POST COLD WAR WORLD
INTEGRATION OF EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the EU is the world’s biggest economy
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China’s economy is the biggest in the world
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China privatised its agriculture in 1992
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the GDP of EU is more than $ trillion in 2005
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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: -Economists generally attribute much of China’s rapid economic growth to two main factors: large-scale capital investment (financed by large domestic savings and foreign investment) and rapid productivity growth. These two factors appear to have gone together hand in hand.
Detailed explanation-3: -Manufacturing, services and agriculture are the largest sectors of the Chinese economy – employing the majority of the population and making the largest contributions to GDP.
Detailed explanation-4: -In other words, the amount of all income generated in the country from the sale of goods and services. 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.