California's economy has surpassed Japan's to become the fourth largest in the world, Governor Gavin Newsom (Democrat, 57) announced on the 23rd.
Governor Newsom cited newly released data from the International Monetary Fund (IMF) and the Bureau of Economic Analysis (BEA) indicating that California's nominal Gross Domestic Product (GDP) for 2024 is projected to be $4.1 trillion (approximately 590 trillion won), surpassing Japan's $4.02 trillion (approximately 576 trillion won). He explained that in terms of GDP, California ranks fourth in the world, following the United States, China, and Germany.
Governor Newsom stated that California's economic growth rate is steeper. Last year's growth rate in California was 6%, higher than the national rate of 5.3%, and also surpassing China (2.6%) and Germany (2.9%).
California has a population of over 40 million and is home to the information technology (IT) industry hub 'Silicon Valley' in San Francisco and the entertainment industry core 'Hollywood' in Los Angeles. Its agricultural production is the largest in the United States, and it has over 1.1 million manufacturing workers. California sends $83 billion (approximately 120 trillion won) more to the federal government than it receives.
Governor Newsom is actively opposing President Donald Trump's tariff policy. The California state government previously filed a lawsuit in federal court claiming that President Trump abused his emergency powers to impose tariffs, which is unconstitutional and illegal.
Governor Newsom noted, "I recognize that our progress is threatened by the reckless tariff policies of the current federal administration," adding, "California's economy is the engine of the United States, and it must be protected."