China’s share of global GDP has increased from 3.6% in 2000 to 17.8% in 2019 and will continue to grow, the CEBR said. It would pass the per capita threshold of $12,536 (£9,215) to become a high-income country by 2023.
absolutely insane
China’s share of global GDP has increased from 3.6% in 2000 to 17.8% in 2019 and will continue to grow, the CEBR said. It would pass the per capita threshold of $12,536 (£9,215) to become a high-income country by 2023.
absolutely insane
World's biggest isn't really an important threshold as it doesn't reflect total development. The big moment is when Chinese citizens cross over into the realm of having an average wealth that matches the west. At that point they're a fully developed modern country and the steps to kick it up into the next level begin.
When are they projected to get there?
Socialism by 2050 pog
They'll lead in the world by 2038 assuming China maintain 5% per year increases and the US maintain 3% increases.
Sooner if the US underperforms.
Children born into China today, which is currently poorer than Europe with an average around $11k-12k will grow up richer than Americans.
I don't know if either will be able to maintain those figures. This could turn into a race to the bottom.
Perhaps, but China has achieved it year on year for 20 years. There is no sign of it stopping. The US however? Strong signs that they're in decline.
Chinese growth is significantly lower than it enjoyed a decade ago. Somewhere in the neighborhood of 5-10 pts depending on who you believe.
American growth has been stagnant since the Volker Era, more or less by design.