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Economy

George Magnus: It's a PPP world, but so what?

China will edge out the U.S. this year to become the world's biggest economy, then move quickly ahead in the years to come. Japan's 4.8% share of world output is barely more than half what we thought it was. It is significantly smaller than India's 6.4% and now trails that of the Commonwealth of Independent States, comprising Russia and other former Soviet republics. The combined share of the Group of Six countries -- the U.S., Japan, Germany, France, the U.K. and Italy -- is now smaller than the 35% of the BRIC economies (Brazil, Russia, India and China) plus Mexico and Indonesia. The tectonic plates of the global economy have shifted toward the emerging world further and faster than previously thought.

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