Pulling ahead in purchasing power

Nation ready to overtake US years earlier than international economists expected

Far sooner than expected and predicted, it appears that China is on the verge of overtaking the United States as the world's largest economy. Organizations such as the International Monetary Fund and the World Bank have long forecast the inevitability of China's ascent to the top of the global economic ladder, but not until 2020 or even 2024.

However, an announcement recently by the World Bank's International Comparison Program in Washington asserts that China's ascent may take place as early as this year, according to analyses based largely on purchasing power parity.