IMF: China's Economy to Surpass America in 2016

Wednesday, 27 Apr 2011 04:48 PM

By Martin Gould

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The date has been set for when the Chinese economy will officially overtake that of the United States — and it’s only five years away! The International Monetary Fund forecasts that the so-called “Age of America” will end in 2016, The Wall Street Journal reports.

IMF,International Monetary Fund,Chinese economy,Age of America,yuan
“Most people aren’t prepared for this. They aren’t even aware it’s that close. Listen to experts of various stripes, and they will tell you this moment is decades away. The most bearish will put the figure in the mid-2020s,” says the Journal.

The reason for the discrepancy is all in exchange rates, says the Journal. Because the Chinese Yuan is held artificially low, most figures are misleading.

Under the more realistic figure, Chinese purchasing power will rise from $11.2 trillion this year to $19 trillion in 2016, says the IMF forecast. During the same time, U.S. purchasing power will rise only from $15.2 trillion to $18.8 trillion.

“That would take America’s share of the world output down to 17.7 percent, the lowest in modern times. China’s would reach 18 percent, and rising,” according to the Journal.





© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Undocumented Immigrants Picket White House to Demand Voice

Monday, 28 Jul 2014 21:58 PM

Undocumented immigrants picketed the White House on Monday, urging advocacy groups to refuse meetings with President Bar . . .

US: Russia Violated 1987 Nuclear Missile Treaty

Monday, 28 Jul 2014 21:41 PM

In an escalation of tensions, the Obama administration accused Russia on Monday of conducting tests in violation of a 19 . . .

Doctor with Franklin Graham Charity Who Contracted Ebola in Grave Condition

Monday, 28 Jul 2014 19:36 PM

Kent Brantly always wanted to be a medical missionary, and he took the work seriously, spending months treating a steady . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved