{"id":19775,"date":"2024-08-15T18:52:31","date_gmt":"2024-08-15T15:52:31","guid":{"rendered":"https:\/\/www.liberalglobe.com\/?p=19775"},"modified":"2024-08-15T18:52:31","modified_gmt":"2024-08-15T15:52:31","slug":"china-is-already-33-larger-than-the-us-in-terms-of-gdp-including-shadow-economy-while-india-is-also-threatening","status":"publish","type":"post","link":"https:\/\/www.liberalglobe.com\/?p=19775","title":{"rendered":"China is already 33% larger than the US in terms of GDP (including shadow economy), while India is also threatening"},"content":{"rendered":"\n

China’s GDP is already significantly larger than the US economy, contrary to official figures given by governments or organizations such as the World Bank and the International Monetary Fund (IMF), which do not include important parameters such as the “black economy” or the measurement of GDP in purchasing power parity terms.<\/p>\n\n\n\n

Translating the following into amounts, it follows that – for 2023 – China’s GDP is 33% larger than that of the USA.<\/p>\n\n\n

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In fact, according to the relevant study of World Economics (“When America becomes No3<\/a>“), India will probably surpass the USA within a decade, making Washington and “with a bullet” No. 3 in the world economy. At the same time, South Korea and Taiwan have achieved GDP per capita – calculated using the World Economics method above – about 80% of the US level.
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The World Economics organization comments that over the past decade, China has contributed 30.9% to global growth, compared to the US’s 9% contribution. The combined annual growth over the last 3 years was 6.3%, almost twice the US growth rate of 3.7%. Few predict that China’s growth gap with the US will disappear in the near future.<\/p>\n\n\n\n

The specific study emphasizes that the Chinese economy will not be overtaken in the coming decades. To begin with, China’s education system is excellent (it graduates over 20% of the world’s university degrees), while the country is far ahead of all countries in patent applications. At the same time, it has a huge and highly skilled workforce that is focused on the most technology-intensive industries.<\/p>\n\n\n\n

Claims that China will “age” before it gets rich due to a demographic problem were also shot down, as a recent study found that demographic changes were not a critical factor in per capita GDP increases.<\/p>\n\n\n

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If China can raise its GDP per capita to just 50%+ of US levels, it will have a GDP twice that of the US, while if China’s GDP per capita approaches that of South Korea, its economy will be close to three times the size of the US.<\/p>\n\n\n\n

However, there are risks that could derail China’s growth, even in the short term, including the war over Taiwan, mismanagement and America’s efforts to reduce trade ties with China.<\/p>\n","protected":false},"excerpt":{"rendered":"

China’s GDP is already significantly larger than the US economy, contrary to official figures given by governments or organizations such as the World Bank…<\/p>\n","protected":false},"author":1,"featured_media":19777,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[859,5],"tags":[161,1983,129,904,972,70],"class_list":["post-19775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-economic","tag-china","tag-economy","tag-gdp","tag-india","tag-shadow-economy","tag-usa"],"_links":{"self":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/19775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19775"}],"version-history":[{"count":1,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/19775\/revisions"}],"predecessor-version":[{"id":19782,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/19775\/revisions\/19782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/media\/19777"}],"wp:attachment":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}