Sacramento, April 25 (IANS) California’s economy has overtaken Japan to become the world’s fourth-largest economy, behind only the United States, China, and Germany in global economic rankings.
California Governor Gavin Newsom made the announcement, citing the latest data from the International Monetary Fund and the US Bureau of Economic Analysis.
The Golden State’s nominal GDP reached $4.1 trillion in 2024, surpassing Japan’s $4.02 trillion, said Newsom’s office amid tensions between California and federal trade policies.
“California isn’t just keeping pace with the world, we’re setting the pace. Our economy is thriving because we invest in people, prioritise sustainability and believe in the power of innovation,” Newsom said in a statement.
The Golden State’s economy has shown remarkable growth in recent years. From 2021 to 2024, California achieved an average nominal GDP growth of 7.5 per cent and the state’s growth rate reached 6 per cent in 2024, according to Newsom’s office.
California is the top state in the United States for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture, the office noted, adding: “California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians.”
The state contributes significantly to national economic growth, sending over 83 billion dollars more to the federal government than it receives in federal funding, it added.
Despite the achievement, the Governor expressed concern about California’s challenges, particularly regarding federal trade policies.
California filed a lawsuit on April 16 against the federal government, challenging its use of emergency powers to impose extensive tariffs. State officials argued these tariffs threaten California’s economy and undermine ongoing progress, Xinhua news agency reported.
“The lawsuit seeks to end President (Donald) Trump’s tariff chaos, which has wreaked havoc on the economy, destabilised the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the US economy by $100 billion annually,” the office said.
According to a policy analysis by research firm Trade Partnership Worldwide, California could pay over $170 billion in import taxes in 2025 under the new tariff structure.
–IANS
int/jk/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
