China to Overtake U.S. Economy by 2032 as Asian Might Builds
Source: Bloomberg News
By Fergal O'Brien
December 25, 2017, 7:05 PM EST
The growing importance of Asias major economies will continue in 2018 and beyond, according to a league table that sees the region dominating in terms of size in just over a decade.
The report by the Centre for Economics and Business Research in London sees India leapfrogging the U.K. and France next year to become the worlds fifth-biggest economy in dollar terms. It will advance to third place by 2027, moving ahead of Germany.
In 2032, three of the four largest economies will be Asian -- China, India and Japan -- and, by that time, China will also have overtaken the U.S. to hold the No. 1 spot. Indias advance wont stop there, according to the CEBR, which sees it taking the top place in the second half of the century.
Also by 2032, South Korea and Indonesia will have entered the top 10, supplanting the Group of Seven nations of Italy and Canada.
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Read more: https://www.bloomberg.com/news/articles/2017-12-26/china-to-overtake-u-s-economy-by-2032-as-asian-might-builds
angrychair
(8,727 posts)Our continued erosion of our educational system and our focus on manual-labor manufacturing over technological advancements and industrial development.
Despite a very poor environment for research and development and eroding educational system the US has still managed to lead but its quickly falling behind.
Educational Cost, immigration restrictions and lack of government funding and/or restrictions on research will guarantee we will have dim future.
Yavin4
(35,445 posts)That's our future. Dirty coal mining jobs for everyone!
Calista241
(5,586 posts)China has a billion people today, and will have more in 2030. The US has 350m people today and will probably have less than 400m in 2030.
As Chinas workers increase their productivity, their economy will continue to expand.
This study also seems to exclude things like automation and robotic replacement, which will drastically affect both populations of workers, but them more immediately and drastically than ours.
Yavin4
(35,445 posts)However, given the new tax code, corporations have less incentives to invest in R&D. Why would they when they can raise the stock price through buy backs.
hedda_foil
(16,375 posts)Yavin4
(35,445 posts)We left Asia wide open for the Chinese.
sandensea
(21,648 posts)Though in per capita (per person) terms, they're still far behind since they have 4.5 times more people.