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It's PPP. In nominal GDP the US will still be ahead for some decades. PPP GDP doesn't mean much for a country, it should be compared per capita, it's the purchase power of a country's consumer for standard goods. PPP GDP doesn't reflect the financial power of a country.
Did you know India is ahead of Japan ? Or South Africa ahead of the Netherlands ?
Even in terms of nominal GDP, China will surpass the US in 5 years time.
The US GDP is comprised of what? mounting government debt? huge current account deficit?
In US, seeing a doctor costs you 200 dollars. In China, it is about 2 bucks.
the US GDP is very inflated.
Quote:
Originally Posted by JedlaRoche
It's PPP. In nominal GDP the US will still be ahead for some decades. PPP GDP doesn't mean much for a country, it should be compared per capita, it's the purchase power of a country's consumer for standard goods. PPP GDP doesn't reflect the financial power of a country.
Did you know India is ahead of Japan ? Or South Africa ahead of the Netherlands ?
Sorry. But it is already happening THIS YEAR. It was difficult for some people to believe CHina overtook Japan a few years ago. Now, the size of CHina's economy is almost twice that of Japan, even in nominal GDP
Quote:
Originally Posted by Jag_Je
It will never happen not for next few decades at least
As others mentioned, it is not happening this year or anytime soon- not in the full total $ size of the economy. China's economy is still a fraction of the US's in total dollars as well as per capita GDP.
The article mentions that in terms of PPP, China's economy is 87% of US in 2011. After 3 years of 8% annual growth, it will be higher than US in 2014.
Of course, when you talk about nominal GDP, it will be somewhere between 2018 or 2020 when China will surpass US. But that is not very far away.
Quote:
Originally Posted by jm31828
As others mentioned, it is not happening this year or anytime soon- not in the full total $ size of the economy. China's economy is still a fraction of the US's in total dollars as well as per capita GDP.
The article mentions that in terms of PPP, China's economy is 87% of US in 2011. After 3 years of 8% annual growth, it will be higher than US in 2014.
Of course, when you talk about nominal GDP, it will be somewhere between 2018 or 2020 when China will surpass US. But that is not very far away.
China is not going to double their economy by 2020.
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