David Blackburn

China eclipses the Japanese economic miracle

Official figures suggest that China has replaced Japan as the world’s second largest economy, after an estimated 10 percent growth rate left China with an economy worth close to $5.8trillion at the end of quarter four 2010. Japanese growth hovered around the 3 percent mark in 2010 with a total GDP value of $5.47 trillion. Analysts have told the BBC that it is ‘realistic’ that China will overhaul the US’ economy in about a decade, which, as Pete has demonstrated, does not look too outrageous a suggestion. 

All of this puts me in mind of the European Union. The CIA World Factbook records that the EU leads the globe in GDP (purchasing power parity): with an estimated value of $14,890,000,000,000, against the US’ $14,720,000,000,000.

So, there is collective strength in the Old World yet, and so much of Eastern Europe’s markets remain underdeveloped.

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