World Economic Forum
The United States has the largest economy in the world at $20.4 trillion, according to data from the International Monetary Fund (IMF), which shows the US economy increased from around $19.4 trillion last year.
China follows, with $14 trillion, which is an increase of more than $2 trillion in comparison to 2017. Japan is in third place with an economy of $5.1 trillion, up from $4.87 trillion a year previously.
China’s digital economy is also experiencing a boom period. It has grown from less than 1% of the global e-commerce market about 10 years ago to 42% today. In comparison, the United States’ share of the market is 24%, down from 35% in 2005.
China’s economy will also eclipse the US economy by 2050, according to a reportby professional services firm PwC, which also predicts India will overtake the US.
China, the report says, will have an economy of nearly $58.5 trillion, while India’s will be around $44.1 trillion and America’s will total $34.1 trillion.
Interestingly, Japan ($6.7trn), Germany ($6.1trn), the United Kingdom ($5.3trn) and France ($4.7trn) are expected to fall to eighth, ninth, 10th and 12th in the list, respectively.
These countries will be replaced by Indonesia ($10.5trn), Brazil ($7.5trn), Russia ($7.1trn), and Mexico ($6.8trn), which climb to fourth, fifth, sixth, and seventh, respectively.