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Home > Diamond News Center > Diamond News > Financial News

IMF: China to Outpace US in 4 Years

18.07.12, 14:01 / Financial News
The International Monetary Fund has predicted that in only four years' time, the United States of America will be eclipsed by the People's Republic of China and no longer be able to boast of having the largest economy in the world, Bloomberg Businessweek reports.
 
The IMF prediction would seem to be farfetched on the face of it, since in the last calendar year for which there are complete figures, American economy activity equaled $15 trillion, equivalent to more than double that of China, which came to only $7 trillion. Even when the unit of measure is purchasing power parity, the IMF's yardstick, and not gross domestic product, the U.S. still leads China $15 trillion to $11 trillion.
 
Although the average Chinese salary is projected to be only one-quarter of the average American salary in 2016, the population of China will be four times that of the U.S. by that point, accounting for the expected financial tipping point.
 
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