Snoopy said:
According to the graph, China's percent of global GDP should be more than the United States right now, which isn't the case. |
That depends on which GDP you're using. Yes there are several of them: Nominal (which the US are leading), Real (where China is about on par with the US), and purchasing power parity (in which China is leading for a couple years now). So in other words, that chart was made with GDP (PPP).
India has been catching up for 2 reasons: fast growth, both economically and by population. India may very well still be a developing country, but having a population over 4 times the size of the US and still growing fast certainly helps to achieve that goal. In fact, India just recently overtook China as the most populous country, each with over 1.4 billion inhabitants.
While it might take more than 15 years depending on how the economy goes in either country, having India overtake the US is just a matter of time due to the high and growing population.
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