China \\\'overtakes US as world\\\'s largest economy\\\': IMF

People's Republic of China has toppled the United States of America to become the world’s largest economy, according to figures from the International Monetary Fund (IMF), reports the Daily Mail Online. The US has been the global leader in economy since it overtook Britain in 1872, but has now lost its status as world number one. Daily Mail Online, quoting the latest IMF figures, says the Chinese economy is worth £ 11 trillion compared with £ 10.8 trillion for the US. China – whose wealth has accelerated in recent decades amid rapid industrialisation – is expected to extend its lead, with the IMF estimating its economy will be worth £16.7tr in 2019. That would be 20 per cent bigger than the US economy, which is forecast to be worth £13.8tr by then. The numbers are based on ‘purchasing power parity’ (PPP) which makes adjustments for the fact that goods are cheaper in countries such as China relative to the US. Without these adjustments for living costs, the Chinese economy is still smaller than that of the US, at £6.4tr. But experts have described the toppling of America after nearly 150 years by China – even on the PPP measure – as a ‘symbolic’ moment for the global economy.