China to exceed the US economy.

AuteurDonnellon, Brian
Fonction Economic News

It has been forecast for some time that the US would lose its status as the world's largest economy. Following a report published by the International Comparison Program (ICP) ( this is likely to happen sooner than expected.

The ICP is a worldwide statistical operation involving 199 countries in cooperation with the World Bank and the United Nations Statistical Division. The program measures comparative price data and detailed expenditure values of countries' gross domestic product (GDP), and estimates of purchasing power parities (PPPs) for the world's economies. The results released late April 2014 are very different compared to the last update in 2005.

The latest reference year, 2011, puts China's GDP at 87 percent of that of the U.S. It confirms that since the 2005 report the Chinese and Indian economies have doubled relative to that of the U.S. India's economy has moved into third place ahead of Japan. Despite this an...

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