Table of Contents
Who is the second largest economy in the world?
GDP (Nominal) Ranking
| Code | Country/Economy | GDP (Nominal) (billions of $) |
|---|---|---|
| Rank | ||
| World | ||
| USA | United States | 1 |
| CHN | China | 2 |
Is China second largest economy?
China has formally overtaken Japan as the world’s second largest economy. The latest official figures from Tokyo show Japan’s gross domestic product increased by just under four per cent in 2010, a far slower rate of growth than China’s and not enough to keep its economy ahead.
How did China become one of the largest economy of world Brainly?
Answer: China has become the world’s largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves. This in turn has made China a major commercial partner of the United States.
How did China become the world’s second largest economy?
China is now the world’s second largest economy (and the largest if measured in PPP terms), having fallen behind from the late 19th Century onward as several industrial revolutions compounded in the Western world. But China began an unprecedented economic catch-up in 1978.
How did China contribute to the world’s poverty reduction?
The fact that the world reached its UN millennium development goal of halving extreme poverty was largely driven by China, which accounted for more than three quarters of global poverty reduction between 1990 and 2005.
How has China’s economic reform changed the world?
The economic reforms improved the fortunes of hundreds of millions of Chinese people. The World Bank says more than 850 million people been lifted out of poverty, and the country is on track to eliminate absolute poverty by 2020. At the same time, education rates have surged.
What are the challenges of rapid economic ascendance in China?
Rapid economic ascendance has brought on many challenges as well, including high inequality (especially between rural and urban areas), challenges to environmental sustainability, and external imbalances. China also faces demographic pressures related to an aging population and internal labor migration.