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New chart shows China could overtake the U.S. as the world’s largest economy earlier than expected


CNBC - China is set to overtake the United States as the world’s largest economy a few years earlier than anticipated due to the coronavirus pandemic, analysts said.

The U.S. reported last week that gross domestic product in 2020 contracted by 2.3% to $20.93 trillion in current-dollar terms, based on a preliminary government estimate.


In contrast, China said its GDP expanded by 2.3% last year to 101.6 trillion yuan. That’s about $14.7 trillion, based on an average exchange rate of 6.9 yuan per U.S. dollar, according to Wind Information data.



That puts China’s economy at only $6.2 trillion behind the U.S., down from $7.1 trillion in 2019.


“This (divergence in growth) is consistent with our view that the pandemic has been a much larger blow to the US economy than China’s economy,” Rob Subbaraman of Nomura said in an email Friday. “We believe that on reasonable growth projections the size of China’s....READ MORE



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