The U.S. could lose its status as the world’s biggest economic power within five years.The International Monetary Fund predicts China will overtake the U.S. in 2016, which will effectively end the 'Age of America' a decade before most analysts had expected.
It means that whoever wins the 2012 presidential election will have the dubious honour of presiding over the fall of the United States.
It is the first time the IMF has put a time frame on the communist country's inevitable march, and the forecast has profound implications for the balance of global power.
The Washington-based fund claims its estimate is based on the comparative purchasing power of the two countries.
The news casts a deepening cloud over the future of the dollar as the world’s dominant currency as well as Washington’s attempts to close the budget gap and rein in the nation’s ballooning debt. Read More
No comments:
Post a Comment