China Could Overtake the US as the World’s Leading Economy in 2014
A World Bank report suggests that China could take over from the US as the world’s biggest economy as early as this year.
The new report of the International Comparison Program of the World Bank suggests, that China’s economy is catching up to the US’s much more quickly than anticipated.
The study recalibrates GDP statistics based on updated estimates of “purchasing-power parity” — a measure of what money can actually buy in different economies.
In the process, the economy of China comes out far larger than previously thought. Its GDP surges to USD 13.5 trillion in 2011 (the latest year available), compared with the USD 7.3 trillion calculated using exchange rates.
That catapults China’s economy much closer to that of the US — at USD 15.5 trillion.
Forecasting ahead, these figures show that China could overtake America as the world’s largest economy as early as this year.
- » Sweden Wins 2015 Eurovision Song Contest
- » Gunfight Between Security Forces, Armed Group Kills at Least 43 in Mexico
- » IS Claims Responsibility for Suicide Attack on Shiite Mosque in Saudi Arabia
- » Russia Warns Google, Twitter, Facebook of Possible Blocking of Services
- » At Least 30 Casualties as Suicide Bomber Targets Shia Mosque in Saudi Arabia
- » Kristalina Georgieva Appointed Co-Chair to UN Humanitarian Financing Panel
I understand where you are coming from. It seems the only discussion on most forums has to include idiots who have no idea what civil conversation is. Changing names, insulting and arguing just to get someone upset seems to be the goal and it is such a waste.
Don't take them serious
First of all I never said America sucks!!!
I’m very well aware of the US economy and capabilities and very updated up to the minute… Yes the US will stay somewhere in the top few economies in our lifetime.
Canada doesn’t hate America and so is Russia. Yes Canada will even lose its 15 positions and go down in ranking but Russia has already the 7 largest economy in the world and will go a notch or two higher in a decade or two.
There is no reasonable predictions on doom and gloom in the US, just a steady decline of the middle class, standard of living and gradual reduction in opportunities for immigrants which will be finding more and more opportunities elsewhere.
Listen Viking, (btw I sure hope you are not some of those cyber nickname ghosts these days around here) when I preach about the emerging markets around here I don’t have any evil intentions about the west!
The point I’m trying to make is the spread of prosperity, elimination and decrease of poverty and spread of wealth I’m bragging about!!! China, India and etc. for example are pulling out hundreds of million of people out of poverty and this is my point!!!
By increasing the trade with those markets you are helping eliminating poverty!!!
(maybe a bit too noble for your selfish greedy mind…)
What you and all of the "America sucks" protagonists forget is that the USA has been the number one economy for how many years now? Even with all the predictions about the East and China, the USA will still be in the top two or three during your lifetime and Canada, Russia and all of the countries who love to hate America will still be 20th or 15th.
All the predictions of doom and gloom are just people wishing and not based on anything close to facts.
Don't forget the brightest (including eastern Europeans, Indians and Asians all seem to end up in the America and make it an economy like no other in the world.