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8 septiembre 2014 1 08 /09 /septiembre /2014 19:22

China to Become World’s Largest Economy in 2024 Reports IHS Economics

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China se convertirá en la principal economía del mundo en 2024, debido a que se espera que su consumo aumente cerca de cuatro veces entre 2013 y 2024, indicó el viernes en Londres, IHS Inc., una compañía mundial de análisis e información industrial. IHS pronoticó que en 2024, con un PIB nominal anticipado en USD 28,250,000 millones, China superará los USD 27,310,000 millones de EEUU, con lo que se convertiría en la mayor economía del mundo.

China se convertirá en la mayor economía del mundo en 2024: según IHS Inc

LONDRES, 7 sep (Spanish. xinhuanet. com) -- China se convertirá en la principal economía del mundo en 2024, debido a que se espera que su consumo aumente cerca de cuatro veces entre 2013 y 2024, indicó el viernes en Londres, IHS Inc., una compañía mundial de análisis e información industrial.
IHS pronoticó que en 2024, con un producto interno bruto (PIB) nominal anticipado en USD 28,25 billones, China superará los USD 27,31 billones de EEUU, con lo que se convertiría en la mayor economía del mundo.
Se espera que el porcentaje de participación de China en el PIB mundial suba de alrededor de 12% en 2013 a 20% en 2025, indicó la compañía con sede en Colorado, EEUU.

"En los próximos 10 años, se prevé que la economía de China recupere su equilibrio por un crecimiento más rápido del consumo, lo que ayudará a la estructura de la economía interna, así como al crecimiento de Asia-Pacífico como región", dijo Rajiv Biswas, economista para Asia en jefe de IHS.
"La próxima Reunión de Nuevos Campeones del Foro Económico Mundial en Tianjin, China, se enfocará en ciencia, tecnología e innovación", señaló Biswas.
"Estos son algunos de los sectores fundamentales que serán cruciales para ayudar a transformar la economía de China de una orientada a la exportación de manufacturas de bajo costo en las últimas tres décadas, a una economía de mayor valor agregado orientada a la demanda del consumo interno", añadió Biswas.

Sin embargo, el Programa de Comparación Internacional indicó en abril que se cree que China superará a Estados Unidos como la economía más grande del mundo antes que lo previsto, posiblemente a fines de este año incluso, según los cálculos de Paridad del Poder Adquisitivo (PPA).

 

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IHS Forecasts

 

 

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China to Become World’s Largest Economy in 2024 Reports IHS Economics

LONDON, UK (7 September, 2014) – China will become the world’s largest economy in 2024, according to new analysis carried out by IHS Inc. (NYSE: IHS), the leading global source of critical information and insight.

“Over the next 10 years, China’s economy is expected to re-balance towards more rapid growth in consumption, which will help the structure of the domestic economy as well as growth for the Asia Pacific (APAC) as a region,” said Rajiv Biswas, chief Asia economist for IHS.

“The World Economic Forum’s upcoming Meeting of the New Champions in Tianjin, China, will focus on science, technology and innovation. These are some of the key sectors that will be crucial in helping to transform China’s economy from the low-cost manufacturing export-driven economy of the past three decades into a higher value-added economy, driven by domestic consumer demand,” Biswas said. 

Chinese consumer spending is forecast to grow at an annual average rate of 7.7 percent per year in real terms over the next decade, becoming a key engine of global consumer demand and world growth, according to IHS. In 2024, China will overtake the United States in terms of nominal gross domestic product (GDP) measured in U.S. dollars (USD). In 2024, IHS forecasts that China’s nominal GDP will be $28.25 trillion (USD) to the US’s $27.31 trillion (USD).

“In 2025, if we were to take a global economic snapshot, China’s economy will play an even bigger role as a key driver of global trade and investment flows,” Biswas said. “IHS forecasts total Chinese consumer spending to grow from $3 trillion (USD) to $11 trillion (USD) by 2024 at an annual average rate of 7.7 percent per year. China’s share of world GDP is forecast to rise from around 12 percent in 2013 to 20 percent by 2025.”

IHS nominal GDP data points for the below graph (all in USD):

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2010: US: $14.96 trillion; China: $5.93 trillion
2015: US: $18.24 trillion; China: $11.12 trillion
2020: US: $23.10 trillion; China: $19.24 trillion
2025: US: $28.57 trillion; China: $30.70 trillion
2030: US: $35.10 trillion; China: $44.23 trillion

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Transformational impact on global economy

With total Chinese consumer spending having already exceeded $3 trillion (USD) in 2013, the impact of the rapid growth of Chinese consumer spending is already having a transformational impact on many segments of the global economy.

The projected future rapid growth of Chinese consumer spending over the next decade will propel the Chinese consumer market to become an $10.5 trillion (USD) consumer market by 2023, around three times larger than Japan, which is projected to be a $3.7 trillion (USD) consumer market.

India, which also is expected to be a fast-growing consumer market but starting from a much lower base, is expected to be broadly similar in size to the Japanese consumer market by 2023.

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China’s impact on APAC

“The transmission effects of the strong growth in Chinese consumer demand are already being felt throughout the Asia-Pacific region,” Biswas said.

One notable impact has been through Chinese international tourism visits to other Asian countries, something that has surged over the past three years.

Total Chinese tourism spending abroad rose by 26 percent in 2013 to $129 billion (USD). That makes China the largest source market for international tourism spending globally, according to United Nations World Tourism Organisation estimates.

The impact of this rapid growth in Chinese tourism was felt in many Asian countries, most notably Thailand, where Chinese tourism visits rose by 68.8 percent in 2013 to a total of 4.7 million visitors. Chinese tourism visits to other ASEAN (Association of Southeast Asian Nations) countries also showed strong increases, albeit not as dramatic as for Thailand.

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Data from IHS Global Consumer Markets on consumer spending growth (all in USD, nominal) for the below graph:

US: 2013: $11.48 trillion; 2023: $17.61 trillion
China: 2013: $3.45 trillion; 2023:$10.51 trillion
Japan: 2013 $3.00 trillion; 2023: $3.72 trillion
India: 2013: $1.11 trillion; 2023: $4.26 trillion

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Boost to ASEAN exports and long-term growth

“The implications of an additional $7 trillion (USD) being added to annual Chinese consumption by 2023 have tremendous positive implications for APAC regional growth,” Biswas said. “Rapid growth in Chinese consumption drives demand for exports of commodities, manufactures and services from other APAC countries to China, with ASEAN countries expected to be major beneficiaries of the growth in Chinese consumption.”

ASEAN countries already have seen their regional exports to China growing at an average annual rate of 20 percent per year over the last decade.

The further rapid expansion of Chinese consumer demand will provide a significant boost to ASEAN exports and GDP growth over the long-term. Other APAC economies with strong trade ties to China, such as South Korea and Australia, also will be important beneficiaries from the rapid growth of Chinese consumer demand.

 

http://press.ihs.com/press-release/economics-country-risk/china-become-worlds-largest-economy-2024-reports-ihs-economics

 

 

 

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About IHS (www.ihs.com)

IHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today’s business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs more than 8,000 people in 31 countries around the world.

 

IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. © 2014 IHS Inc. All rights reserved.

 

http://press.ihs.com/press-release/economics-country-risk/china-become-worlds-largest-economy-2024-reports-ihs-economics

 

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