IMF: China overtakes US as world’s largest economy
The International Monetary Fund says China has overtaken the United States as the world’s largest economy, according to a report. ● The IMF estimates that the size of the US economy is $17.4 trillion, while the Chinese economy comes in at $17.6 trillion, Business Insider reports. China’s share of the global economy is 16.48 percent, while the United States accounts for 16.28 percent, the IMF said Tuesday as part of its outlook for the world economic growth. These figures are adjusted for the relative costs of living in both countries, known as "purchasing power parity." As recently as 2005, the Chinese economy was less than half the size of the US economy. Moreover, the IMF projects that China’s economy will be 20 percent bigger than that of the US by 2019.
Business Insider: China Just Overtook The US As The World's Largest Economy