Mainland China continued to be the world’s biggest economy based on purchasing power parity in 2016, according to new research by professional services consultancy PricewaterhouseCoopers (PwC).
The report, The long view: how will the global economic order change by 2050, ranks economies in term of gross domestic product (GDP) adjusted for differences in price levels, otherwise known as purchasing power parity or PPP.
In accounting for 18 percent of the world’s GDP in PPP terms last year, the Mainland leads the world and would do so until 2050, when its annual output should represent about one-fifth of global GDP.
Brazil is currently the world’s seventh biggest economy by PPP terms and will rise to No.5 by 2050, says PwC.
