What is GDP? What is the current GDP of the United States? What is the current GDP of China? When do you think China will surpass the US in GDP or will they ever?
Answers
Answer:
The United States and China are the two largest economies globally in both Nominal and PPP methods. US is at the top in nominal, whereas China is at the top in PPP since 2017 after overtaking the US. As of 2021, both countries together share 41.89% and 34.75% of the entire world's GDP in nominal and PPP terms, respectively. The GDP of both countries is higher than the 3rd ranked country Japan (nominal) and India (PPP) by a huge margin. Therefore, only these two compete to become first.
As per projections by IMF for 2021, United States is leading by $6,033 bn or 1.36 times on an exchange rate basis. The economy of China is Int. $3,982 billion or 1.18x of the US on purchasing power parity basis. According to estimates by World Bank, China's gdp was approx 11% of the US in 1960, but in 2019 it is 67%.
Due to the vast population of China, more than four times of US's population, the difference between these two countries is very high in terms of per capita income. The Per capita income of the United States is 5.78 and 3.61 times higher than that of China in nominal and PPP terms, respectively. The US is the 5th richest country in the world, whereas China comes at 63rd rank. On a PPP basis, The United States is in 8th position, and China is at 76th.
China attains a maximum gdp growth rate of 19.30% in 1970 and a minimum of -27.27% in 1961. During the period 1961 to 2019, China grew by more than 10% in 22 years. The United States reached an all-time high of 7.24% in 1984 and a record low of -2.54% in 2009. GDP growth rate was negative in eight years for the US. China showed negative growth in four years.
According to World Factbook, China is ahead of the US in Agriculture and Industry sector. Agriculture Output of United States is only 17.58% of China and 77.58% for the Industry sector. The services sector of the US is more than double of China.
Answer:
The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate consumption.Current dollar GDP increased 13.2 percent at an annual rate, or $693.2 billion, in the second quarter to a level of $22.73 trillion. In the first quarter, GDP increased 10.9 percent, or $560.6 billion (tables 1 and 3).GDP in China is expected to reach 15600.00 USD Billion by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP is projected to trend around 16700.00 USD Billion in 2022 and 17400.00 USD Billion in 2023, according to our econometric models.A recent Bloomberg article estimated the point of China's overtaking of the United States at between 2031 and “never.” The magnitude and growth of the Chinese economy have immense global implications, and it is worth taking some time to unpack our beliefs about Chinese growth and its international consequences
Explanation:
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