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China 'overtakes U.S. as the the world's largest economy': IMF says economy is now worth £11 trillion as America falls into second place for the first time since 1872


China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund.
The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog.
The latest IMF figures show the Chinese economy is worth £11trillion compared with £10.8trillion for the US.
China – whose wealth has accelerated in recent decades amid rapid industrialisation – is expected to extend its lead, with the IMF estimating its economy will be worth £16.7trillion in 2019.
China's wealth has accelerated in recent decades amid rapid industrialisation. Pictured, a car factory in Beijing


That would be 20 per cent bigger than the US economy, which is forecast to be worth £13.8trillion by then.
The numbers are based on ‘purchasing power parity’ (PPP) which makes adjustments for the fact that goods are cheaper in countries such as China relative to the US.
Without these adjustments for living costs, the Chinese economy is still smaller than that of the US, at £6.4trillion.
But experts have described the toppling of America after nearly 150 years by China – even on the PPP measure – as a ‘symbolic’ moment for the global economy.
China enjoyed three decades of double-digit growth before the global downturn, as industrialisation and sweeping economic reforms created a new powerhouse in the East.
Growth has slowed in recent years but remains strong by Western standards with the IMF forecasting expansion of 7.4 per cent this year and 7.1 per cent in 2015.

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THE MAN PETER MBAH

Peter Mbah was born on the 17th, March 1972
He started his primary education in 1978. He attended the Army Children School, Bori Camp, Port Harcourt where he obtained his 1st School Leaving Certificate in 1984. In the same year, he proceeded to Owode High School, Owode Egba, Ogun State and in 1990, he graduated with a Senior Secondary Certificate in Education (SSCE) (O’Levels).
An adventurous Mbah obtained a Certificate in German as Foreign Language from the VolkHoch Schule, Recklinghausen, Germany in 1992. Between 1997 and year 2000, he attended the University of East London, United Kingdom where he graduated as a lawyer (.L.L.B (Hons)) with a Second Class Upper Division. While at the School, Mbah was an outstanding President of the Student Law Society (1998-1999). During his tenure, the association won the Students Union’s prize and certificate of achievement for the “Most Productive Society of the Year”.