World’s Biggest Economies and Their Growth Rate for 2020

Jul 15, 2020 / By Elaine Belsito
Horsesmouth Assistant Editor
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Chart Talk: By IMF and World Bank measures, China outstrips the U.S. and can look forward to growth in 2020, while the U.S. economy will contract.
Statista reports:

Looking at global GDP at constant 2017 prices, but adjusted for purchasing power/cost of living, China was the biggest economy in the world in 2019, with an adjusted GDP of more than $22.5 trillion, according to the World Bank.

While the Chinese economy is projected by the International Monetary Fund to grow by a low 1.2% in 2020 due to the coronavirus pandemic, the U.S. in second rank is expected to see its $20.6 trillion GDP decrease by almost 6%.

By 2030, India is expected to overtake the U.S. as the second-largest economy on the planet. At that time China is also supposed to be the biggest economy in the world in terms of nominal GDP, a record still held by the U.S.

Source: Statista

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