The world’s quickest growing nation!
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Blog 62 In 2007 China surpassed Germany to become the world’s third-largest national economy. The next milestone should emerge in 2010; at some point China’s growth should surpass Japan into the second slot and become the world’s second largest economy. Only the USA will be stronger! |
| China revised up its figure for 2008 GDP (gross domestic product), after its economic census uncovered formerly uncounted activity in the service sector. According to the latest IMF (International Monetary Fund) forecasts, that high point was expected to be reached at the end of the year. |
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| China's economy grew by 8.7 percent in 2009, beating its target of 8 percentage points with a strong momentum that will see it maintain growth this year, according to government data released Thursday. The data by the National NBS (Bureau of Statistics), the GDP as the world's third-largest economy rose by 10.7 percent in the fourth quarter of 2009, with the full year GDP growth averaging out to 8.7 percent, or 33.53 trillion Yuan ($4.91 trillion). That was up from a revised growth rate of 9.1 percent in the third quarter. |
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Chinese leaders assert it is necessary to maintain social stability, and say that if China keeps up that growth rate it will most probably replace Japan as the world’s second-largest economy by the end of this year. It is too early to say with any certainty if that isn’t already the case, as Japan does not release its complete data for 2009 until next month, but it is unlikely to be smashed already. |
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Japan’s GDP in 2008 was $4.84 trillion, but experts reckon it will shrink by at least 3 percent in 2009 due to the global financial crisis, meaning it will not surpass China. Economists’ are saying Tokyo is scheduled to release 2009 growth figures next month. The bottom line is Japan is in trouble! |
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