For years China has been the second leading economy in the world right behind the United States of America. During these years, there has been lots of speculation about China overtaking the U.S one day and becoming the number one economic giant globally. Recently, thanks to Facebook, I've discovered that according to two reputable news sites, China now has the leading economy in the world BUT... Is that really TRUE?!?
Well, according to the IMF (International Monetary Fund), China's GDP (Gross Domestic Product) is now slightly larger than the U.S with China having $17.632 trillion and the United States $17.416 trillion. A country's GDP is the amount of goods and services produced and it is usually calculated on an annual basis. The GDP is one of the main factors which is considered when analyzing a country's economy. Also, according to the Business Insider, it is projected that by the ending of 2014, China will surpass the U.S in terms of having the largest percentage of the world's purchasing power with China having 16.48% and the U.S 16.28%. However, it must be noted that the U.S economy according to sheer size is still much larger than China with the U.S being $17.4 trillion and China $10.4 trillion. So therefore, which country Really has the largest economy and if it is the U.S, how long will they remain the world's leading economy before China takes over?!? Food for Thought!!!
This chart shows a comparison of the GDP from 1980 to 2018 in China and the United States
(Chart taken from the huffingtonpost.com)
1 comment:
I think China running things 'long time' economically. However, it will be a long time before people recognise them for the powerhouse they are.
Post a Comment