|China’s four-decade route to the world’s No 1 economy|
Its impressive achievements are thanks to perseverance and the far-reaching economic and societal changes that have been introduced since 1978.
PUBLISHED : Saturday, 31 March, 2018, 11:03pm
UPDATED : Monday, 02 April, 2018, 3:10pm
Within our lifetimes, China has transformed from an agrarian economy to a world-beating digital and consumption-led powerhouse, driven by smartphone-wallet shoppers.This year marks the 40th anniversary of China’s economic reform and opening. In December 1978, China’s “open door” policy signposted a turning point in its economic management and trajectory. Over the period, the character of China’s economic management has evolved from being strictly centrally planned, export oriented and state led to one that is more market led and oriented towards domestic consumption. China’s gross domestic product has achieved an average annual growth rate of 10 per cent in the past 40 years – three times the rate in the United States over the same period. Its GDP per capita increased from US$156 in 1978 to US$8,123 in 2016, lifting more than 800 million people out of poverty. By comparison, the US GDP per capita was US$57,638 in 2016, indicating there is still growth in the China story. Today, China is the world’s largest economy on a purchasing power parity basis. It is the world’s largest manufacturer, exporter and holder of foreign exchange reserves. And China is actively aiming for a leadership role in globalisation and in combating climate change … for more, go to http://www.scmp.com/news/china/article/2139778/chinas-four-decade-route-worlds-no-1-economy
By 2050 and by GDP growth, China No.1 and Indonesia No.4!
KUALA LUMPUR (April 2018): Pricewaterhouse Coopers releases it annual predictions of the 10 largest economies in the world by Gross Domestic Product (GDP).
And, not surprising China is set to become the most powerful economy in the world in 2050 - relegating the US to No.2.
However, it is also estimated that China would become No.1 by 2020 - that’s two decades earlier.
Currently, the Top 10 most powerful economies by GDP is dominated by Western countries.
However, by 2050, China and India’s combined economies by GDP may double that of the US.
As I Love Malaysia-China Silk Road is based in Malaysia, it would interest Malaysians that its neighbour, Indonesia, is a surprising inclusion in the Top 10 by 2050.
Indonesia is predicted to jump from its current 16th rank to 4th by 2050!
The full ranking by GDP and by 2050 is:
1. China; 2. US; 3. India; 4. Indonesia; 5. Japan; 6. Brazil; 7. Germany; 8. Mexico; 9. UK; 10. Russia
Here are four selected video clips reproduced for our readers’ convenient viewing:
https://youtu.be/Hn8w8PvEoO8 (China to be world's most powerful economy by GDP in 2050 or earlier)
https://youtu.be/qf9Kb8LLU70 (Who is Xi Jinping …)
https://youtu.be/gL1xmDlR4fU (Trump derides China and Jack Ma's response)
https://youtu.be/LdIuxHR-6Vw (China-North Korea relations)
https://youtu.be/gha2T2x9E8E (India's current socio-economic woes)
|The World's Top 10 Largest Economies|
When it comes to the top national economies globally, although the order may shift around slightly from one year to the next, the key players are usually the same. At the top of the list is the United States of America, which according to Investopedia, has been at the head of the table going all the way back to 1871. However, as has been the case for a good few years now, China is gaining on the U.S., with some even claiming that China has already overtaken the U.S. as the world’s Number 1 economy. Nonetheless, going by nominal GDP measured in U.S. dollars alone, the U.S. maintains its spot followed by China and Japan. In this post we take a look at the world’s top economies according to our Consensus Forecasts for 2018 nominal GDP. We also discuss how the top economies change when looking at GDP per capita along with a highlight on emerging markets and their potential to catch up to the big players in the not too distant future … for more, go to https://www.focus-economics.com/blog/the-largest-economies-in-the-world