Tag Archives: Crowning The Dragon: World’s Top Economy

Steve Lendman – Crowning The Dragon: World’s Top Economy – 9 October 2014

StevelendmanIt was just a matter of time before China surpassed America as the world’s leading economy based on purchasing power parity (PPP).

It’s an exchange rate between currencies measured by the cost of a representative basket of goods in one country v. another.
Surprisingly, China’s growth happened faster than experts expected. In 2011, IMF economists estimated it would overtake America in 2016.
At the time, they projected its PPP GDP at $18,975.7 trillion v. $18,807.5 trillion for America.
They now estimate America’s 2014 PPP GDP at $17.4 trillion v. $17.6 trillion for China.
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