September 29, 2019
The Washington Post seems more than a bit out of touch with reality in this piece on China’s celebration of the 70th anniversary of the Communist revolution there. The article tells readers:
“China is now the world’s second-largest economy and could overtake the United States for top spot as soon as next year.”
According to the I.M.F., China’s economy passed the United States to become the world’s largest in 2015 and is now more than 25 percent larger than the U.S. economy.
The piece also gets China’s per capita income wrong, putting it at $10,000 a year. The I.M.F puts it at just over $17,000 a year in 2011 dollars, which would translate into more than $19,000 a year in 2019 dollars. While it is still much poorer than the United States on a per capita basis, it is now near the top of the middle income countries.
Comments