Opinion: China to Overtake USA by 2024

China is set to overtake the U.S. as the world’s largest economy in U.S. dollar terms over the next decade, according to a new report by IHS Economics.

IHS measured the size of China’s economy in U.S. dollar terms, rather than using purchasing power parity – a technique used to determine the relative value of different currencies – which other research houses have used in the past.

Last month, the International Comparison Program – backed by the World Bank and the United Nations – forecast China could overtake the U.S. as soon as this year, based on the PPP measure. The research puts China’s gross domestic product (GDP) at 87 percent of the U.S. in 2011, compared to 43 percent in 2005.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.