And the US is an ever-decreasing share of the global economy - it's shrinking in relative terms. China overtook the US in World GDP share at PPP in 2014.
The US isn't suffering waning economic dominance. In fact it's gaining economic power right now.
The US Dollar is stronger than it has been in 20 years, the global reserve standard is firmly in place. The Euro and Yen present no threat to that; and the Yuan, a second tier currency, is currently being backed up by the greatest accumulation of debt in world history in China.
Since 2007 the US has added around $3.x trillion to its annual GDP, while Europe has added zero and has failed to climb above the peak before the great recession. The US will hit $18 trillion in GDP in 2015, or over nine times the size of Russia, which used to be its primary superpower competitor. While US GDP has continued to climb, most countries in Europe have been flat for ~7 years (eg Germany's or France's GDP hasn't moved since 2008).
The US share of global GDP hasn't gone down in 35 years, and is still where it was in 1995/96.
(and that's during a time, since 1980, in which both Japan and China came on line as global economic powers - to maintain the US share of GDP, the US had to keep up with China, Brazil, Japan, India and countless other countries that saw economic booms since 1980)
Quick note: according to Wikipedia (citing IMF, World Bank, etc) the US is #1 in GDP at ~$16 trillion, almost double China in the number two spot. We are number 6 in PPP, but if we're talking economic output I would argue the former is more relevant.
Absolutely correct. And if you look out share of the global GDP has been steadily declining relative to the wealth of other nations since then. The days of American hegemony are numbered, thank god.
The US is 23% of global GDP per the IMF's 2015 projections, which take into account the rather significant shift in currencies globally in the last year.
Going by 2014 IMF numbers, the US was 22%. The World Bank and UN both have similar figures.
The real story is the one no one has been talking about. The US has been the world's largest economy for the past 100-150 years. In another ~10 years, that will no longer be the case. Every year that passes afterwards, the US is going to fall further and further behind China, until it eventually gets lapped some time in the mid-21st century. It's going to be "interesting" to see what happens then.
This simply isn't true. Looking at the IMF numbers in 2023, the US is number 7. Every country ahead of the US has something that is massively distorting their GDP per capita. Tax havens, nationalized oil, etc.
Under PPP, the Chinese economy will expand from $11.2 trillion this year to $19 trillion in 2016. Meanwhile the size of the U.S. economy will rise from $15.2 trillion to $18.8 trillion. That would take America’s share of the world output down to 17.7%, the lowest in modern times. China’s would reach 18%, and rising.
So we won't be the top any longer, but we'll still be enormously dominant. So? Competition drives innovation.
All the "America is doomed" folks act as if America is going to crumble to pieces simply because we are no longer the only gorilla in the room.
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