2231
China Sidelines US in Purchasing Power
Energy

China Sidelines US in Purchasing Power

The International Monetary Fund (IMF) reports that, when calculated according to purchasing power, China now boasts the world’s largest economy.
The calculation method is key here, because in raw numbers, the United States’ GDP ($16.8 trillion in 2013) is still about $7 trillion ahead of China’s ($9.2 trillion in 2013), TheWeek reported Wednesday.
But because of significant cost of living differences between the two countries, those figures don’t provide a completely accurate picture. That’s where purchasing power comparisons come in, and where China’s growth is evident: By 2015, the US will account for 16.28 percent of the world’s purchasing power adjusted for GDP. China will be responsible for 16.48 percent. China’s growth is representative of a larger trend of “emerging economies” commandeering an ever-larger share of the world economy while “advanced economies” become less prominent.

Short URL : http://goo.gl/lb5JpS

You can also read ...

Treasury Secretary: US to Mull Iran Waivers
The United States in certain cases will consider waivers for...
Iraq Oil Output Stable Amid Mass Protests
Iraq is pumping oil at normal levels even as protests spread...
EIA forecasts total US crude oil production to average 10.8 million bpd in 2018.
In the July 2018 update of its Short–Term Energy Outlook, the...
Iran Oil Exports Could Shrink
Iran’s oil exports could fall by as much as two-thirds by the...
Completion of Petrochem  Projects High on Agenda
The completion of value chain, development of petrochemical...
LNG Share to Rise in Global Energy Mix
Liquefied natural gas is projected to come into sharp focus...

Trending

Googleplus