China To Overtake The U.S. As The World’s No. 1 Economy This Year

China Could Overtake The U.S. As The World’s No. 1 Economy This Year -- Time

New data from the World Bank suggests China could surpass the U.S. as the world’s biggest economy as early as this year, a day that was always meant to arrive after China began its quest for wealth in the 1980s, but it will just veil the reality of its economic weaknesses

China’s economy is catching up to the U.S.’s much more quickly than anticipated. That’s according to a new report from the International Comparison Program of the World Bank. More The study recalibrates GDP statistics based on updated estimates of “purchasing-power parity” — a measure of what money can actually buy in different economies.

In the process, the economy of China comes out far larger than we had previously thought. Its GDP surges to $13.5 trillion in 2011 (the latest year available), compared with the $7.3 trillion calculated using exchange rates. That catapults China’s economy much closer to that of the U.S. — at $15.5 trillion. Forecasting ahead, these figures show that China could overtake America as the world’s largest economy as early as this year.

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More News On Reports That China Will Overtake The U.S. As The World’s No. 1 Economy This Year

China poised to pass US as world’s leading economic power this year -- Financial Times
China will become the world's largest economy by the end of the year -- The Economist
China poised to overtake US as world's largest economy, research shows -- The Guardian
Report: China Could Overtake US Economy This Year -- Voice of America
World Bank says China and India are richer than we thought -- VOX
No longer #1? China may replace US as biggest economy this year – World Bank -- RT
China rejects sign it may soon be No. 1 economy -- Washington Post/AP
Why China doesn’t want to be the world’s largest economy yet -- Lily Kuo, Quartz
China Could (By One Measure) Pass U.S. As No. 1 Economy This Year -- NPR
China’s Economy Surpassing U.S.? Well, Yes and No -- Wall Street Journal

My Comment: This is another reason on why China will surpass the U.S. economy sooner rather than later .... US economy more robust than 0.1% growth suggests, GDP report shows -- The Guardian