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US Could Lose Its Position As World's Most Powerful Economy

Business, EconomyCoty B. WhiteUS Could Lose It's Position As World's Most Powerful Economy., us economy, global economy, global markets, us markets, china markets, china economy, china economy 2020, US economy 2020, india economy 2020, economy india, india economy growth, US economy growth, China economy growth, world's largest economy, world's largest economy prediction 2020, 2020 world economy prediction, 2020 world markets prediction, 2020 US gdp prediction, 2020 China gdp prediction, 2020 India gdp prediction, india gdp, china gdp, US gdp, US economy GDP, US economy downfall, China economy rise, china economy gdp, india economy gdp, asian economies gdp, asian gdp, american gdp, american growth domestic product, 2020 economy prediction, prediction for 2020 economy, 2020 US economy, 2020 China economy, 2020 India economy, United States Of America, China, India, bar graph showing US GDP, bar graph showing China gdp, bar graph showing india gdp, graph comparing world gdp, graph comparing US China GDP, US China GDP, US India GDP, US China India GDP, global gdp, global ppp, gross domestic product and purchasing-power-parity, 2020 gross domestic product and purchasing-power-parity, six of the ten largest economies, world's largest economies, world's biggest economies, world's biggest economies 2020, world's largest economies 2020, 2020 prediction largest economy, us economy slow down, china economy pushing forward, standard chartered bank, standard chartered bank world's biggest economies, standard chartered bank world's biggest economies 2020, 2020 standard chartered bank world's biggest economies, standard chartered world's biggest economies, standard chartered bank world's biggest economies graph, graph standard chartered bank world's biggest economies, leading world economies, who will lead world economy 2020, 2020 world economy leaders, top 3 world economies, top 10 world economies, largest world economies top 3, top largest economies, top three largest economies, top 3 world markets, top three world markets
Photo Credit: Spark Post Images

Photo Credit: Spark Post Images

The United States of America could lose its position as the world's largest economy as early as next year. A downfall that would be tremendously difficult to come back from as developing Asian economies gain momentum and move ahead.

Despite recent problems with trade, China's economy is still pushing forward. According to research released this week by Standard Chartered Bank, it's likely that China will become the world's biggest economy at some point in 2020, when measured by nominal gross domestic product and purchasing-power-parity exchange rates. Shortly after being surpassed by China, the US is predicted to fall into third place as India becomes a dominating economy by 2030. Standard Charter says "India will likely be the main mover, with its trend growth accelerating to 7.8% by the 2020s partly due to ongoing reforms, including the introduction of a national goods and services tax (GST) and the Indian Bankruptcy Code,"

Graph Credit: Business Insider

Graph Credit: Business Insider

As illustrated in the graph above, six of the ten largest economies could be in Asia by 2030. Included in that prediction, Asian GDP will account for roughly 35% of global GDP, up from 28% last year and 20% in 2010. 

About GDP

Gross Domestic Product (GDP) is used to measure the market value of products and goods in an economy. Nominal GDP estimates are used to determine economic performance of a country. GDP (nominal) does not reflect differences in the cost of living, and the inflation rates of the countries. When combined with Purchasing Power Parity (PPP), the two can be useful to determine the living standards of nations.

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Coty White is a journalist at GoldenGOAT Articles that specializes in business, travel, lifestyle, innovation and the environment. Aside from his time spent as a reporter, he is an active stock trader and current owner of four successful companies.