Examine China's predicted economic activity on the below table captured in February 2022. As of that date, which of the following terms would have best described the predicted growth in the Chinese economy for 2024? • Acceleration • Deceleration • Stagnation
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China is About to Overtake the US to Become World's Largest Economy Figures published by the IMF show that China is set to overtake the US to become the world's largest economy. Purchasing power parity or PPP of China will climb to $\$ 17.632$ trillion this year, compared with $\$ 17.416$ trillion for the US. But analysis by IHS points out that China is not expected to rise above the US until 2024 in terms of nominal GDP. If PPP of China becomes greater than that of the U.S. but the GDP of the U.S remains higher, does this comparison of PPP really tell us which country has the higher standard of living? What does the news clip mean by 'nominal GDP'?
GDP Expands 11.4 Percent, Fastest in 13 Years China's gross domestic product grew 11.4 percent last year and marked a fifth year of doubledigit growth. The increase was especially remarkable given that the United States is experiencing a slowdown due to the sub-prime crisis and housing slump. Citigroup estimates that each 1 percent drop in the U.S. economy will shave 1.3 percent off China's growth, because Americans are heavy users of Chinese products. In spite of the uncertainties, China is expected to post its sixth year of double-digit growth next year. Use the expenditure approach for calculating China's GDP to explain why "each 1 percent drop in the U.S. economy will shave 1.3 percent off China's growth."
In its recent report, The Conference Board's Global Economic Outlook 2015, updated November 2014 (http://www.conference-board.org/data/ globaloutlook.cfm), projects China's growth between 2015 and 2019 to be about $5.5 \%$. International Business Times (http://www.ibtimes.com/us-exports-china-havegrown-294-over-past-decade-1338693) reports that China is the United States' third largest export market, with exports to China growing $294 \%$ over the last ten years. Explain what impact China has on the U.S. economy.
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