Chinese economy bid to become world’s 2nd largest economy thwarted by Japan after the US economy.
Posted by Stephen Cline on February 14th, 2010The US economy is the undisputed number 1 economy in the globe. But then the 2nd spot is being hotly contested by Japan, which has retained this position for long, and China, the new kid on the block. China’s growth on the international economic stage has been nothing less than phenomenal. The country has made huge strides in its quest to take on giants like the US and Japan. But third quarter growth in Japan has been better than expected which has robbed the Chinese economy the honor of being the 2nd largest economy in the world, albeit temporarily.
The Japanese economy is said to be worth $5.085 trillion as compared to the Chinese economy which is $4.909 trillion. The difference being minimal, it is clear that China is closing up behind Japan at a very fast pace. China grew at a scorching rate of 8.7% according to GDP growth figures it recorded and posted last month. The Japanese economy grew at 1.1 % between October and December last which is on a bigger base, when though the Chinese economy growth is also so very impressive in its relentless march upwards. It would be no surprise if the Chinese economy would surpass that of Japan in just a couple of quarters.
Tags: China, US economy