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Primary content on this page
Bristol MP Stephen Williams under fire over claims Somali immigrants have contributed to pub closures
28-01-2015

Somali ex-Shebab chief tells others to surrender
28-01-2015

Somali PM unveils new cabinet
28-01-2015

Somali suicide bomber lived in Switzerland
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Minnesotan charged with trying to aid ISIS released to halfway house
28-01-2015

Hundreds of Somali refugees call East Texas home
28-01-2015

Al-Shabaab kidnaps 42 in Somalia's Bay
28-01-2015

Minneapolis police's Somali outreach gets national attention
28-01-2015

Kenyan forces, militants clash in Somalia; 5 killed
28-01-2015

Case of Somali shop owner accused of killing Soweto boy delayed
27-01-2015

China surpasses U.S. to become largest world economy
For the first time in decades, the U.S. is no longer the largest economy in the world, and China has become number one, the International Monetary Fund says.

The IMF recently released the latest numbers for the world economy, stating that China will produce $17.6 trillion in terms of goods and services-- compared with $17.4 trillion for the U.S.

Just 14 years ago, the U.S. produced nearly three times as much as the Chinese, Dow Jones’ MarketWatch reported.

But each country reports its data in its own currency, according to the IMF website. In order to compare data, each country's statistics must be converted into a common currency. But there are several ways to manage that conversion and each can result in very different answers.

Another measure of an economy’s strength is its “purchasing power parity” or PPP—the rate at which the currency of one country would have to be converted into that of another country to buy the same amount of goods and services in each country.

China now accounts for 16.5% of the global economy when measured in real PPP terms, compared with 16.3% for the U.S.

Prices aren't the same in each country, Business Insider suggests. The same shirt will cost you less in Shanghai than in San Francisco, so comparing countries without taking these factors into account is not always reliable.

Though the average Chinese citizen earns a lot less than the average American, simply converting a Chinese salary into dollars underestimates how much purchasing power that person, and therefore that country, might have.

So the IMF measures both GDP in market-exchange terms, and PPP terms. On the purchasing-power basis, China is overtaking the U.S. right now and becoming the world's biggest economy.

MarketWatch columnist Brett Arends suggests that if you just look at international exchange rates, the U.S economy is still larger than China’s allegedly by almost 70 percent. But, Arends adds, although these measures are commonly cited, they can also be unreliable.

Experts have predicted China’s economy would surpass America’s for years and recent conventional wisdom anticipated the change this year.

China’s economy may now be the world’s largest, but it’s still not the richest. GDP per head is still less than a quarter of U.S. levels, the Financial Times reported

 
Primary content on this page
Bristol MP Stephen Williams under fire over claims Somali immigrants have contributed to pub closures
28-01-2015

Somali ex-Shebab chief tells others to surrender
28-01-2015

Somali PM unveils new cabinet
28-01-2015

Somali suicide bomber lived in Switzerland
28-01-2015

Minnesotan charged with trying to aid ISIS released to halfway house
28-01-2015

Hundreds of Somali refugees call East Texas home
28-01-2015

Al-Shabaab kidnaps 42 in Somalia's Bay
28-01-2015

Minneapolis police's Somali outreach gets national attention
28-01-2015

Kenyan forces, militants clash in Somalia; 5 killed
28-01-2015

Case of Somali shop owner accused of killing Soweto boy delayed
27-01-2015


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