Written by Bella Dalima
10 Oct, 2014 | 7:30 pm
China has toppled America to become the biggest economy in the world; with adjustments for cost of living, according to data from the International Monetary Fund for the first time in 142 years.
For the first time in 142 years, the industrial powerhouse of the United States of America, has ceded the position of being the world’s largest economy to it’s main rival from the Far-East.
Foreign Media reports note that the US has been the global leader since it overtook Britain in 1872, but has now lost its status with the latest IMF figures show the Chinese economy is worth $17.61 trillion compared with $17.4 trillion for the U.S, adjusted for cost of living.
China – whose wealth has accelerated in recent decades amid rapid industrialization – is expected to extend its lead, with the IMF estimating its economy will be worth just under $26.98 trillion in 2019.
That would be 20 per cent bigger than the U.S. economy, which is forecast to be worth $22.3 trillion by then.
China has a population of around 1.3 billion – four times that of the U.S. – but its economy has only now become the biggest.
That means Americans are typically far wealthier than their Chinese counterparts, and better off than people in other emerging markets that benefit from huge work forces and more rapid growth.
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