International Monetary Fund (IMF) has officially revealed that China become the largest economy in the world. The most population country has overtook the United States.
IMF recently released the latest report and it show that China produce $17.6 trillion while the second place, USA produce $17.4 trillion. It is difference as 2000, which USA produced nearly three times as much as the China.
Now, China percentage 16.5% of the global economy when measured in real-purchasing power terms, while 16.3% for the US.
It is foolows the development last year when China surpassed the US for the first time in terms of global trade.
This will change almost everything in the longer term and also effect Asia too.. China – whose wealth has accelerated in recent decades amid rapid industrialization – is expected to extend its lead, with the IMF estimating its economy will be worth just under $26.98 trillion in 2019.
China enjoyed three decades of double-digit growth before the global downturn, as industrialization and sweeping economic reforms created a new powerhouse in the East.China has a population of around 1.3 billion – four times that of the U.S. – but its economy has only now become the biggest.
That would be 20 per cent bigger than the U.S. economy, which is forecast to be worth $22.3 trillion by then.
Reference :- MarketWatch