> The US is still the world's largest economy - by a lot.
China is.
China is.
Of course this might be entirely moot since US is in the process of committing economic suicide for no apparent reason.
That had little effect on GDP growth, though.
It’s not like the gap has been narrowed that much in the last 15 years:
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?location...
It’s not that long until China’s demographic issues will start having a huge impact.
Unless something significant changes it’s not inconceivable if China never catches up.
Obviously such longterm projections are semi meaningless but China will likely have less than 500 million people by the end of the century.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)
Or should the question draw the boundary differently, and be asking about the size of the dollar economy rather than the US economy, with e.g. all international trade that is denominated in USD being counted?
Thing is, to quote @YZF a way up chain: "There is no quick decoupling from the USD." — I'm curious about the dollar itself in this case, rather than about the goods.
Having hundreds of millions of poor near-subsistence farmers will add quite a lot to a country’s GDP (PPP), but does not make that country more powerful on the international stage.
I’d argue that PPP is more misleading than meaningful.you
Like, you can get an apartment built really cheaply in China. Yes, your money goes further there. But there’s also a much higher risk that the building is very low quality and will fall apart in a short time. And what’s more, you’re not actually buying and fully owning it. The land is leased from the government
In what sense? By definition, subsistence farmers primarily produce for their own consumption rather than for the market, meaning their output is largely not captured in official GDP statistics.