This column examines trends in geopolitics and superpowers over the last decade to help understand how the global power balance is shifting.
A consistent feature of the last decade has been the growing Chinese economy. China has the world’s second largest economy (Figure 1). In purchasing power parity (PPP) terms – adjusted for the cost of living – China has the world’s largest gross domestic product (GDP) at $39.5 trillion, versus $30.3 trillion for the USA in 2024. Just as significant is the fact that per person GDP increased from $4,500 in 2010 to $13,500 in 2024. This moves most Chinese citizens into the category of consumers rather than simply producers working in factories.
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