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mercoledì 10 dicembre 2014

China: The IMF announced that it has become the world's largest economy

According to "Le HuffPost",

If China has surpassed the US GDP since 2011, this is a new indicator reaffirms the economic power of Beijing. According to IMF data, China's GDP in purchasing power parity (PPP) will be 17.632 billion dollars in 2014, against 17.416 billion in the United States. And this quantity is nothing trivial.

GDP in purchasing power parity seems to be a better indicator than the conventional GDP. Especially because it makes difficult to compare the wealth of both countries, because of currencies and living standards. Even converting to a single currency, a dollar will buy a lot more in China than in the US. Conversely, one yuan will not weigh very heavily in the United States. And we do not speak of changes in exchange rates.

Tip of the PPA is to measure the purchasing power of currencies against a basket of products. 3000 on goods and services used by the IMF, for example, carries a bottle of water is bought $ 4 US and 2 yuan in China. Stopping there, so it could be deduced that 1 yuan is 2 dollars. But in practice, only because it takes aggregating 3,000 references. Ultimately, all of the data and provides a relatively concrete indicator.

This should be perpetuated, and the former communist power will increasingly lead over its capitalist former rival in the next five years. Thus, the IMF predicts that in 2019, China reached 27.000 billion GDP (classical), when the United States will only 22.000 billion.

Despite being the most powerful country as a whole, China, however, is far from the wealthiest people on the planet. By measuring the GDP per capita, it is still ranked 89th, between the Maldives and Jordan.
Chinese GDP in purchasing power parity (PPP) will be 17.632 billion dollars in 2014 (photo) | Alex Ross

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