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This article also includes historical GDP growth. China's real GDP growth by decade since 1960s, with estimated rate for 2020s from the Bloomberg Terminal (WRGDCHIN) In 1985, the State Council of China (SCC) approved the establishment of a SNA (System of National Accounting), using GDP to measure the national economy. China started to study and ...
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.
In 2021, China's GDP growth reached 8.1% (its highest in a decade) and its trade surplus reached an all-time high $687.5 billion. [18] The China–United States trade war begun under US president Donald Trump resulted in increased economic ties between China and the European Union, largely resulting from resulting shifts in commodity flows. [54]
The following estimates are taken exclusively from the 2007 monograph Contours of the World Economy, 1–2030 AD by the British economist Angus Maddison. [2] (GDP (PPP) in millions of 1990 International Dollars) [3] [4] [5] Year 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 2030 (forecast) China 22,983,000 United States 16,662,000 India 10,074,000 Japan
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database (October 2024 edition), [1] World Bank, or various sources. IMF estimates between 1980 and 1989
Historically, the United States was consistently year after year the world's largest economy since the early twentieth century. However, the report from 2014 showed that for the very first time China overtook the United States as the largest economy in the world taking into account purchasing power parity (PPP). Indeed, the margin of power ...
These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database (October 2024 edition) and/or other sources. [1] For older GDP trends, see List of regions by past GDP (PPP).