S. in new business starts, venture capital funding, and output in manufacturing, agriculture, and high technology.
\nMore than 36,000 manufacturing firms in California employ over 1.1 million people, producing goods across sectors such as aerospace, electronics, and zero-emission vehicles.
\nTourism also plays a critical role, with recent record-high spending contributing to the state\u2019s expanding economy. At the federal level, California contributes over $83 billion more than it receives, highlighting its role as the backbone of national economic strength.
\nIn response to federal trade policy, Newsom filed a lawsuit last week challenging President Trump\u2019s use of emergency powers to impose tariffs.
\nThe suit argues the tariffs have destabilised markets and imposed excessive costs on businesses and consumers, with estimates suggesting the measures may shrink the U.S. economy by $100 billion annually.<\/p>\n","protected":false},"excerpt":{"rendered":"
California California has officially surpassed Japan to become the fourth-largest economy in the world, Governor Gavin Newsom announced on Wednesday, citing data from the International Monetary Fund (IMF) and the US Bureau of Economic Analysis (BEA). The state\u2019s nominal GDP reached $4.1 trillion, pushing it ahead of Japan\u2019s $4.02 trillion and trailing only the United […]<\/p>\n","protected":false},"author":2,"featured_media":474575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-474548","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world"],"yoast_head":"\n