California is Now the 4th Largest Economy in the World
SACRAMENTO — Gov. Gavin Newsom April 23 announced that California has officially overtaken Japan to become the world’s fourth-largest economy, according to newly released data from the International Monetary Fund or IMF and the U.S. Bureau of Economic Analysis or BEA.
According to the IMF’s 2024 World Economic Outlook data released April 22 and BEA data, California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.
Outperforming the Nation
California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term — the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.
California is the backbone of the nation’s economy
With an increasing state population and recent record-high tourism spending, California is the nation’s top state for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture.
The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. 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 Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles
Protecting California’s economy
Gov. Gavin Newsom last week filed a lawsuit in federal court challenging the president’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized 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 U.S. economy by $100 billion annually.
Gov. Newsom makes CalRx® Naloxone available for all Californians at $24
SACRAMENTO – Gov. Newsom April 22 announced that individual twin-packs of CalRx®-branded over-the-counter or OTC naloxone HCL 4 mg nasal spray are now available to all Californians at the price of $24 per carton – almost half the standard market price. Previously offered only to government entities and businesses in packs of 24, this new direct-to-consumer program expands individual access to this life-saving overdose reversal medication.
Naloxone, a medication that blocks the effects of opioids, can quickly reverse an overdose, giving individuals crucial time to receive medical help.
Anyone residing in California can now visit the CalRx website to purchase an individual twin-pack of naloxone HCL 4 mg nasal spray for $24, plus tax and shipping fees. This price makes the CalRx offering among the most cost-competitive options currently available.
The launch of CalRx®-branded naloxone in May 2024 was more than just an expansion of access to a single medication — it represented a larger shift in how California is reshaping the pharmaceutical market to prioritize affordability, transparency, and public health.
By leveraging state purchasing power and strategic partnerships, CalRx is establishing a new standard for making essential medications more accessible at lower, more predictable prices. This initiative demonstrates how bold, state-led action can disrupt traditional pricing models and ensure that cost never stands in the way of care.
This initiative is part of Governor Newsom’s Master Plan for Tackling the Fentanyl and Opioid Crisis. A recent study published on the Naloxone Savings Dashboard revealed that the state’s CalRX initiative has saved California over $6 million to date. For more information on opioids and how you can protect yourself and loved ones, visit Opioids.CA.GOV, a one-stop shop for Californians seeking resources around prevention and treatment.
Impact on the opioid crisis
For the first time in California, data through June 2024 showed a decline in synthetic opioid-related overdose deaths, from drugs such as fentanyl and tramadol. This had reversed a trend of increased synthetic opioid-related death in the state from 2018 through June 2023. The overdose crisis remains complex and is constantly evolving due to a variety of factors. Year-to-year changes cannot be credited to any one cause, but it is clear that a comprehensive effort is making a difference, as we continue to address opioid trafficking, prevent overdoses, support those with opioid use disorder, and raise awareness about the dangers of opioids.
How to obtain CalRx Naloxone
- Online ordering: California residents and businesses can order CalRx® Naloxone HCL 4 mg nasal spray for $24 per box by visiting the CalRx Get Naloxone website.
2. Naloxone Distribution Project: Eligible organizations may qualify for free CalRx® Naloxone HCL 4 mg nasal spray through the Department of Health Care Services’ Naloxone Distribution Project (NDP). For more information, visit the NDP website.
CalRx® program
The California Department of Health Care Access and Information, which administers the CalRx program, recently published its Naloxone Savings Dashboard, revealing that this initiative has saved California over $17 million to date.
Details: CalRx® Naloxone.For more information regarding California’s response to the opioid crisis, visit http://opioids.ca.gov.