China will have world\\\'s largest economy by 2024: Report

Explosive growth in Chinese consumer spending over the next decade will allow China to overtake the US as the world’s largest economy by 2024, according to a new report. While some may consider that a black eye for the US, which has held the title as the world’s largest economy for the better part of a century, it will also open up opportunities for US businesses to sell their goods to an increasingly affluent class of Chinese consumers. Chinese consumer spending is expected to nearly quadruple from more than $3 trillion in 2013 to almost $11 trillion by the end of 2013, according to analysis from IHS Global Insight, an Englewood Colo.,-based financial research firm. ‘If you take politics out of the equation, it could be very good for the global economy and very good for the US,’ said Cliff Waldman, senior economist for the Manufacturers Alliance for Productivity and Innovation (MAPI), a public policy and economics research organization in Arlington, Va. Waldman noted that China, with a current population of 1.4 billion, has four times as many people as the US ‘That’s a strong consumer base,’ he said. That growth in consumer spending is going to push China, with a current population of 1.4 billion, to the top of economic global powerhouses, the IHS report states, according to foxbusiness.com