China will overtake America to become the world's biggest economy in just 10 years, according to a report. The U.S. has been the world's economic leader for more than a century, but now, a huge rise in consumer spending in China is expected to see it passed in 2024.
Chinese consumer spending is predicted to triple over the next decade, according to an IHS report – increasing from $3.5 trillion to $10.5 trillion. This would boost their GDP to $28.3trillion, surpassing the USA's expected $27.4trillion – using today's prices.
U.S. GDP is currently still significantly higher than China's – $17.4 trillion compared with $10 trillion.
But with experts predicting China's consumer spending to grow at an average rate of 7.7 per cent per year, things look set to change.
This post was published at Daily Mail