China beats US as world’s largest economy

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Meconomy153
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China beats US as world’s largest economy

Post by Meconomy153 » Fri Dec 05, 2014 6:28 pm

Very good news! International Monetary Fund (IMF) says by measuring purchasing power parity (PPP) that the US is no longer the world’s largest economy, as China has overtaken the country . :D
The US was the world’s largest economy since 1872, when it overtook Britain... :lol:

By the end of 2014:
- China’s economic output will amount to $17.6 trillion,
- and the US $17.4 trillion.

So the US will be demoted to the second place!

China’s growth means it now accounts for 16.5% of the global economy in real purchasing power terms, the US 16.3% for.

More facts:
- China remains the biggest foreign holder of US government debt.
- China is holding an estimated $1.27 trillion in US Treasury bonds. That is not really smart beceause earlier this year China and Russia agreed to a measure to undercut the domination of the US dollar as the international reserve currency by paying each other in domestic currencies.

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