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China is not the world's largest economy of 2014 China is not the world's largest economy of 2014 Oct 17, 2014 9,306 Views

It has been officially proclaimed that Chinese economy is the world’s biggest economy, in terms of overall economic activity. It captured the dominant status of formal leading economy i.e. US economy. According to the data on the world economy provided by International Monetary Fund, the streak of supremacy of US economy has ended and the power of ascendancy has been shifted to Chinese side. The data shows that China has become the prevailing economy in the world as far as purchasing power parity (PPP) is concerned.



Photo Credit: economist.com



In addition, it is very surprising for the people that China stands nowhere in the leading position when it comes to economic activity per person or GDP per person. US economy remains in far better position as compared to China with respect to the economic activity of individuals by the year 2014.

Photo Credit: economist.com



According to demographical facts, US accounts for 4.4% in the global population, whereas China has over 19.1%, which shows that China has seized the US economy in terms of total economic activity.





Europe retains its position as the top country in terms of GDP per person; however, Netherlands goes down in the list of economic activity per person. Moreover, Singapore and Brunei are expected to win the second and third positions by the year 2014. During the period of 1700s to 1800s, Britain approached for a capital-oriented, trade-advancing navy and became a leading economy. By 1950s, small oil-containing states did nicely. The US is expected to reach at the sixth position right after Qatar, Luxembourg, Norway, Singapore, and Brunei concerning GDP per person in the year 2014.