Step 1: Understanding the Concept:
This involves identifying the top-tier global economies based on the rankings provided in the text.
Step 2: Detailed Explanation:
The passage discusses India's rise to the 5th position. It notes that India is now "behind only the US, China, Japan and Germany."
By logical deduction from this ordered list:
1. Rank 1: US
2. Rank 2: China
3. Rank 3: Japan
4. Rank 4: Germany
Therefore, the two largest are the US and China.
Step 3: Final Answer:
The two largest economies in the world are the United States and China.