4 replies to this topic

[The Simpleton]

I'm no economist and I don't understand the exact meaning behind this, but I just read today that China has overtaken Japan to become the world's second largest economy. Japan has been in the #2 position at least for a few decades, but now China has zoomed ahead and is sitting comfortably at the second position. The world's largest economy is still the USA, with an approximate GDP (in terms of purchasing power parity) of $13.6 trillion. China's GDP is now over $7 trillion, so it may still be a few years before it has a chance to seize the top spot. However, this latest development is testimony to the fact that China is a rising power which shouldn't be underestimated and it may have a powerful role to play in shaping the world in the coming years. Here is a list of the top 10 economies of the world as of now. This may very well be the list for at least another five years so take a good look at it!

Quote

1 USA
2 China
3 Japan
4 India
5 Germany
6 UK
7 Russia
8 France
9 Brazil
10 Italy

[deadmad7]

I always regarded China as the World's second largest economy. But you forgot to mention that CHINA WILL OVERTAKE US's Economy by 2050 at the rate of growth right now. In fact, China's economy is growing so fast, that some companies are shipping over to Japan and India because its CHEAPER to produce over there. India is probably going to take Japan's place as 3rd in a decade or so. The thing i found the most ASTONISHING was finding out that the UK economy is bigger than that of Russia. France and Italy are on top 10? really? Hmmm... I never knew that.

[The Simpleton]

deadmad7, on 18 August 2010 - 12:55 PM, said:

I always regarded China as the World's second largest economy. But you forgot to mention that CHINA WILL OVERTAKE US's Economy by 2050 at the rate of growth right now. In fact, China's economy is growing so fast, that some companies are shipping over to Japan and India because its CHEAPER to produce over there. India is probably going to take Japan's place as 3rd in a decade or so. The thing i found the most ASTONISHING was finding out that the UK economy is bigger than that of Russia. France and Italy are on top 10? really? Hmmm... I never knew that.

I didn't mention that China would overtake the US but I did mention that the current standings will remain the same for at least five years. 2050 is a long way away and we can't predict exactly what economic changes might take place by then, but it does seem inevitable that China will overtake the US soon, and even if it doesn't, Japan, India or even Germany and Russia could overtake the US, should some severe economic changes take place. I was a little surprised over UK's position over Russia as well, but wasn't too surprised to see France and Italy; they aren't someone to be messed with!

[sheepdog]

Are you sure China won't take over first place before 2050? It almost seems like they are now. You can't buy anything hardly in the USA that is made in the USA! Our own government is regulating most small and large business right out of business. Between all the little beuracrasies, with those cute letter names, like USDA, EPA, ATF, etc, business are drowned in a sea of red tape and all your basic BS.

[Harlot]

I think China is absolutely a powerful force on the international stage, and that includes being powerful both economically and militarily. It is no wonder that the Chinese economy has overtaken that of Japan. In the coming years, the U.S. will have to not only allow, but encourage Japan to build up its military force in order to protect itself and challenge, if nessary, China's influence within the region and throughout the world. Japan will have to step up their game and so will South Korea. As for China becoming the worlds largest economy by 2050, I think that is a assertion that has little backing and has not yet been proven. I would say that it is possible for China to become the world largest economy by 2050, but it is also possible for India to become the world's largest economy in 2050. India is already set to overtake China in regards to population. China will have a big problem with India, and its bordering neighbors. China has more countries bordering it then any other country in the world, and when you have a powerhouse like India on your border, you never know what could happen before 2050. China could possibly not even exist in 2050. We don't know if the U.S. will take military action against China or if there will be a world war before 2050 that completely destroys or divide China. The world is very unpredictable, so I will have to say that no one knows, but it can not be denied that China has the potential to do so.

I think that India will probably fall in 2nd not too long after China takes first -- if China takes first. I can see the U.S. holding on as the world's 3rd largest economy for a long period of time, and surely I believe that the U.S. military might will remain #1 well after its economy is overpassed by China and India. If China and India do not overtake the U.S., it will probably be a result of U.S. military action out of economic interest. Even if we look at the invasion of Iraq and Aghanistan, many experts have suggested that the invasions were of economic significance. If you can control the oil supply, you can control the economy. The economy is fueled by oil, and until there is an alternative energy source, those who control the most oil, has the potential of controlling economies and having political leverage over economic powerhousing. That is probably why Times ranked the Saudi King as the 3rd more powerful man in the world behind the Chinese and US Presidents. I think that Putin came in 4th place. So I look forward to living until at least 2050 in order to see how things play out...or maybe not.