CURRENT AFFAIRS

Detailed explanation-1: -It has the world’s second largest economy by nominal GDP, totaling around US $18.321 trillion in 2022, and the world’s largest economy since 2016 when measured by purchasing power parity (PPP). China accounted for 18.6% of global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022.

Detailed explanation-2: -2. China. The Chinese economy has witnessed astonishing growth over the last few decades. This fact has helped the country capture the much coveted second place in the list of top 10 economies of the world.

Detailed explanation-3: -India is set to overtake Japan and Germany to become the world’s third-largest economy, according to S&P Global and Morgan Stanley. S&P’s forecast is based on the projection that India’s annual nominal gross domestic product growth will average 6.3% through 2030.

Detailed explanation-4: -Just five countries make up more than half of the world’s entire GDP in 2022: the U.S., China, Japan, India, and Germany.

Detailed explanation-5: -In 2010, China overtook Japan to become the world’s second largest economic power behind the United States in terms of GDP expressed in current dollar terms. The United States still ranks in first place by a large margin. In the same year, US GDP was 2.5 times greater than China’s.