Monday, January 4, 2010

China to Overtake Japan in 2010

Taking into consideration changes to China's GDP figures, it is now to be noted that China's economy will be overtaking Japan's by the end of 2010. China's GDP at the end of 2008 was originally noted to have a 9% growth, however new figures tell that China's economy actually grew 9.6% in 2008. The .6% change is due to an initial underestimation of China's service sector.

China also believes that, despite the global recession, their economy grew at least 8% in 2009 and will do so again in 2010. Given that China's GDP at the end of 2008 was approximately $4.6 trillion and that Japan's GDP is continuing to shrink it should be expected that China's economy will quickly overcome Japan's.

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