By January 2015 China overtakes US as World’s Largest Economy with China producing $17.6 trillion versus the US producing $17.4 trillion. Compare this to 2004 when China produced 1/3 of the United States.
Financial Times estimates China accounts for 16.5% of the global econmy while the US accounts for $16.3%
Bear in mind these numbers are the result of the IMF’s calculation using Purchasing Power Parity, so any change in currency is not taken into account.
Well, we had a god run – the US was the world’s largest economy since 1872 when it surpassed then then aging United Kingdom.
FT shared an interesting tidbit I never knew so I’ll pass it along: the UK was only the world’s largest economy from 1870 – 1872. Prior to 1870, the largest was China.
So we can say today, they are simply reclaiming the crown. Well, could if we didn’t take into account the relative number of people in each country.
China’s Per Person GDP is less than ¼ of the same in the United States. But a Trend is a trend.