China could become the first global economy by 2020
Given the accelerating growth and strengthening currency, China could become the first global economy by 2020, says a report published by economic development trends British bank Standard Chartered.
The world passes through a super-cycle of high and sustainable growth. The changes recorded in the future 20 years will be enormous.
By 2020, China's gross domestic product will reach 24.600 billion, ranking ahead of current leader, with 23.300 billion dollars. This difference will increase further: by 2030 when China's GDP will rise to 73.500 billion dollars compare to 38.200 billion of U.S. These figures mean that China will provide nearly 24% of global GDP, compared to only 9% today, estimate Britain analysts.
According to the report, the Japanese economy will be surpassed by that of India, which will occupy the third position in 2020.
The world is undoubtedly in the third super-cycle that can be defined as a period of high growth on a historical scale. Caused by increased trade, urbanization and technological innovations, this growth will take a generation or more, and will be characterized by the emergence of new savings.
