Image by International Monetary Fund via Flickr
Different countries have taken dominance over different phases of time in the history of the world. Once the Roman empire reigned supreme. Later the Ottoman empire took over control. After the fall of the Ottoman empire there were lot of European countries vying for this position. Which eventually led to the World War 1.
The U.S came in then. Charged with liberated economic practices, and robust industrial growth, it was automatically the next heir. When building its economy, America made sure that a culture of innovation was embedded in the core consciousness of every citizen. It was like an ultimatum – You innovate or lose out.
Somehow people feel that the age of America is drawing to a close. As per the International Monetary Fund (IMF), the United States is only years away from losing its economic power status to America. By the next presidential elections, the president of the United States would have to listen to the Chinese president.
IMF published its findings in the World Economic Outlook journal. 2016 is the year when China will start to come into prominence. At this time, the U.S GDP line will come close to China’s growth line – graphically speaking.
By the year 2016, China’s GDP would have touched nineteen trillion dollars. And the U.S would trail behind by a couple of trillion dollars. Thus making China the economic superpower. But industry analysts say statistics are of no use when it cannot even predict a recession. Although all is not lost for the U.S the indications are clear. The U.S has to act.