The Chinese economy will exceed the Eurozone’s in size this year, according to the latest research from Bloomberg.
Bloomberg data indicates that China’s GDP will hit USD$13.2 trillion in 2018, as compared to economic output of $12.8 trillion for the 19 countries that make use of the euro.
Some observers point out that China’s current growth trajectory is simply restoring comparative regional wealth levels to historic norms, as evidenced by research conducted by economic historian Angus Maddison.
“China’s rapid re-emergence as an economic powerhouse – remember it used to be the world’s largest economy in the 1800’s – has enormous implications,” said Rob Subbaraman, head of emerging economics at Nomura Holdings in Singapore to Bloomberg.
“The impact of China on global financial markets and commodities is no longer trivial. Buts its economic size also brings tensions in terms of market share competition in trade and investment.”