China continues to be the second largest economy in the world at $14 trillion, an increase of more than $2 trillion from a year earlier.
America still leads the world economy at $20.4 trillion, a $1 trillion increase compared with last year. However, its dominance looks to be waning. The global economy will expand by $6.5 trillion between 2017 and 2019, according to data from the World Bank. America’s GDP is expected to account for 17.9% of this growth. China’s, however, is predicted to account for almost double this, at 35.2%.
China’s digital economy is also experiencing a boom period. It has grown from less than 1% of the global e-commerce market about 10 years ago to 42% today. In comparison, the United States’ share of the market is 24%, down from 35% in 2005.
China’s economy will also eclipse the US economy by 2050, according to a report by professional services firm PwC, which also predicts India will overtake the US.