NS3040 GDP Comparisons Fall Term, 2017 Federal Reserve Bank of Chicago, Strong Dollar Weak Dollar

U.S./China GDP Comparisons I In 2013 China became the world’s largest economy

U.S./China GDP Comparisons II Still relative wealth of Americans much higher GDP per capita in China (2012/2013) is $10/11,000 on a par with middle income countries like Romania -- $11,000 Uruguay -- $12,000 Turkey -- $13,000 In contrast the US GDP per capita was $45/46,000 While this gap is closing, even if current growth rates continue, China not expected to overtake U.S. in per capita terms for another decade If growth rates drop from 7-8% to 5-6% over the period it may not be until 2050 that China may match U.S. per capita incomes

U.S./China GDP Comparisons III

U.S./China GDP Comparisons IV Even Dragons Tire, Economist, October 25, 2014

EU GDP Revisions Changing the Scales, Economist August 23, 2014

Shifts in World GDP The World’s Biggest Economies, Economist, October 11, 2014