China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund.
The White House seemed caught flat-footed by the news, crowing on Wednesday about America's relative economic strength in comparison with the rest of the world.
The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog.
The latest IMF figures show the Chinese economy is worth $17.61 trillion compared with $17.4 trillion for the U.S.
On the purchasing power basis, China is overtaking the US right about now and becoming the world’s biggest economy, according to the forecast.
According to IMF estimates, in 2015 the gap between China and the US will increase to almost a trillion dollars: Chinese GDP PPP will amount to $19.23 trillion against $18.286 trillion in the US.
China – whose wealth has accelerated in recent decades amid rapid industrialization – is expected to extend its lead, with the IMF estimating its economy will be worth just under $26.98 trillion in 2019.
That would be 20 per cent bigger than the U.S. economy, which is forecast to be worth $22.3 trillion by then.
Source:
The White House seemed caught flat-footed by the news, crowing on Wednesday about America's relative economic strength in comparison with the rest of the world.
The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog.
The latest IMF figures show the Chinese economy is worth $17.61 trillion compared with $17.4 trillion for the U.S.
On the purchasing power basis, China is overtaking the US right about now and becoming the world’s biggest economy, according to the forecast.
According to IMF estimates, in 2015 the gap between China and the US will increase to almost a trillion dollars: Chinese GDP PPP will amount to $19.23 trillion against $18.286 trillion in the US.
China – whose wealth has accelerated in recent decades amid rapid industrialization – is expected to extend its lead, with the IMF estimating its economy will be worth just under $26.98 trillion in 2019.
That would be 20 per cent bigger than the U.S. economy, which is forecast to be worth $22.3 trillion by then.
Source:
http://www.dailymail.co.uk/news/article-2785905/China-overtakes-U-S-world-s-largest-economy-IMF-says-economy-worth-17-6trillion-America-falls-second-place-time-1872.html
http://rt.com/business/194264-china-surpass-us-gdp/
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