China-US GDP gap narrows
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China-US GDP gap narrows

Posted by | July 12, 2018 |

A bird’s-eye view of the central business district in Beijing. [Photo/VCG]

The gross domestic product gap between China and the United States has narrowed, according to updated figures from the World Bank in 2017.

In the rankings of 2017 GDP released in early July, China remains the world’s second-largest economy with $12.24 trillion, compared with $19.39 trillion for the US. The figure previously stood at $11.20 trillion and $18.57 trillion in 2016.

India replaced France as the world’s sixth-largest economy, with a GDP amounting to $2.60 trillion, while France’s figure was $2.58 trillion in 2017.

In the World Bank’s ranking, the largest economy is the United States, followed by China, Japan, Germany and the United Kingdom.