China has now displaced the U.S. to become the largest economy in the world. Measured by the more refined yardstick that both the IMF and CIA now judge to be the single best metric for comparing national economies, the IMF Report shows that China’s economy is one-sixth larger than America’s ($24.2 trillion versus the U.S.’s $20.8 trillion). Why can't we admit reality? What does this mean?
This week, the IMF presented its 2020 World Economic Outlook providing an overview of the global economy and the challenges ahead. The most inconvenient fact in the Report is one Americans don’t want to hear—and even when they read it, refuse to accept: China has now displaced the U.S. to become the largest economy in the world. Measured by the more refined yardstick that both the IMF and CIA now judge to be the single best metric for comparing national economies, the IMF Report shows that China’s economy is one-sixth larger than America’s ($24.2 trillion versus the U.S.’s $20.8 trillion).
Despite this unambiguous statement from the two most authoritative sources, most of the mainstream press—with the exception of The Economist—continue reporting that the U.S. economy is No. 1. So, what’s going on?
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Update #1: China's economy is the envy of the world (CNN)
Update #2: China GDP: economy grew by 4.9 per cent in third quarter of 2020 (SCMP)
WNU Editor: According to the IMF, China's economy is $24.2 trillion versus the U.S.’s $20.8 trillion. This is a major change for the IMF, which always put the U.S. as number one (see here). Is this all accurate? When it comes to China and its data I am always skeptical, and I am not alone .... Can China’s reported growth be trusted? (The Economist). But it is also true that China's economy has grown incredibly in the past two decades, and its growth will continue. So while the U.S. is in my opinion still the world's largest economy, its days are numbered.
