Looking at global GDP at current prices, but adjusted for purchasing power/cost of living, China was the biggest economy in the world in 2018, with an adjusted GDP of more than $25 trillion.
While the Chinese economy is projected by the International Monetary Fund to grow by 6.3 percent in 2019 (a rather mediocre result for the country), the U.S. in second rank is expected to only grow its $20 trillion GDP by 2.3 percent. Asian countries among the top 10 biggest economies exhibited the best growth prospects, even among a global economic slowdown.
Are we trying to paint a gloomy picture?
European economies like German and Italy are expected to struggle with growth in 2019, a fate they share with industrialized nation Japan. According to the IMF, China and the U.S. are to remain at the top of the ranking in 2024, while Indonesia is projected to pull ahead of Germany.
By 2030, India is expected to overtake the U.S. as the second-largest economy on the planet. At that time China is also supposed to be the biggest economy in the world in terms of nominal GDP, a record still held by the U.S.
