Hold on China, U.S. Still World’s Top Economy by Main Benchmark
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Call it another false alarm in the China-overtaking-the-U.S. saga. Notwithstanding the latest estimates from the International Monetary Fund, the U.S., the world’s largest economy is still, well, numero uno.
China’s gross domestic product will climb to $17.6 trillion this year, while the U.S. grows to $17.4 trillion, IMF projections showed yesterday. One major caveat: the comparison is based on purchasing power parity, which uses exchange rates that adjust for price differences of the same goods between nations.