[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, [/box]
Looking at global GDP at constant 2017 prices, but adjusted for purchasing power/cost of living, China was the biggest economy in the world in 2019, with an adjusted GDP of more than $22.5 trillion, according to the World Bank.
While the Chinese economy is projected by the International Monetary Fund to grow by a low 1.2 percent in 2020 due to the coronavirus pandemic, the U.S. in second rank is expected to see its $20.6 trillion GDP decrease by almost 6 percent.
Asian countries among the top 8 biggest economies exhibited the best growth prospects, even among a global pandemic. European economies like German and the UK are expected to struggle in 2020, a fate they share with industrialized nation Japan.
According to the IMF, China and the U.S. are to remain at the top of the ranking in 2024, while Indonesia is projected to pull ahead of Germany. By 2030, India is expected to overtake the U.S. as the second-largest economy on the planet. At that time China is also supposed to be the biggest economy in the world in terms of nominal GDP, a record still held by the U.S.
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