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Follow Business Insider: The lineup of global economic powerhouses is going to see some changes by 2050. China is expected to surpass the US in terms of nominal GDP by 2026 â aka in 11 years, according to The Economist Intelligence Unit. India, the strongest emerging market, is expected jump to third place, with real growth averaging around 5% by 2050. Plus, Indonesia and Mexico will vault up into the top 10.
US Economy. In 2016, China was the world's largest economy for the second year in a row. It produced $21.3 trillion in economic output. The European Union was in second place, generating $19.2 trillion. Together, China and the EU generate 33.9 percent of the world's economic output of $119.4 trillion.