Results tagged “gdp”

The latest projection from the World Bank's Beijing office has some bad news: China's GDP growth may slow down to 7.5% in 2009, the lowest in 19 years. Given China's position as the world's manufacturing powerhouse and weakness in the global economy, net export growth is set to slow down from 11% this year to 3.5% next year. With overall imports substantially outpacing exports, this would be the "first time in many years that net external trade has made a negative contribution to growth". [Reuters]

A study released Tuesday by a U.S. research group concluded that China's economy will overtake that of the U.S. by 2035. The report, by economist Albert Keidel of the Carnegie Endowment for International Peace, also announced that China's economy will be twice the size of the U.S. economy by 2050. Under current market estimates, China's GDP now stands at about $3 trillion, compared to the U.S.'s $14 trillion, reports Rob Lever of AFP. Keidel, a former World Bank economist and U.S. Treasury official, predicts that

China's financial clout will spill into every conceivable dimension of international relations... [the United States] will have an important secondary influence, like Europe, but it will need to compromise, and its sphere for unilateral action will be increasingly curtailed.