China Now Overtakes U.S.A As The world’s Largest Economy’


china-construction-tower_sha1182_37329161According to the International Monetary Fund, IMF,  IMF says economy is now worth £11 trillion as America falls into second place for the first time since 1872China has overtaken the United States as the world’s largest economy. The IMF estimates that the size of the US economy is $17.4tr, while the Chinese economy comes in at $17.6tr, Business Insider reports. China’s share of the global economy is 16.48 per cent, while the United States accounts for 16.28 per cent, the IMF said Tuesday as part of its outlook for the world economic growth.These figures are adjusted for the relative costs of living in both countries, known as “purchasing power parity.” In 2005, Chinese economy was less than half the size of US economy. Today, the story has changed. China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund. The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog. The latest IMF figures show the Chinese economy is worth £11trillion compared with £10.8trillion for the US. 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 £16.7trillion in 2019. That would be 20 per cent bigger than the US economy, which is forecast to be worth £13.8trillion by then. SEE MORE ON PAGE 2

Facebook Comments