China Overtakes US as World’s Largest Economy?

According to the International Monetary Fund (IMF), China has just overtaken the US as the world’s largest economy. Of course, this is not in terms of overall GDP, yet. It’s in terms of purchasing power. As an article in Forbes explains: The simple logic is that prices aren’t the same in each country: A shirt will cost you less in Shanghai than in San Francisco, so it’s not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns Read more […]