US Extends Lead Over China in Race for World’s Biggest Economy
- US ends 2023 with a bang while China struggles with a bust
- Ex-IMF official calls it ‘a striking turn of fortunes’
The US has pulled further ahead of China in the race for world’s biggest economy, thanks in part to a vibrant American consumer.
US gross domestic product rose 6.3% in nominal terms — that is, unadjusted for inflation — last year, outpacing China’s 4.6% gain. While some of the outperformance reflected America’s elevated price increases, the 2023 outturn underscores a broader point: The US economy is emerging from the pandemic period in a better place than China’s.