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OECD: China’s Economy to Surpass US by 2016

News | 10.11.2012 | 06:19
 

 

China is projected to overtake the US to become the world's largest economy as early as 2016, a report by the Organization for Economic Co-operation and Development (OECD) says.

The report, Looking to 2060: A Global Vision of Long-term Growth, uses a new model for projecting growth in the 34 OECD member states and the eight major non-OECD G20 economies over the next 50 years.

“The United States is expected to cede its place as the world's largest economy to China, as early as 2016. India’s GDP is also expected to pass that of the United States over the long term,” the report published on Friday said.

China is also expected to surpass the euro zone "in a year or so." Another Asian giant, India, will “surpass Japan in the next year or two and the Euro area in about 20 years.”

By 2025, the combined GDP of China and India will exceed that of the major seven (G7) OECD economies.

“The shifting balance of long-term global output will lead to corresponding improvements in living standards,” the report says.

By 2060, people in the poorest countries will see their income per capita quadruple, and the increase could even be seven-fold in China and India.

Meanwhile, OECD Secretary-General Angel Gurria said, "None of these forecasts are set in stone."

"We know that bold structural reforms can boost long-term growth and living standards in advanced and emerging-market economies alike."

RIA Novosti

 
Tags: G7 China
 

 
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OUR COLUMNIST
    Wayne MADSEN

Libyan BUK Missile Unit May Have Been Used by AQIM to Down Algerian Passenger Plane

After the U.S.-supported ouster of Libyan leader Muammar Qaddafi in 2011, Libyan jihadist rebels swarmed through Libyan army weapons depots and helped themselves to Soviet-made portable shoulder-launched missiles and launchers, BUK missile batteries capable of bringing down aircraft flying over 30,000 feet, and other military equipment, including mortars and rocket-propelled grenades. Some of the Libyan equipment ended up in the hands of Saharan-based insurgent groups such as Al Qaeda in the Maghreb (AQIM) and the Mali-based Ansar Dine. There is a real possibility that anti-aircraft weapons that fell into the hands of U.S.-supported Libyan guerrillas and were subsequently transferred to Saharan-based rebels were used to attack Air Algerie 5017...

26.07.2014
 
 
 
 
 
 
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