The question as to when China will overtake the US has intrigued me for a long time. Maybe it’s because I am still an American chauvinist, who has always been proud to be a citizen of the “Number One” country. Maybe it’s just intellectual curiosity.
So I did two quick series on my calculator:
1. I assumed that the US economy will grow at an average rate of 2.8% per year, and that the Chinese economy will grow by 10% a year. In this scenario, China will surpass the US in 2028 - 18 years from now.
2. Assume that the US economy will grow at an average rate of 2.8% per year, and that the Chinese economy will grow by 10% per year for another 6 years, but only 5% from 2017 on. In this case, China will overtake the US in 2053 - 42 years from now.
But forecasts are often wrong. “Futurologists” like Alvin Toffler, John Naisbitt and Jeremy Rifkin have been more often wrong than right. For example, the Soviet Union went “poof” and no one saw it coming...
Extrapolations from current conditions can be really funny. Here are some which I hope you enjoy:
! In the 1870s, someone predicted that by 1930 the streets of all US cities would be covered with a 35-foot thick layer of horse manure due to the exponential increase in horse carriages.
! Someone also predicted that there would be a sharp increase in the number of heart attacks in the 20th century, as the human heart would not be able to withstand train speeds over 30 mph.
! And here is another good one: If the world’s population kept growing at 2% or 3% per year, as it has over the past century, guess what the earth would look like in the year 5000?
Well, it would be covered by a solid mass of flesh, which would be expanding out into space at the speed of light.
So my bet is that all predictions about when China will overtake the US are wrong, including my own. China could become Number One earlier, later, or never. Unforeseen things could (and will!) happen in both countries. Good things and bad things. Political changes, etc.
I am just tossing this your way as food for thought.
P.S. If you know of funny prognostications, send them to us.leave comment here