China will be the 2nd biggest economy in the world starting this year. It overtook Japan's economy by 2nd quarter of this year. This was reported today here, China Passes Japan as Second-Largest Economy
I checked the IMF's World Economic Outlook (WEO) recent database to see the actual numbers, and also the ranking of other countries. Below is what I got.
Country Gross Domestic Product (GDP), current prices, 2000 (1st column) and 2010 (2nd column)
in US$ billion
1. United States, 9,951.5 / 14,799.6
2. China, 1,198.5 / 5,364.9
3. Japan, 4,667.4 / 5,272.9
4. Germany, 1,905.8 / 3,332.8
5. France, 1,333.4 / 2,668.8
6. United Kingdom, 1,480.5 / 2,222.6
7. Italy, 1,100.6 / 2,121.1
8. Brazil, 644.3 / 1,910.5
9. Canada, 724.9 / 1,556.0
10. Russia, 259.7 / 1,507.6
11. Spain, 582.4 / 1,424.7
12. India, 461.9 / 1,367.2
13. Australia, 400.7 / 1,193.0
14. Mexico, 628.9 / 995.9
15. Korea, 533.4 / 991.1
16. Netherlands, 386.2 / 797.4
17. Turkey, 266.4 / 710.7
18. Indonesia, 165.5 / 670.4
19. Switzerland, 249.9 / 512.1
20. Poland, 171.3 / 479.0
21. Belgium, 233.0 / 471.8
22. Sweden, 245.6 / 443.7
23. Saudi Arabia, 188.7 / 438.0
24. Norway, 168.3 / 433.3
25. Taiwan, 326.2 / 418.2
26. Austria, 191.8 / 391.6
27. Iran, 96.4 / 360.0
28. Argentina, 284.3 / 344.1
29. South Africa, 133.0 / 329.5
30. Greece, 127.6 / 325.1
31. Denmark, 160.1 / 313.8
32. Venezuela, 117.2 / 301.0
33. Thailand, 122.7 / 297.9
34. Colombia, 94.1 / 268.1
35. United Arab Emirates, 70.2 / 252.7
36. Finland, 122.1 / 240.1
37. Portugal, 113.0 / 226.0
38. Hong Kong, 169.1 / 223.7
39. Ireland, 96.9 / 216.1
40. Egypt, 99.2 / 215.8
41. Nigeria, 46.4 / 214.0
42. Malaysia, 93.8 / 213.1
43. Israel, 124.7 / 199.5
44. Czech Republic, 56.7 / 199.0
45. Chile, 75.2 / 196.5
46. Singapore, 92.7 / 194.9
47. Philippines, 75.9 / 181.5
48. Pakistan, 74.1 / 177.9
49. Romania, 37.3 / 168.6
50. Algeria, 54.7 / 156.8
51. Peru, 53.3 / 146.3
52. Hungary, 47.3 / 145.6
53. New Zealand, 53.0 / 135.7
54. Kuwait, 37.7 / 135.1
55. Ukraine, 31.3 / 127.1
56. Kazakhstan, 18.3 / 126.3
57. Qatar, 17.8 / 110.8
58. Bangladesh, 47.0 / 104.6
59. Vietnam, 31.2 / 103.1
60. Morocco, 37.0 / 94.0
source: International Monetary Fund (IMF), World Economic Outlook April 2010 Database,
http://bit.ly/aJc7EX
Notice how China's economy jumped from only $1.2 trillion 10 years ago to the projected $5.36 trillion this year, or a 348 percent increase. Compare that with Japan's 13 percent jump from 2000 to this year's GDP level, the US's 49 percent increase, Germany's 75 percent increase, and France's 100 percent increase.
Other countries that produced huge increase in GDP size in just 10 years are (1) Russia 480 percent increase, (2) Indonesia 305 percent increase, and (3-5) Brazil, India and Australia which registered 200 percent increase in GDP size.
The Philippines with 94 million people this year has a lower GDP size than Singapore with less than 5 million people. The country is ranked 47th in GDP size this year, higher than Pakistan.
China should continue its fast growth rate. A rich China means a rich billion plus consumers just a few hours from Manila by plane. A rich China also means market diversification opportunity for many other poorer countries that used to rely on exporting their goods and services to the US, Japan and Europe.
And more importantly, a rich China means that freeing markets towards more capitalist competition will unleash more entrepreneurial spirit from tens of millions of big and small entrepreneurs and investors.
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World's Biggest Trade Surplus/Deficit Economies
While Germany was enjoying a trade surplus of $577 million per day in the last 12 months ending June 2010, the United States was draining by $1.62 billion per day in trade deficit also in the last 12 months ending in June 2010.
China's trade surplus is more than 2x that of Japan's. India and Hong Kong are the only Asian countries in the top 10 biggest trade deficit countries.
Below is a list of the world's biggest trade surplus and biggest trade deficit countries.
A. Biggest Trade Surplus (exports larger than imports) latest 12 months, in $ billion
1. Germany, 210.8 (June)
2. China, 174.7 (July)
3. Russia, 152.6 (June)
4. Saudi Arabia, 104.4 (2009)
5. Japan, 81.7 (June)
6. Norway, 55.6 (June)
7. Ireland, 54.1 (May)
8. Netherlands, 53.3 (May)
9. S. Korea, 40.1 (July)
10. Malaysia, 36.6 (May)
B. Biggest Trade Deficit ( exports smaller than imports) latest 12 months, in $ billion
1. US, 592.4 (June)
2. Britain, 135.0 (June)
3. India, 110.2 (June)
4. Spain, 69.5 (May)
5. France, 62.4 (June)
6. Turkey, 52.6 (June)
7. Greece, 43.5 (May)
8. Hong Kong, 41.7 (June)
9. Portugal, 27.6 (June)
10. Egypt, 24.2 (Q1)
source: The Economist, August 12, 2010, http://www.economist.com/node/16793552?story_id=16793552
* See also China Watch 7: Rising Yuan, Economic Bubbles, April 07, 2010
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