Red Dragon Rising: China To Overtake US As Top Economic Superpower
Published: 10 November, 2012, 01:00
In this picture taken on June 21, 2012 shows workers building a car on the Geely Motors assembly line in Cixi, 50km from Ningbo in China’s Zhejiang province. (AFP Photo/Peter Parks)
America’s days of economic dominance aren’t over just yet, but one international thinktank says it might come sooner than once thought. According to one group, China will have the biggest world economy by 2016.
The Organisation for Economic Co-operation and Development (OECD) out of Paris writes in a new report that China will be the world’s leading nation in terms of economy in just four years’ time, with other BRICs nations likely to usurp the current top dogs during the next few decades as well.
“The next 50 years will see major changes in country shares in world GDP,” the OECD report released this week reads. “On the basis of 2005 purchasing power parities (PPPs), China is projected to surpass the Euro Area in a year or so and the United States in a few more years, to become the largest economy in the world, and India is projected to surpass Japan in the next year or two and the Euro area in about 20 years.”
Additionally, the OECD predicts that China and India will together have a GDP that will beat out that of the G7 nations by as early as 2025, and by 2060 they expect Indian to out-perform the US on its own.
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