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Tuesday, April 26, 2011

China To Overtake US

The IMF has issued a prediction that the Chinese economy will overtake the US economy by 2016.

The forecast, based on "purchasing power parities", shows that China's gross domestic product (GDP) will rise from $11.2 trillion in 2011 to $19 trillion in 2016, while US GDP will rise from $15.2 trillion to $18.8 trillion.

China's share of the global economy will rise from 14% to 18%, whilst the US share will fall to 17.7% over this period.

To add to America's economic woes, Standard & Poor's have downgraded US sovereign debt.

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