The United States of America is gradually losing its super-power position in the world to the giant Asian country-China. The International Monetary Fund (IMF) has announced that China has overtaken US to become the world’s largest economy.
To find out this, Business Insider says the IMF measures both GDP in market exchange terms, and in terms of purchasing power. And on the purchasing power basis, IMF says China is overtaking the US right about now and becoming the world’s biggest economy.
According to the IMF, by the end of 2014, China will make up 16.48% of the world’s purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion).
Interestingly, Chris Giles at the Financial Times mentioned in April this year that this was going to happen—and that China will take over.
This is wrong information, read the full story from major news agencies. America’s GDP still stands higher at a current 17 trillion to China’s 10 trillion. What is said is China has higher purchasing power by Ppp ( purchasing power parity). Goods and services in China is cheaper: a thousand dollar in China can buy more because of low living cost. In China, But this is nothing new, just we have not been taking that into consideration. The Western countries are Capitalist and cost of living is expensive from New York to London to Tokyo.
This is wrong information, read the full story from major news agencies. America’s GDP still stands higher at a current 17 trillion to China’s 10 trillion. What is said is China has higher purchasing power by Ppp ( purchasing power parity). Goods and services in China is cheaper: a thousand dollar in China can buy more because of low living cost. In China, But this is nothing new, just we have not been taking that into consideration. The Western countries are Capitalist and cost of living is expensive from New York to London to Tokyo.
i saw it coming
i saw it coming