Method 1 - Current exchange rates. Data Source: International Monetary Fund (IMF) World Economic Outlook (WEO) database, October 2018 edition. Live data and insights on Coronavirus outbreak around the world, including detailed statistics for the US, Italy, EU, and China. The country ranked 20 for GDP per capita, which was only $15,308 as of 2017. It will build ports, railways, and pipelines. It is a floating currency that was formerly pegged to the U.S. dollar. But what impact would this have on the U.S. economy and the global economy? Poland increased its budget by 8.9% in 2018, to $11.6 billion, and Ukraine spent 21% more, for a total $4.8 billion. Search and explore the world’s largest statistical database to find data. Example. IMF forecasts China GDP to reach $15,462 billion and GDP per capita to reach $10,971 by 2020. First, we can expect 2018’s GDP’s downward slope to taper out, probably in an L shape. A trade war arises when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports. China is the third-largest export partner (the first and second being Canada and Mexico, respectively) of the United States, with export goods and services valued at $129.9 billion in 2017, according to the Office of the United States Trade Representative. Let’s return then to the question of whether the US or China has a larger economy. If consumption and net exports still rise as they did in 2017, the GDP in 2018 will be a bit higher than that of 2017, but that’s a big “if”. Per capita GDP is a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. That’s $5.9 trillion, or nearly 28 percent, more than the US GDP of $21.4 trillion in 2019. A trade war arises when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports. It could be argued that China actually outspends the U.S. on its military when personnel costs and purchasing power are taken into account. U.S. companies that generate an important portion of their revenues from China are likely to be negatively affected by lower domestic demand in China. When cost-cutting is necessary to remain profitable, layoffs are usually one of the first options to consider, which increases the unemployment rate. However, in order to surpass the US’s highly diversified, tertiary economy, there’s more to do: China still needs to make the all-important transition from a resource-intensive manufacturing hub to a modern, consumer-driven economy. The figure for that year was $18 billion. As the base is increasing, the growth numbers are slowing down. With exports decreasing and imports less affected by these negative developments, the deficit in the U.S. balance of trade with China widened further in the short run. Last but not least, the Consumer Price Index was targeted to be 3% before the start of 2017 but the CPI for 2017 turned out to be 1.5%, only half that. The figure rose to $250 billion in 2018. Despite modern discussions on refining the calculation of gross domestic product (GDP), the standard measure of an economy’s size and performance, to be more inclusive of economic factors that have been ignored to date, such as environmental and natural resource depletion, there is no commonly accepted alternative to GDP. If you calculate the PPP for every good and service produced and average the values, you can calculate the PPP for the GDPs between two countries. In this edition of the WEO, the IMF shortened the forecast horizon to 2021 instead of the expected 2025 horizon and limited the number of indicators available in its statistical tables because of the high level of uncertainty in current global economic conditions. However, instead, it dropped to 92, causing a depreciation of over 10% to major world currencies including the RMB. PPPs are essentially the currency conversion rates that eliminate differences in price levels between countries and equalize the purchasing power of different countries. Net exports depend very much on US trade policy with China. The first surprise is its 2017 GDP growth rate of 6.9% which surpassed the targeted 6.5%. 2018 will celebrate this remarkable history. Balance of trade is the difference between a country's import and export payments and is the largest component of a country's balance of payments. The United States is one of the countries likely to be affected by a slowdown in the Chinese economy because of the expected decrease in the export of goods and services to China. However, the negative effects of the economic slowdown can be temporarily mitigated from normalized oil prices. It sounds like a riddle: how many Big Macs for your entire daily wage? The current global system is western, and China is not ideologically on board. The answer largely lies in the fast growing sector of the so-called new economy, the innovation-led industries which grow at a rate of 25% annually and already comprised 31% of Chinese GDP by 2017.