According to International Monetary Fund (IMF), China has overtaken the United States as the world’s largest economy.
With the latest figures, Chinese economy is worth £ 11 trillion compared with £ 10.8 trillion for the US. It means that America falls into the second place for the first time since 1872.
China gross domestic product (GDP) is worth $17.6 trillion, while U.S. GDP is $17.4 trillion, with adjustments made for China’s low cost of living.
Without these adjustments for living costs, the Chinese economy will still be smaller than that of the US, at £ 6.4trillion. according to the IMF’s latest World Economic Outlook.
International Comparison Program (ICP), under the auspices of the United Nations and World Bank latest assessments place China’s economy at 87% of the size of the US in 2011, BBC informs.
And in 2005, the same organisation put China at only 43%. But, the latest figures from the IMF in 2012 put China’s economic output at about half the size of the US. China’s (GDP) in 2012 was $ 8.2tn (£ 4.9tn) while the US was $ 16.2tn.
China enjoyed three decades of double-digit growth before the global downturn, as industrialisation and sweeping economic reforms created a new powerhouse in the East.
Meanwhile, Nigeria was also rated high in the economic development and since April 6, 2014, it was ranked Africa’s biggest economy with a Gross Domestic Product of $ 510 billion which also places the country as the 26th largest economy in the world.