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ETpro's avatar

Of the four largest economies in the World, which is growing fastest?

Asked by ETpro (34208 points ) February 26th, 2011

The four leading economies(nominal) of the world, rated by nominal GDP, are:
1—The European Union with a GDP of $16.1 trillion.
2—The USA with a GDP of $14.6 trillion.
3—China, with a GDP of $5.7 trillion.
4—Japan, with a GDP of $5.4 trillion.

How do these four economic superpowers rank in growth rate of their GDP? What can we learn from the winners and losers?

Mind you, I am not suggesting that external influences and market conditions are without influence, or that only the political and economic policies of their governing bodies are responsible for their current position or their growth rates. But doesn’t it seem reasonable that thinking through why each is where it currently is and who is currently growing versus stagnant or contracting might well tell us some important things about both systemic causes of growth and policy influences?

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4 Answers

jlelandg's avatar

China. end of question. Claiming European Union is cheating, I don’t know how together they are, and if your talking about infrastructure development project, China will be working with many southeast asian countries on railroad very soon.

I think alot of these numbers tell us that there will be some people getting rich off Asia and Africa in many of our lifetimes.

ETpro's avatar

@jlelandg Thanks. Yes, China is initiating steps to slow the growth of their GDP to a more manageable 7%.

I included the EU because the Wikipedia article I wanted to use as a reference did so, but I tend to agree. The overall GDP of the EU is the sum of a large collection of nations, some like Germany doing very well and some like Greece being poster children for economic insanity and suicide. So if you and other respondents prefer to eliminate the EU, then substitute Germany just behind Japan as the fourth largest GDP.

Good point on the opportunity in the developing world. But what I wondered is how we can insist that our capitalism is too constrained. Socialist or communist states are an abject economic failure and only absolute, totally unregulated, laissez-faire capitalism works. The actual economic performance of the four financial powerhouses, and the forms of government they use to achieve their growth tend to suggest the exact opposite.

Is this just one more of those memes that flourish in America’s burgeoning Fact-free Zone?

laureth's avatar

China, and depending on how you look at it, they may already be #1.

ETpro's avatar

@laureth Excellent link. The audio of the NPR Discussion of China’s Economy was fascinating. Thanks.

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