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October 16, 2021
BUSINESS

China – ranked as second biggest economy

China has overtaken Japan as the world’s second biggest economy – and is predicted to topple the United States from the top spot by 2025, SkyNews informs. Japan held the number two spot for 42 years but a 1.1% contraction in the final quarter of 2010 saw it slip in the world rankings. Meanwhile, China’s output rose nearly 10 per cent, raising expectations from the World Bank and Goldman Sachs, among others, for it to become the world’s biggest economy within the next 14 years. Data from Japan’s cabinet office showed that it posted GDP of £3.4 trillion between October and December, compared to China’s £3.7 trillion. Weak consumer spending in Japan and a strong yen added to an economy already struggling with deflation, weak domestic demand and the biggest debt in the industrialised world. However, Japan remains more than 10 times richer when GDP is taken on a per-person basis. Japan’s fiscal policy minister Kaoru Yosano said: “We welcome, as a neighbouring nation that China’s economy is advancing rapidly”. He added that this can become a foundation for development of the regional economy, including East Asia and Southeast Asia.

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