China overtakes US as the world’s largest economy putting Washington in 2nd for the 1st time in 142 years

NewsRescue

10 years ago

Figures show the Chinese economy is worth $17.6 trillion, compared to America’s $17.4 trillion
The IMF estimates China’s economy will be worth a whopping $27 trillion in 2019
The US has been the global economic performance leader since it overtook Britain in 1872
White House seemed oblivious on Wednesday, crowing that ‘the economic policies that this president put in place are the envy of the world’

By HUGO DUNCAN and DAVID MARTOSKO, US POLITICAL EDITOR FOR MAILONLINE

PUBLISHED: 19:39 EST, 8 October 2014

China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund.

The White House seemed caught flat-footed by the news, crowing on Wednesday about America’s relative economic strength in comparison with the rest of the world.

The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog.

The latest IMF figures show the Chinese economy is worth $17.61 trillion compared with $17.4 trillion for the U.S.

Out of the loop? US President Barack Obama touted America’s manufacturing economy during an Oct. 3 speech at an Indiana steel company, claiming that jobs and work orders were no longer ‘moving to China or other countries’

China – whose wealth has accelerated in recent decades amid rapid industrialization – is expected to extend its lead, with the IMF estimating its economy will be worth just under $26.98 trillion in 2019.

That would be 20 per cent bigger than the U.S. economy, which is forecast to be worth $22.3 trillion by then.

White House Press Secretary Josh Earnest seemed oblivious to the news as it percolated on Wednesday.

Asked for his assessment of the health of the global economy in the face of Russia’s zero-sum economy and other troubles in Europe – including Germany’s search for stimulus measures to head off a recession – Earnest crowed.

Those conditions, he said, ‘make the president’s policies look pretty good. They certainly make the performance of the American economy look pretty good.’