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  1. #11
    Senior Member AirborneSapper7's Avatar
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    China overtakes the US as world's largest economy

    Dec 4th 2014 2:49PM 410 Comments
    By RYAN GORMAN

    The U.S. no longer boasts the world's largest economy.

    China, the world's most populous country, has overtaken America to claim the title of world's number one economic powerhouse, according to the International Monetary Fund (IMF).

    By year's end, China's economic output will reach $17.6 trillion – the U.S. will slide down to second with a mere $17.4 trillion.

    Just over a decade ago, in 2000, the Americans produced three-times as much as the Chinese, MarketWatch noted. The Chinese economy was one-tenth the size of the U.S. in 1980, according to the Financial Times (FT).

    China's growth means it now accounts for 16.5 percent of the world's economy, according to the financial news site. The U.S. is holding down 16.3 percent.

    The IMF made the calculations by measuring purchasing-power parity (PPP), which does not account for fluctuations in exchange rates when measuring economies.

    Similar goods cost the same in both Shanghai and New York, as far as PPP is concerned.

    Experts have predicted this monumental shift in economic power for years. It was never a question of if, but rather when.

    The U.S. sat atop the world economic perch since 1872, when it passed Great Britain. The Brits only held the title for a handful of years, though, according to FT.

    Who did Great Britain surpass to claim the temporary perch? China, of course. The Chinese had the world's largest economy as late as 1870, an economic historian told the paper.

    Despite the inevitability of the world's most populous country assuming the top of the economic food chain, China's ascension carries a rather large caveat.

    The per-person Gross Domestic Product (GDP) is less than one-quarter that of the U.S., according to FT. It is still far from being the world's wealthiest nation.

    That distinction remains American.


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    Senior Member AirborneSapper7's Avatar
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    We’re No. 2

    Posted on December 4, 2014 December 4, 2014 by Sam Rolley Views: 297
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    The latest figures out from the International Monetary Fund show that the U.S. has been overtaken by China as the world’s leading economy after about a century and a half of U.S. economic dominance.
    The IMF numbers show China on track to produce $17.6 trillion worth of goods and services compared to the U.S.’s slated $17.4 trillion.
    The Wall Street Journal’s Market Watch explains:
    These calculations are based on a well-established and widely used economic measure known as purchasing-power parity (or PPP), which measures the actual output as opposed to fluctuations in exchange rates. So a Starbucks venti Frappucino served in Beijing counts the same as a venti Frappucino served in Minneapolis, regardless of what happens to be going on among foreign-exchange traders.
    PPP is the real way of comparing economies. It is one reported by the IMF and was, for example, the one used by McKinsey & Co. consultants back in the 1990s when they undertook a study of economic productivity on behalf of the British government.
    Yes, when you look at mere international exchange rates, the U.S. economy remains bigger than that of China, allegedly by almost 70%. But such measures, although they are widely followed, are largely meaningless. Does the U.S. economy really shrink if the dollar falls 10% on international currency markets? Does the recent plunge in the yen mean the Japanese economy is vanishing before our eyes?
    The numbers are eye-opening, but they don’t mean that the U.S. is in danger of rapidly losing world economic influence just yet.
    A number of contributing factors, including the U.S.’s 2008 self-inflicted financial crisis, slowed U.S. economic output at a time when China was beginning to realize unprecedented financial growth. As the U.S. economy strengthens, the margins could shift.
    China’s large population also makes it far from the world’s wealthiest nation, with a per-person gross domestic product less than one-quarter of that in the United States.


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