ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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Either A or B
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None of the above
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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: -With a GDP of 23.32 trillion dollars, the USA is by far the world’s largest economy in this ranking for 2021. It is followed by China in second place with a GDP of 17.73 trillion dollars.
Detailed explanation-3: -A report published by the Brookings Institution in 2019 suggested that China had been overstating its economic growth by about 2% every year, making its economy 12% smaller than official figures then claimed. China denies manipulating economic data.
Detailed explanation-4: -The graph shows China’s share in global gross domestic product adjusted for purchasing-power-parity until 2021, with a forecast until 2027. In 2021, China’s share was about 18.56 percent.