China May Overtake America As The World's Largest Economy By The End Of 2014 [View all]

[FarCenter]

China may overtake America as the world biggest economy earlier than expected, by the end of this year, rather than by 2019.

New data from the International Comparison Programme, a UN statistical database which compares purchasing power across borders and currencies, indicates China’s size may have been underestimated.

The Economist says China’s purchasing power parities (PPP) is now up to 20% higher than economists had previously estimated in the 2005 survey.

And, according to The Economist’s calculations, China will now take the crown as the world’s largest economy by the end of 2014.

Read more: http://www.businessinsider.com.au/china-may-overtake-america-as-the-worlds-largest-economy-by-the-end-of-2014-2014-4

Even if the Economist's calculations are right, the population of China is 4.5 times that of the US, so GDP per capita is less than a fourth of the US'.