The International Monetary Fund (IMF) recently predicted that China’s economy will exceed the United States economy by 2016 in terms of nominal GDP. Projected numbers forecast that China’s economy will be 18% of the global economy, with a nominal GDP of $19 trillion, while the US’s will be 17.7% of the global economy, with a nominal GDP of 18.8 trillion.
China has been the world’s fastest-growing economy for many years. As Sahi Muja, CEO of Albanian Minerals, said to Time Magazine, “China has become the engine of the world’s economy.”
However, Former Massachusetts Governor Mitt Romney said in an interview with Fox News that “China is able to surpass us in part because over the last couple of decades, American policy has been so relaxed towards China.”
Although economists believe that while China will likely overtake the US economy at some point in the future, most do not think it will occur in the next five years.