China Surpasses U.S As World’s Largest Economy Based On Key Measure

China has surpassed the US in terms of GDP based on purchasing power parity (PPP), becoming the largest in the world by this measure, International Monetary Fund estimates show.
China gross domestic product (GDP) is worth $ 17.6 trillion, while U.S. GDP is $ 17.4 trillion, with adjustments made for China’s low cost of living.
Without these adjustments for living costs, the Chinese economy will still be smaller than that of the US, at £ 6.4trillion. according to the IMF’s latest World Economic Outlook.
International Comparison Program (ICP), under the auspices of the United Nations and World Bank latest assessments place China’s economy at 87% of the size of the US in 2011, BBC informs.
And in 2005, the same organisation put China at only 43%. But, the latest figures from the IMF in 2012 put China’s economic output at about half the size of the US. China’s (GDP) in 2012 was $ 8.2tn (£ 4.9tn) while the US was $ 16.2tn.
China enjoyed three decades of double-digit growth before the global downturn, as industrialisation and sweeping economic reforms created a new powerhouse in the East.
Image Credit: Telegraph
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