Economists Warn of US Declining in Economic Position

The US may no longer be the world’s top economic power in the coming years according to economist warnings, as China and India contend for the position. Some economists are predicting the shift could occur as early as next year. There are several other predictions in regard to the top world economic powers, including that seven of the top ten world economies will be Asian countries within the next decade.

The Chinese market, which accounts for 28 percent of the world GDP, is expected to make up 35 percent of the world GDP by 2030. At 20 percent of the world GDP in 2010, the growing Chinese economy has been skyrocketing throughout the world economy. Once China takes the top position, it is highly unlikely that the US will ever regain that position. Also, the Indian economy is assumed to also overtake the US by the year 2030 as well.

In related news, the strength of the US dollar (USD) is predicted to weaken, after a surge in strength over the past two years. After analysis by currency experts, the Dollar is predicted to end its current superiority over other currencies in the coming year. This is all unfortunate news for the US, but it does not mean disaster on the horizon, as the US is currently sitting in the high position of both the economy and currency.

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6 months ago