USA on its way to second best?
Forex Bits

USA on its way to second best?

Within three years the USA will have been knocked off the podium in its number one position as the world’s most economically-powerful country. China will overtake it by 2016. Come what may and however much we might think that is not going to happen, it will. It’s always a surprise that some seem to believe against all odds, even when the US economy is still struggling to regain momentum and the jobless rate is stagnating almost, that the US will maintain forever its position as world leader in the global economy. But, President Obama will probably be the last President of the US to witness that pole position.

China is going through a period of industrialization and has reached 50% of urbanization today. By 2035, it will be 75%. It has done that in such a short space of time while Britain took a hundred years and the USA took decades to go through the same change. The Chinese have hoards and armies of workers willing to trudge to the factories and take part in that race for number one.

Getting used to being in second position may be harder than we think, but the USA has a few years now to contemplate that loss. It’s not that far off.

Read the full article at ToTheTick