Posted 1/24/2024, 1:01:26 PM
China's Economic Growth Slumps to 30-Year Low as US Economy Extends Lead
- China's nominal GDP growth in 2023 was just 4.6%, the lowest in almost 30 years
- In nominal terms, China's GDP fell to $17.5 trillion in 2023, while the US GDP rose to about $27 trillion
- China's share of global GDP slipped to just under 17% in 2023, while the US share rose to about 25%
- China is facing economic headwinds like a property slump, weak consumer demand, and deflation
- The gap between the size of the Chinese and US economies widened further in 2023, with China now about two-thirds the size