China’s economy set to surpass US in 2016: IMF
Washington, Apr 26: The International Monetary Fund (IMF) has predicted that China's economy will exceed the United States' in 2016.
According to the IMF's prediction, the Chinese economy would grow from 11.2 trillion dollars in 2011 to 19 trillion dollars in 2016, The Daily Mail reports.
The rise of the Chinese market will end the 'Age of America' a decade before most analysts had expected.
However, many politicians argue that Beijing's technology is lagging behind and much of China continues to live in poverty. It also trails way behind the U.S. in output per person.
But there is no doubt that in the modern era, no country has come as close as China in matching America's economy.
China has been accelerating towards the U.S. with remarkable speed. Just 10 years ago, the U.S. economy was three times that of China's.
The 'Made In China' label has become synonymous with remarkably affordable products, even if the quality and ethics remain questionable. Ironically, one of the biggest consumers of these products is the U.S
The 2016 date has taken many analysts by surprise, many of whom were optimistic that America could hold out until the late 2020s.
Copyright Asian News International/DailyIndia.com